Volkswagen CEO Oliver Blume outlined plans to cut costs and accelerate local innovation as the automaker struggles with declining demand and increasing competition in China. Speaking at Tongji University in Shanghai to mark 40 years of VW’s presence in the country, Blume reaffirmed the company’s focus on locally developed technology and cost-efficient manufacturing. Amid fierce competition from domestic EV makers like BYD and a broader price war, VW aims to launch over 30 new models by 2030 and streamline product development. Blume highlighted collaborations with firms like Gotion High-Tech, Horizon Robotics, and Xpeng to enhance innovation and adapt to consumer preferences, including hybrid and range-extended EVs.