The German delegation accompanying Chancellor Olaf Scholz (SPD) during his visit to China did not include Oliver Blume. The 55-year-old Volkswagen CEO stated at his first appearance before the Hamburg Economic Journalists Club that it „didn't fit into his schedule“, referring to another important overseas trip. Blume had already coordinated his absence from China several weeks ago with Scholz, with whom he regularly discusses the relationship between Germany and China.

Blume added that he would travel to China a few days later. The car manufacturer has invited stakeholders to a capital markets day on April 24, just before the start of the Beijing International Automotive Exhibition (Auto China). The event aims to elucidate the course the company has taken in the world's largest automotive market over the past year and a half, where the corporation aims to maintain a leading role.

Blume noted that there are many concerns about how Western automakers can compete in China. While the VW Group still holds an overall market share of around 14%, he admitted that they struggle with electromobility, estimating their share in this segment to be below 5%. Additionally, Blume noted the emergence of numerous new competitors in the market and admitted that Volkswagen had „somewhat underestimated“ the rapid growth of electromobility in China.

At the capital markets day, Volkswagen, according to the words of its CEO, who has been in office since September 2022, plans to present a completely revamped product strategy adapted to the Chinese ecosystem. The motto is „In China, for China,“ which also implies embracing „China Speed.“ Blume highlighted the significance of the company's new largest development centre outside Germany, located in the Anhui province of eastern China. This centre is focused on intelligent, fully connected electric vehicles and is expected to employ 3,000 software developers by the end of the year, playing a crucial role in VW's catch-up efforts.

Blume pointed to progress in China's electric vehicle segment, citing the ID3, which was initially challenging to sell two years ago but has since become a bestseller after cost adjustments and subsequently possible price reductions. He also mentioned new electric vehicle projects developed with partners in China, such as Xpeng, which are slated for launch in the next two to three years. Audi will introduce newly developed vehicles, while Porsche plans to unveil the all-electric Macan this year, alongside the Taycan.

The company aims to bridge the „struggle“ until the planned electric vehicle products launch in three years with combustion engine and hybrid models, which have higher demand outside Tier-1 cities.

Regarding concerns about Germany's overreliance on China, Blume dismissed the notion of „decoupling“, stating it would not be feasible because hundreds of thousands of jobs in Germany depend on cooperation with China. While VW will continue to invest in China, as evidenced by an additional 2.5 billion euros allocated for the Anhui site, Blume emphasized the importance of maintaining a balanced volume distribution among different market regions.

Blume criticized EU plans for tariffs that would raise the prices of cheaper electric vehicles from Chinese manufacturers like BYD in Europe. He advocated for more trade agreements to foster fairer trade relations, emphasizing his support for free global trade.

Blume emphasizes the benefits of competition. „I'm an athlete myself: When you have good competition, you're forced to improve.“ He suggests staying level-headed amid the arrival of Chinese manufacturers in Europe and focusing on inherent strengths. „We've experienced a Japanese wave, we've experienced a Korean wave, and yet the European automotive industry has managed to hold its ground.“