Oliver Blume, the CEO of Volkswagen, has shared additional insights into the company's status in the automotive markets.

On Sunday, Reuters reported that the CEO spoke with the German newspaper Bild am Sonntag, disclosing that the European market was "shrinking" amid the fierce competition from Asia.

The CEO said, "The pie has become smaller and we have more guests at the table."

He continued that in Europe, fewer cars were being sold and that more competitors from Asia were moving onward into the automotive market.

Last week, Volkswagen faced pressure to cut costs from its operations.

Volkswagen initiated a shutdown of several factories in Germany. It is also the first time that conflict arose between Volkswagen's influencing unions and Blume. 

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The automaker shared that the executive board's plans were being opposed by its vehicle and component factories in Germany. Chief Financial Officer Arno Antiltz reportedly planned to have a council meeting with Brand Chief Thomas Schaefer last week amid the issue.

Daniella Cavallo, Works council head and IG Metall Union member looked forward to the participation of Blume in the negotiations. 

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