Volkswagen

Amid mounting competition, CEO Oliver Blume is fighting to make the automotive group leaner

Shifting R&D to the country helps traditional automakers bulk up their tech abilities

The plans will include significant cost reductions, the four plant closures and roughly 50,000 extra job cuts, sources say

It will discontinue production at four of the group’s German plants

In a joint letter, they are calling for 70% of vehicles sold in EU to source 70% of their value from within the bloc

Exports grow 75.1% but the increase isn’t enough to counter the domestic slump

But partnering local companies carries big risks

The figure is down by an unexpected 14% to 2.5 billion euros

The downgrade reflects slower structural growth in the world’s largest car market