Volkswagen has slashed its profit outlook and warned of around €10 billion of charges and restructuring costs, sending its shares 5.5% lower in Frankfurt trading.
European markets close mixed as carmakers rally on China chip reprieve
European stock markets ended Monday with a mixed performance, as gains among carmakers offset broader weakness across the region.
Mercedes-Benz warns that its 2025 profits will be ‘significantly’ lower.
Mercedes-Benz has announced a cost-cutting initiative after profits fell by nearly a third, driven by a slowdown in its electric vehicle (EV) business.
“Germany Set to Lose 190,000 Jobs Due to Transition to Electric Cars”
A new study has warned that Germany’s car industry could lose nearly 190,000 jobs as manufacturers shift towards electric vehicles.
Reeves urged to increase taxes on petrol cars to encourage electric vehicle adoption
According to a report from the Resolution Foundation, an economic think tank, ministers should consider increasing taxes on petrol and diesel vehicles to help lower the “premium” on electric vehicle
Demand for electric cars falls to lowest level in four years
Only 13% of drivers intend to purchase electric vehicles, marking a challenge for Labour’s net zero goals.
VW is reportedly considering cutting 30,000 jobs.
According to German media, VW is considering cutting up to 30,000 jobs as it seeks to save billions of euros amid a slowdown in the automotive market.
Volvo abandons electric vehicle plans by 2030 – Volkswagen European sales collapse
Volvo has abandoned its goal of becoming a fully electric carmaker by 2030 due to declining demand for battery-powered vehicles.
Volkswagen criticizes the EU for ‘incomprehensible’ electric car tariffs
Volkswagen has criticized Brussels for its decision to impose “incomprehensible” tariffs on electric cars imported from China.
The transition to electric cars could take longer than anticipated.
The transition to electric cars may take significantly longer than anticipated due to stalled demand in Europe and America, according to Liam Butterworth, CEO of Dowlais, the parent company of
Volkswagen to invest $5 billion in competitor to Tesla’s electric cars
Volkswagen will invest up to $5 billion (£3.9 billion) in the US electric car maker Rivian as manufacturers reassess their strategies amidst uncertain demand.
The turmoil in the UK electric car industry is just starting.
Electric vehicles (EVs) are less expensive to operate, potentially simpler to manufacture, and significantly better for the environment, playing a vital role in achieving carbon emission reduction targets.