“It’s not just about saving money, improving results is what counts.”
(Photo: Reuters)
Wolfsburg Volkswagen CEO Oliver Blume prepares employees and investors of Europe’s largest car manufacturer for a lengthy restructuring process. “The automotive industry is long-cyclical,” said the 55-year-old in an interview with the Handelsblatt: “Many results will be able to be evaluated in three to five years. This is not automatically reflected in the share price.”
Blume has been leading the Volkswagen Group for a year in a dual role, including his position as Porsche boss. Since then, the VW share price has fallen by around a quarter.
The top manager’s most important task is to put the group in a better economic position in the transformation towards electromobility. In order to remain competitive, it is necessary to increase the return level in the next few years from the current eight to ten percent, and sales should also increase by five to seven percent annually by 2027.
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