Volkswagen is asking the European Union for help with restructuring the company and facing competition from Chinese automakers

Volkswagen CEO Oliver Blume called on the European Union on Sunday to create the necessary conditions for the German group's restructuring plan to succeed. The statement was made amid intensifying competition from Chinese automakers on the European market, Reuters reports.

Blume warned that pressure from Chinese companies on the European auto industry is increasing. In this context, the Volkswagen chief is asking European authorities to support the framework necessary for the group's transformation and to take into account the challenges facing traditional manufacturers.

The novelty is the direct appeal to the European Union by Volkswagen's management, as the German group prepares its restructuring and competition in Europe's vehicle market becomes increasingly intense. In the cited statement, Oliver Blume did not provide details about the concrete measures that European institutions should adopt, nor about the restructuring timetable.