this post was submitted on 30 Oct 2024
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[Dormant] Electric Vehicles

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Volkswagen stumbles in China as Germany's auto giants struggle to compete in the EV race (www.msn.com)
submitted 2 weeks ago by [email protected] to c/[email protected]
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Germany's car giants were once the envy of the world, but now find themselves facing a myriad of threats.

BMW and Mercedes-Benz have issued profit warnings in recent weeks amid slumping EV sales in Europe and brutal competition in China, while Volkswagen is also facing a reckoning.

On Wednesday VW said net profit for the three months to September 30 plunged by almost 64% to 1.57 billion euros, with a 30% decline to 12.8 billion euros for the first nine months of the year.

A 4% rise in vehicle sales in North America and 16% growth in South America for the nine months was offset by a 1% decline in western Europe and a 12% slide in China โ€” VW's biggest market outside Europe. It now expects to deliver about nine million vehicles this year, or about 240,000 fewer than 2023.

Volkswagen is seeking to cut billions in costs after issuing two profit warnings in three months. On Monday, its top union official said the company was planning factory closures in Germany for the first time, along with pay cuts and layoffs. The Golf and Polo maker is one of Germany's biggest employers with about 300,000 workers

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