The Latest Breaking News from Oliver Blume

Soaring costs, declining vehicle sales and problems in China are raising pressure on Oliver Blume to cede one of his two CEO jobs.

From post and planes to TV, phones and retail chains – and even a central bank – here are the chiefs facing the most testing of times

As Volkswagen seeks to push through a drastic restructuring with billions of euros in cuts, workers nationwide on Monday kicked off what could be a long wave of industrial action.

In an interview with German newspaper Bild last month, Volkswagen CEO Oliver Blume was painfully honest about the automaker's delicate situation. He blamed "decades-long structural problems" for the lack of competitiveness, citing high labor costs as one of the main culprits. Massive layoffs, pay cuts, and even plant closures are looming…

Volkswagen (OTC:VLKAF) has boosted its initial investment in American electrical vehicle (EV) maker Rivian (NASDAQ:RIVN) to $5.8 billion, $800 million more than initially planned.

With this venture, the two companies plan to bring "best-in-class software technology" and "next-generation electrical architecture" for future electric vehicles of the companies. The deal will cover various kinds of vehicles, which would also include subcompact cars.

Rivian and the Volkswagen Group's joint venture now has a name and a launch date. Rivian and VW Group Technology, LLC—or, Rivian and Volkswagen Group Technologies, for short—kicks off Wednesday. 

The German automaker has been attempting cost-cutting measures in its home country.

The CEO of Volkswagen revealed to a publication that the cost cutting measures in the company is necessary.