Volkswagen AG manufactures automobiles and commercial vehicles across Europe, Germany, North America, South America, the Asia-Pacific, and internationally. It operates through three segments: Passenger Cars and Light Commercial Vehicles; Commercial Vehicles; and Financial Services. The Passenger Cars and Light Commercial Vehicles segment develops vehicles, engines, motors, vehicle software, and vehicle batteries, and produces and sells passenger cars, light commercial vehicles, and parts, including compact cars, luxury vehicles, motorcycles, and mobility solutions. The Commercial Vehicles segment develops vehicles, engines, and motors, and produces and sells trucks, buses, parts, and related services. The Financial Services segment provides dealership and customer financing, leasing, direct banking, insurance, fleet management, and mobility services. The company also operates in large-bore diesel engines, turbomachinery, and propulsion components. Its brands include Volkswagen Passenger Cars, Škoda, SEAT/CUPRA, Volkswagen Commercial Vehicles, Audi, Lamborghini, Bentley, Ducati, Porsche, Scania, MAN, Volkswagen Truck & Bus, TRATON, Bugatti Rimac, and international commercial vehicles brands. Founded in 1937 and headquartered in Wolfsburg, Germany, Volkswagen AG operates as a subsidiary of Porsche Automobil Holding SE.
VW's massive restructuring and weak demand weigh on shares
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BMW profit warning drags sector BMW's profit warning pulled Volkswagen down as weak Chinese demand and global uncertainty hit the whole car industry. This shows VW's troubles are not just its own but sector-wide.
Explains a key negative force on VW's price during the period.
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Tesla's European surge intensifies EV competition Tesla's European registrations jumped 57%, making the electric-car race tougher for Volkswagen. This pressures VW's EV sales and pricing power in its home market.
Highlights a major competitive threat that weighed on VW shares.
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Unprecedented job cuts and plant closures Volkswagen plans to cut up to 100,000 jobs and close four German plants to save €11bn by 2030. This signals deep distress and risks strikes and execution problems.
Captures the scale of restructuring that spooked investors.
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Deep undervaluation and margin turnaround plan VW trades at just 0.18 times book value, and management targets 8–10% margins by 2030. The UK court pausing the £9.1bn car finance scheme also removes a major overhang.
Shows the positive forces that provided some support to the stock.
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VW hit by profit warning fallout, recalls, UK finance bill and union clash
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Profit outlook cut and Porsche writedown trigger worker protests VW cut its 2026 profit margin forecast to no more than 1% after a €6 billion writedown on its Porsche stake, prompting nationwide protests by up to 100,000 German auto workers. The weak profit picture and labour unrest weigh on the shares.
This is the core negative event of the period and directly explains the profit collapse driving the stock down.
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2.8 million vehicle steering recall adds cost and execution risk VW and Audi are recalling over 2.8 million vehicles worldwide for a faulty steering gear screw connection. The repair programme will cost money and distract management just as it tries to cut costs and simplify its model range.
A large safety recall is a new, concrete cost and reputational hit that pushes the stock down.
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UK motor finance redress scheme could cost VW at least £500 million VW's UK lending arm is preparing to set aside hundreds of millions of pounds for the FCA's £9 billion motor finance compensation scheme, with analysts estimating at least £500 million and possibly up to £1.5 billion. This is a fresh, uncertain cash hit.
It is a new regulatory liability that reduces future cash and adds uncertainty for the shares.
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Wage agreements terminated, raising strike risk in January VW terminated several wage agreements with IG Metall covering about 100,000 workers, and the union's strike truce ends on January 1. Strikes could disrupt production and slow the cost-cutting plan, hurting the shares.
This is a new escalation in labour relations that threatens production and restructuring progress.
Q3 2026
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VW's crisis deepens as profit warning and China slump hit
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Profit warning and margin collapse Volkswagen issued a profit warning, cutting its 2026 margin forecast to just 1% after a €10 billion earnings hit and a €6 billion writedown at Porsche. This signals severe financial distress and uncertainty.
This is the most direct negative event that drove the stock down during the quarter.
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China sales plunge Volkswagen's sales in China, its largest market, fell over 36% in the quarter. This sharp decline reflects intensifying competition from local EV makers and weakening demand, pressuring revenue and profits.
China is a key market, and the steep drop directly impacts VW's financial performance and investor sentiment.
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Bold restructuring plan approved The board approved a plan to cut 50,000 jobs, halve the model lineup, close four German plants, and target a 9% margin. Asset sales and partnerships, like India control to JSW, aim to streamline operations.
This is a major strategic move that could improve long-term profitability, though execution risks remain.
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Operational and legal risks mount Volkswagen faces a 2.8 million-vehicle recall, UK motor finance exposure, labour unrest, and execution uncertainty. These issues add to the company's challenges and could further weigh on the stock.
These risks compound the financial and operational difficulties, affecting investor confidence.
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Electrification & Mobility▼impact 4
Porsche Bets on Gas Engines as EV Sales and China Deliveries Slump
Porsche is betting that a return to gas-powered vehicles will drive its turnaround, but the pivot may not be enough to fill a costly near-term gap. CEO Michael Leiters, in place since January, plans to bring back a combustion-engine Macan to sell alongside the electric version, though not until 2028, after the outgoing gas Macan's production was slated to end in July. Electric Macan sales dropped 40% in the first half of 2026 and Taycan EV deliveries fell 25%, while the 911 was the only model line to grow, up 19%. HSBC estimates the timing gap will cost Porsche around 25,000 units and roughly €500 million ($563 million) in profit in 2027, and forecasts operating profit will fall 8% that year. China deliveries sank 32% in the first half to around 14,500 units, extending a four-year decline, and first-half revenue fell 5% to 17.23 billion euros ($19.4 billion) even as operating profit rose 34% to 1.35 billion euros ($1.5 billion). On Sept. 18, Volkswagen said it would take a non-cash impairment of around 6 billion euros ($6.8 billion) on goodwill tied to Porsche, and investors will hear more on Oct. 7 at Porsche's capital markets day.
P911.XETRA · Capital · Negative HSBC estimates the combustion-Macan timing gap will cost ~25,000 units and ~€500M profit in 2027, with operating profit forecast to fall 8%.
P911.XETRA · Demand · Negative Electric Macan sales fell 40% and Taycan deliveries dropped 25%, with China deliveries down 32%, driving the gas-engine pivot.
VOW.XETRA · Capital · Negative Volkswagen takes a ~€6B non-cash goodwill impairment tied to Porsche.
VOW3.XETRA · Capital · Negative Volkswagen takes a ~€6B non-cash goodwill impairment tied to Porsche.
PAH3.XETRA · Capital · Negative As Porsche's controlling shareholder, it is exposed to the ~€6B Volkswagen goodwill impairment tied to Porsche and Porsche's profit decline.
Volkswagen sustainability chief says China's EV rise demands adaptation, not tariffs
Volkswagen's chief sustainability officer Dirk Voeste said Europe's automakers must adapt to Chinese competition rather than try to preserve the old industrial model with tariffs or slogans. Volkswagen's deliveries in China fell 36.6% in the second quarter, and a company spokesperson told Fortune the Chinese automotive market has declined by 20% year-over-year, with Volkswagen's share down 26%, though the company remains the leader in combustion-engine vehicles with a market share over 22%. Volkswagen expects the overall Chinese market for new vehicles to decline to below 21 million vehicles this year and said Volkswagen Group China cannot escape the trend and is adjusting its plans accordingly. Voeste, who joined Volkswagen in 2023 after 22 years at BASF, described the company's Regenerate+ sustainability framework, built with more than 100 employees rather than an outside consultancy, and said the circular economy around remanufacturing, refurbishment, used parts and material reuse is really a new profit pool. He said his daughter's challenge to clean up the mess his generation left became a private mission statement, and argued that companies and economies that endure will be those that change before outside pressure forces them to.
Volkswagen Terminates Wage Agreements with IG Metall, January Strikes Possible
German auto giant Volkswagen on the 30th terminated several wage agreements with IG Metall, the country's largest industrial union. The scrapped agreements include a comprehensive wage deal covering roughly 100,000 workers at major domestic plants. IG Metall chief Thorsten Groeger, noting that the union's strike truce ends on January 1, vowed a fierce counterattack, raising the likelihood of strikes early in the new year. CEO Oliver Blume is pursuing the boldest restructuring in Volkswagen Group's history, and labor relations have deteriorated further in recent months. Behind this is the reality that Chinese automakers are focusing on the European market, intensifying pressure on Germany's auto industry. Volkswagen and Mercedes-Benz have warned that plant closures are possible unless costs can be cut to a level that can withstand the competition. According to Volkswagen, the two sides agreed to hold talks again in late October. This is Volkswagen's first partial termination of labor agreements with the union since September 2024, when it triggered a wave of strikes and ultimately led to a historic labor deal that included 35,000 job cuts.
Volkswagen Braces for £500m Hit from £9bn FCA Motor Finance Scheme
Volkswagen is preparing to disclose a massive financial hit from the City watchdog's £9bn motor finance redress scheme, with its UK lending arm expected to reveal hundreds of millions of pounds set aside for compensation. Sky News has learnt that VW Financial Services has filed accounts at Companies House that will become public later this week, providing the first indication of the scale of the hit facing the owner of Audi, Seat and Skoda. Analysts said on Tuesday that based on provisions made by rivals including BMW and Mercedes-Benz, VW would have had to set aside at least £500m for compensation claims for the 2025 financial year, while previous estimates suggested the German giant's total bill could be in the region of £1.5bn. A spokesperson for Volkswagen Financial Services (UK) said the company has taken a robust and responsible approach to provisioning and would not comment on figures ahead of publication of its annual report. In a legal filing earlier this year, VW Financial Services said the FCA scheme would have a significant financial impact on VW FS, describing itself as the largest captive lender in the UK motor finance market. Parts of the FCA redress scheme have been suspended pending the outcome of appeals by a string of motor finance providers, with court hearings expected to take place in December or February.
VOW.XETRA · Regulation · Negative FCA motor finance redress scheme forces VW Financial Services to set aside at least £500m, with total bill possibly £1.5bn.
VOW3.XETRA · Regulation · Negative VW's ordinary shares face the same FCA redress provisioning hit disclosed by VW Financial Services.
Audi AG · Regulation · Negative As a VW Group brand, Audi is exposed to the parent's FCA motor finance compensation provisions.
China's Gotion High-Tech to invest 1.1 billion euros in VW's Spanish battery plant
Chinese battery maker Gotion High-Tech will invest 1.1 billion euros, or 1.25 billion dollars, in Volkswagen's plant in Valencia in eastern Spain. As part of a broad partnership plan to jointly build a European battery supply chain, the investment will give Gotion High-Tech a 49 percent stake in VW battery unit PowerCo's Valencia plant, with PowerCo retaining a majority stake. The plant will become the European production base for lithium iron phosphate batteries. PowerCo, meanwhile, will invest 470 million euros in two of Gotion High-Tech's sites, a battery plant in Suraly in southern Slovakia and a new cathode materials production facility in Kenitra in northwestern Morocco, taking a 49 percent stake in each. Volkswagen is Gotion High-Tech's sole largest shareholder, holding 24 percent.
002074.CS · Capital · Positive Gotion invests €1.1B for a 49% stake in VW's Valencia battery plant, expanding its European production footprint.
VOW.XETRA · Capital · Positive VW's PowerCo secures €1.1B from Gotion for its Valencia plant and takes 49% stakes in Gotion's Slovakia and Morocco sites, building a European battery supply chain.
VOW3.XETRA · Capital · Positive VW's PowerCo secures €1.1B from Gotion for its Valencia plant and takes 49% stakes in Gotion's Slovakia and Morocco sites, building a European battery supply chain.
Volkswagen Cuts 2026 Margin Outlook on €6 Billion Porsche Write-Down
Volkswagen cut its 2026 operating-margin outlook to no more than 1% after warning that a €6 billion ($6.9B) write-down on its 75% stake in Porsche reflected weaker financial expectations for the luxury sports-car maker. The warning came as US stock indexes ended the week higher, with the S&P 500 up 0.6% and the Nasdaq up 2.1%, while the Dow fell 103 points. In Europe, the STOXX ended the week 1.1% lower, with Germany's DAX down 1.2% and France's CAC down 1.4%, though London's FTSE 100 rose 0.3%. B&Q and Screwfix owner Kingfisher raised its FY profit guidance following stronger first-half results. In Asia, China's People's Bank of China kept its benchmark lending rates unchanged at record lows for the 16th straight month, with the one-year loan prime rate at 3.0% and the five-year rate at 3.5%, while US President Donald Trump and Chinese President Xi Jinping agreed to reduce tariffs on $30B worth of non-sensitive goods traded in each direction. Chinese markets lost 1.8% for the week, Japan's Nikkei 225 rose about 1%, and SK Hynix's US subsidiary Solidigm is considering an initial public offering that would value the unit at $150B, while Chinese AI startup DeepSeek's annualized revenue run rate has topped $1B.
VOW.XETRA · Capital · Negative Volkswagen cut its 2026 operating-margin outlook to no more than 1% after the €6 billion Porsche write-down.
VOW3.XETRA · Capital · Negative Volkswagen cut its 2026 operating-margin outlook to no more than 1% after the €6 billion Porsche write-down.
KGF.LSE · Capital · Positive Kingfisher raised its FY profit guidance following stronger first-half results.
P911.XETRA · Capital · Negative Volkswagen's €6 billion write-down on its Porsche stake reflects weaker financial expectations for Porsche.
PAH3.XETRA · Capital · Negative The €6 billion write-down on Volkswagen's 75% Porsche stake signals weaker financial expectations for the Porsche holding.
Volkswagen and Audi Recall Over 2.8 Million Vehicles Over Steering Gear Defect
Volkswagen and Audi are recalling more than 2.8 million vehicles worldwide over a potentially faulty steering gear screw connection. The recall spans multiple model years and regions, with Volkswagen notifying safety regulators and beginning to contact affected owners. Technicians are expected to inspect and, if needed, replace the steering gear screw connection to reduce the risk of steering issues. The defect touches a core part of how the group's cars are designed and assembled worldwide, putting execution risk back in focus as Volkswagen pursues restructuring, platform rationalisation and higher-margin software and services. The clearest early test will be how management quantifies the recall in upcoming reports, including explicit disclosure of recall-related costs, any change to fixed cost reduction goals, and whether guidance on restructuring savings or BEV rollouts is adjusted once the repair programme and supplier responsibilities are fully scoped.
VOW.XETRA · Regulation · Negative Volkswagen is recalling over 2.8 million vehicles worldwide over a faulty steering gear screw connection, creating recall costs and execution risk.
VOW3.XETRA · Regulation · Negative Volkswagen AG VZO shares are affected by the same group-wide 2.8 million vehicle steering gear recall.
Audi AG · Regulation · Negative Audi is named alongside Volkswagen in the 2.8 million vehicle recall over the steering gear defect.
Autonomy Adds Volkswagen ID.4 to Subscription Fleet in California
Autonomy announced it is adding Volkswagen ID.4 electric vehicles to its month-to-month subscription line-up on the Autonomy app, with the vehicles available starting immediately in California. The initial phase launches in California, and Autonomy said additional Volkswagen models are expected to follow in more markets as it responds to customer requests for greater choice. The ID.4 joins a fleet that already includes EVs such as the Tesla Model 3, Ford Mustang Mach-E, BMW i4, Hyundai Ioniq 5 and Chevrolet Equinox EV, alongside newly added gas-powered Ford Mustang, Ranger, F-150, Bronco Sport, Escape and Explorer models. Chief Executive Officer Fred Weick said consumers increasingly want an easier, more transparent way of getting a vehicle, and that subscriptions offer flexibility without the traditional multi-year commitment or lease and finance underwriting process. Subscribers pay one start fee followed by monthly payments on a credit card, with no loan application, no debt added to the customer's credit file, and posted plan prices that do not vary by credit score.
Xpeng Seeks New Tech-Licensing Partners Beyond Volkswagen as Core Auto Business Loses Money
Xpeng is looking to expand its technology partnership with Volkswagen by pursuing similar deals with other automakers and suppliers that could use its EV platform, electric architecture, and software. Volkswagen paid roughly $700 million for a 5% stake in Xpeng, and the company created a strategic commercialization team six months ago to find new partners. Services and other-business revenue nearly doubled in the second quarter, with the segment's margin expanding by 2,150 basis points, while CEO He Xiaopeng pointed to robotics as another major growth opportunity. The same results showed pressure on the core vehicle business: deliveries reached 103,295 vehicles, roughly flat year over year, vehicle margin declined to 12.1% from 14.3% a year earlier, and the net loss nearly tripled year over year. Xpeng's stock has fallen roughly 47% this year, and the number of hedge funds holding the shares slipped from 21 at the end of Q1 2026 to 19 at the end of Q2 2026, with short interest at 5.96% of float as of August 31, 2026.
Robotics & Physical AI › Humanoid Robots Technology
9868.HK · Capital · Negative Core auto business under pressure: vehicle margin fell to 12.1% from 14.3%, net loss nearly tripled, and the stock is down ~47% this year.
9868.HK · Demand · Positive Xpeng is pursuing new tech-licensing partners beyond Volkswagen for its EV platform, architecture and software, with services revenue nearly doubling and margin expanding 2,150bp.
VOW.XETRA · Demand · Positive Volkswagen's existing tech partnership with Xpeng is being expanded as Xpeng seeks similar licensing deals, building on VW's ~$700M stake and 5% holding.
VOW3.XETRA · Demand · Positive Volkswagen's existing tech partnership with Xpeng is being expanded as Xpeng seeks similar licensing deals, building on VW's ~$700M stake and 5% holding.
German auto union stages nationwide protests, blames VW's worsening results; Porsche CEO denies report of 4,000 more job cuts
On the 21st, auto workers in Germany held nationwide protests, blaming Volkswagen's worsening business performance. VW announced a downward revision of its earnings forecast on the 18th, including a 6 billion euro goodwill impairment at its luxury sports car unit Porsche, equivalent to 6.88 billion dollars. On the 19th, German business newspaper Handelsblatt reported that VW's large-scale restructuring plan for Porsche includes a proposal to cut more than 4,000 additional jobs. The protests took place at VW, BMW and major parts supplier Bosch, as Germany's most important industry, autos, faces painful job cuts, production relocations and possible plant closures. This month VW agreed to its largest-ever restructuring, planning to cut 50,000 jobs and avoiding an all-out confrontation with its powerful union, but the union again made clear it wants management to solve the problems, demanding stronger protection against unfair competition from China, EU subsidy policies and continuation of phased retirement arrangements. Meanwhile, Porsche CEO Michael Leiters, whose company was reported to be planning 4,000 additional job cuts, denied the report to employees, saying in an internal memo that there is no plan to cut 4,000 more jobs at Porsche, and that the existing restructuring plan has been approved by the supervisory board and no changes to the plan are envisaged.
P911.XETRA · Capital · Neutral Porsche CEO denies Handelsblatt report of 4,000 additional job cuts, while VW booked a €6bn goodwill impairment at Porsche.
VOW.XETRA · Capital · Negative VW cut its earnings forecast including a €6bn Porsche goodwill impairment and faces union protests over its restructuring.
VOW3.XETRA · Capital · Negative VW's downward earnings revision and €6bn Porsche impairment hit the ordinary/preference shares alike amid union protests.
Volkswagen Cuts Profit Outlook, Triggering Protests by 100,000 German Auto Workers
Tens of thousands of workers across Germany are staging protests at more than 280 events nationwide, demanding protection for jobs and factories after Volkswagen slashed its profit outlook late Friday. The demonstrations, organized by the IG Metall union, involve employees at Volkswagen, Mercedes-Benz, BMW, Audi, Porsche and major suppliers, with union officials saying as many as 100,000 people are taking part. Volkswagen cited weaker conditions in China, restructuring costs and a 6 billion euro writedown tied to Porsche for the outlook cut. Earlier this month, Volkswagen said it plans to double job cuts globally to 100,000, focused on high-cost plants in Europe and Germany, where the future of several sites remains undecided. The IG Metall chief called for tariffs on Chinese-made cars to be increased and broadened in scope, as Chinese automakers make inroads in Europe and the market in China is down by about a fifth this year.
Electrification & Mobility › China NEV Leaders ▲Competition
VOW.XETRA · Capital · Negative Volkswagen slashed its profit outlook citing weak China conditions, restructuring costs and a 6 billion euro Porsche writedown.
VOW3.XETRA · Capital · Negative Volkswagen VZO shares hit by the same profit-outlook cut and 6 billion euro Porsche writedown.
P911.XETRA · Capital · Negative Volkswagen's 6 billion euro writedown tied to Porsche drove the profit-outlook cut, directly hitting Porsche AG.
Volkswagen warns of 10-billion-euro profit hit, cuts 2026 margin forecast to one percent
Volkswagen warned Friday of a 10-billion-euro hit to its annual earnings, citing tough conditions in China, problems at subsidiary Porsche and restructuring costs. The German auto giant said it now expects a profit margin of just one percent for 2026, down from a previous forecast of between four and 5.5 percent, and narrowed its sales outlook for the year to a slight fall to about 315 billion euros. Volkswagen wrote down the value of Porsche by six billion euros, its second such hit in a year after a 5.1-billion-euro charge last September, and booked another two billion euros in charges linked to write-downs of VW assets in China, the sale of its Osnabrueck plant in northern Germany and the expansion of early retirement schemes. Finance chief Arno Antlitz said the situation on global markets has continued to worsen, particularly in China, where the Volkswagen and Audi marques are feeling the heat and demand for battery-electric vehicles has accelerated while earning significantly less than internal combustion engine cars. VW shares plunged 7.5 percent after the announcement, while fellow German carmakers Mercedes-Benz and BMW both fell over five percent. The carmaker earlier this month struck a deal with unions to axe up to 100,000 jobs by 2030, increasing by 50,000 the number of expected cuts across the group.
Germany Urges EU Action Against China to Defend Carmakers
German Finance Minister Lars Klingbeil called on the European Union on Thursday to step up action against what he called China's unfair trade practices in order to protect Germany's struggling carmakers. Speaking during a visit to Volkswagen's headquarters in Wolfsburg, Klingbeil said Berlin would press Brussels for concrete measures in areas including plug-in hybrids and local content requirements, adding that Germany cannot be naive in its dealings with China and needs a clear signal at a European level. Volkswagen staff representative and supervisory board member Daniela Cavallo backed demands for higher tariffs on Chinese-made hybrids, saying the company faces enormously tough, difficult and unfair competition with China, while Olaf Lies, leader of the German state of Lower Saxony, a major Volkswagen shareholder, said Germany still needs China as a partner but must have the same rules as those applied there. Since 2024 the EU has levied higher tariffs on Chinese-made electric cars, alleging they benefit from unfair state subsidies, and calls have grown for those levies to be extended to hybrid vehicles. Volkswagen recently announced plans to axe a further 50,000 positions globally, taking total projected job cuts to 100,000 in the coming years, or around 15 percent of its workforce, and the IG Metall union has organised nationwide protests for Monday, expecting around 100,000 workers to participate across the country at major manufacturers and suppliers.
VOW.XETRA · Tariff · Positive German Finance Minister and VW works council back higher EU tariffs on Chinese-made hybrids to counter unfair competition against VW.
VOW.XETRA · Capital · Negative VW plans to axe a further 50,000 positions, taking total projected cuts to 100,000, with nationwide IG Metall protests.
VOW3.XETRA · Tariff · Positive German Finance Minister and VW works council back higher EU tariffs on Chinese-made hybrids to counter unfair competition against VW.
VOW3.XETRA · Capital · Negative VW plans to axe a further 50,000 positions, taking total projected cuts to 100,000, with nationwide IG Metall protests.
Tesla's U.S. EV Share Climbs to 52% as Rivals Retreat
Tesla expanded its share of the U.S. electric-vehicle market to 52% through August, up from 43% a year earlier, according to Motor Intelligence data cited by The Wall Street Journal. The gain came even as Tesla's own deliveries fell 16% to 325,351 vehicles and the broader U.S. EV market contracted 30%. The shift partly reflects competitors retreating from electric vehicles after federal incentives expired, with Ford, General Motors and other manufacturers cutting output or discontinuing models including the Honda Prologue, Volkswagen ID.4 and Ford F-150 Lightning. Tesla's Model Y remained its strongest seller, with deliveries down 2% this year and the SUV accounting for about one-third of U.S. EV purchases, while Model 3 sales fell 34% and Cybertruck sales totaled 9,769 units. Analysts expect Tesla to maintain its U.S. lead while rivals remain cautious, though stronger competition could return if EV demand improves or lower-cost battery technology emerges.
TSLA · Competition · Positive Tesla's U.S. EV share rose to 52% from 43% as rivals retreated from the market.
F · Competition · Negative Ford is retreating from EVs, cutting output or discontinuing models like the F-150 Lightning as Tesla's U.S. EV share climbs to 52%.
GM · Competition · Negative GM is among manufacturers cutting EV output as rivals retreat, ceding U.S. EV share to Tesla.
VOW.XETRA · Competition · Negative Volkswagen is discontinuing the ID.4 as part of the EV retreat that helped Tesla's share climb.
VOW3.XETRA · Competition · Negative Volkswagen is discontinuing the ID.4 as part of the EV retreat that helped Tesla's share climb.
7267.JP · Competition · Negative Honda's Prologue is named among EV models being discontinued as rivals retreat, ceding U.S. EV share to Tesla.
Volkswagen Estimates Cost of Job Cuts and Plant Closures at About 16 Billion Euros
Volkswagen, the German auto giant, is estimated to face total costs of about 16 billion euros, or 18.6 billion dollars, from job cuts and possible plant closures carried out as part of the restructuring plan it announced last week, according to people familiar with the matter. A company spokesperson declined to comment. According to the sources, the phased reduction of production in Emden and Zwickau will cost about 1 billion euros each, while the plants in Neckarsulm and Hanover will incur costs of 2 billion euros each. In addition, about 10 billion euros is expected to be booked as the cost of cutting up to 60,000 jobs worldwide.
Volkswagen in Talks with JSW for Partnership in India
Germany's Volkswagen (VW) is exploring a strategic partnership with Indian conglomerate JSW Group to enhance its competitiveness and profitability in the world's third-largest auto market. A VW spokesperson said on the 9th that the partnership aims to expand its product portfolio in India, strengthen local sourcing, and enhance production capabilities. The two companies will also consider measures to expand local sourcing, share vehicle platforms, and increase production capacity. In the Indian market, VW's subsidiary Skoda Auto leads operations, but despite over two decades of presence, VW's market share remains at around 2%.
VOW.XETRA · Capital · Positive VW is in talks for a strategic partnership with JSW to boost competitiveness and profitability in India.
VOW3.XETRA · Capital · Positive VW's preferred shares benefit from the same JSW partnership talks aimed at improving India competitiveness and profitability.
UST completes majority takeover of Italdesign from Audi
US technology company UST has completed its purchase of a majority stake in Italian design and engineering firm Italdesign from Audi Group, part of Germany's Volkswagen. The deal, whose financial terms were not disclosed, was signed in December 2025. Following completion, UST now has majority control and operational oversight of Italdesign, which employs more than 1,300 people across ten sites worldwide. UST, headquartered in California, plans to back Italdesign's growth across its international footprint spanning over 30 countries. Lamborghini, Audi's performance-vehicle arm and formerly Italdesign's parent, retains a significant stake and remains within the Audi Group, while Audi will continue to work with Italdesign as a client and strategic partner. The combined offering will span from concept and design to hardware and software development and production systems, leveraging UST's expertise in digital engineering, AI, and technology transformation.
Volkswagen to Sell Osnabrueck Plant for Israeli Defence Production
Volkswagen announced Monday that it will sell its Osnabrueck plant in northwest Germany to Tel Aviv-based investors Aurelius Capital and the German state of Lower Saxony, a major VW shareholder, to be converted for defence equipment production, with an initial air defence project planned for Israeli firm Rafael Advanced Defence Systems. The sale price was not disclosed. The deal guarantees at least 1,200 of the factory's 1,800 jobs will be preserved, according to VW's works council. The project with Rafael will focus on manufacturing systems and components for air defence systems for Germany and Europe. This move is part of Volkswagen's sweeping overhaul, which includes cutting 100,000 jobs across the group in the coming years, as it battles Chinese competition and weak demand. The Osnabrueck site, which dates back 125 years, currently produces the Volkswagen T-Roc Cabriolet and Porsche models, and vehicle production is set to end there by 2027.
Defense & Geopolitical Fragmentation › Defense Primes — Europe & Asia ▲Supply
VOW.XETRA · Capital · Neutral VW sells its Osnabrueck plant to investors and Lower Saxony for defence conversion, part of its overhaul cutting 100,000 jobs amid Chinese competition and weak demand.
VOW3.XETRA · Capital · Neutral VW's preferred shares are affected by the same plant-sale and restructuring news as the ordinary shares.
Aurelius Capital · Capital · Positive Aurelius Capital is buying VW's Osnabrueck plant as part of the defence-conversion deal.
Audi unveils compact A2 e-tron to boost European sales
Audi introduced a new compact electric vehicle, the A2 e-tron, in Paris on Monday to strengthen its presence in the smaller end of the European market, where Chinese automakers are launching more affordable models, and to help revive its global sales. Sales at Audi, a unit of Volkswagen, have fallen for two consecutive years and slid 7% in the first half of 2026 due to fierce competition in China and U.S. tariffs. The A2, a revival of a nameplate from the early 2000s, boasts low power consumption of 12.8 kilowatt hours per 100 km, making it the most efficient model in the brand's history, with a maximum range of 646 km. Deliveries will begin in December from the Ingolstadt plant. Audi CEO Gernot Doellner said the company is reviewing its Neckarsulm plant, one of four German Volkswagen plants threatened with possible closure after 2030, and will work with unions to optimize the factory.
Volkswagen CEO Blume Wins Unanimous Board Vote for Restructuring
Volkswagen CEO Oliver Blume secured a unanimous 20-to-nothing supervisory board vote on September 3 for the deepest restructuring in the company's 89-year history, a feat that eluded his three predecessors since 2006. The plan includes cutting roughly 50,000 more jobs, shrinking the model portfolio by about 50% by 2035, and targeting a 9% operating margin by 2030, with €135 billion earmarked for capital spending and research between 2027 and 2031. To win approval, Blume conceded to deferring decisions on four German plants and dropping a proposal to carve out Volkswagen Passenger Cars and Components. The board also agreed to limit its own reserved approval rights to align with standard DAX practice, a structural change that reduces its intervention in management decisions. Volkswagen shares rose as much as 10% in Frankfurt on September 4, but remain down over 20% for the year, reflecting ongoing challenges in China and excess European capacity of more than 500,000 units.
Volkswagen shares surge on plan to cut 50,000 jobs
Volkswagen's Frankfurt-listed shares rose more than 8% on Thursday after its supervisory board approved a plan to cut 50,000 additional jobs, doubling its total workforce reduction target to about 100,000 positions by 2030, roughly 15% of its global staff. The market cheered the move, which is part of a 12-part overhaul called the most extensive transformation in the company's 89-year history, aiming for a 9% operating margin by 2030, up from 3.8% in the first half of this year. The plan also includes halving its model lineup and reducing vehicle complexity by about 75%, while reviewing the future of four German plants. Union support, representing over 650,000 workers, helped avoid a strike and eased tensions with Lower Saxony, its second-largest shareholder. However, risks remain, including projected China joint-venture profit falling to between 200 million and 600 million euros this year, down from 958 million euros in 2025, and competitive pressure from Chinese EV makers like BYD.
Dow closes down 271 points after strong jobs data, raising Fed rate hike expectations
All three major U.S. stock indices closed lower on Friday, with the Dow falling 271.86 points, or 0.51%, to close at 53,414.25. The S&P 500 fell 0.38%, and the Nasdaq fell 0.29%. This followed August nonfarm payrolls increasing by 162,000 jobs, far exceeding economists' forecast of 53,000, while the unemployment rate held steady at 4.1%. This led investors to increase expectations that the Fed will raise interest rates by 0.25% at its meeting this month. CME's FedWatch indicated the probability of a rate hike rose to 58.4% from 49.4% on Thursday. The 2-year Treasury yield surged to its highest level since January 2025. Semiconductor stocks rose 3.4%, but Lululemon shares plunged 17.4% after cutting its full-year profit and revenue guidance, and Adobe shares fell 6.7% after announcing a CEO change. European markets closed mixed, with the STOXX 600 up 0.12% to 649.88. Volkswagen jumped 5.9% after reaching a business turnaround deal. WTI crude oil closed at $91.48 per barrel, up 0.2%, and Brent closed at $96.28 per barrel, up 0.8%.
US Automakers Urge Congress to Permanently Ban Chinese Cars
The Alliance for Automotive Innovation, the largest trade association in the U.S. automotive industry, has submitted a letter to members of Congress urging a permanent ban on the import of connected cars, as well as related software and hardware from China, citing risks to economic and national security interests. John Bozzella, the alliance's CEO, stated in the letter that Chinese automakers are flooding the market with government-subsidized vehicles equipped with internet-connected software and hardware worldwide, and requested expedited legislation to ban imports before the end of this year's session. The request reflects growing concerns about threats from Chinese automakers such as BYD and Geely. The organization represents U.S. automakers, including General Motors, as well as major foreign automakers like Toyota and Volkswagen. This move comes amid cheap Chinese electric vehicles capturing global market share and beginning to penetrate Canadian and Mexican markets, raising concerns among U.S. automakers that Chinese cars may soon enter the American market.
GM · Tariff · Positive GM's trade group is urging Congress to permanently ban Chinese connected-car imports, a protectionist trade measure that shields GM from Chinese competition.
002594.CS · Tariff · Negative BYD is named as a key Chinese automaker threat that the proposed US import ban would target, hurting its access to the US market.
7203.JP · Tariff · Neutral Toyota is mentioned only as a member of the alliance seeking the Chinese-car ban, with no company-specific development.
VOW.XETRA · Tariff · Neutral Volkswagen is listed only as a member of the alliance backing the ban; its own exposure is unclear since it also builds in China.
VOW3.XETRA · Tariff · Neutral Volkswagen VZO is only referenced via the automaker alliance's membership, with no specific impact on this share class.
Volkswagen replaces North America CEO Kjell Gruner after sales drop
Volkswagen is replacing its top North American executive, Kjell Gruner, with Marco Schubert, effective October 1, following a prolonged sales slump that saw U.S. deliveries fall about 14% last year and continue declining around 7% in the first half of 2026. Schubert, a veteran with over 25 years at Volkswagen, will report directly to CEO Oliver Blume, a structural change signaling the region's priority. The appointment triggers a chain of executive moves across the group, including Martin Sander moving to Audi, Martin Jahn to the Volkswagen brand, Martina Biene to Škoda, and Christiane Zorn to lead Volkswagen Group Africa. Volkswagen faces pressure from tariffs, costing about $5.8 billion annually, and a restructuring plan that could cut up to 100,000 jobs, as first-quarter 2026 net profit fell 28% to €1.56 billion.
VOW.XETRA · Demand · Negative Volkswagen replaces its North America CEO after a prolonged sales slump, with U.S. deliveries down ~14% last year and ~7% in H1 2026
VOW3.XETRA · Demand · Negative Volkswagen's North America CEO ousted amid falling U.S. deliveries, a sales-driven leadership shake-up affecting the group
German economic magazine WirtschaftsWoche reported on the 3rd that Volkswagen (VW) Group plans to discontinue its Spanish car brand Seat by 2029, as confirmed in internal documents. VW is undertaking significant cost-cutting measures and will focus on Cupra, a brand spun off from Seat that specializes in hybrid and electric vehicles.
VOW.XETRA · Capital · Negative VW plans to discontinue its Seat brand by 2029 as part of significant cost-cutting, a restructuring move affecting its brand portfolio.
VOW3.XETRA · Capital · Negative VW plans to discontinue its Seat brand by 2029 as part of significant cost-cutting, a restructuring move affecting its brand portfolio.
IG Metall Warns VW Management of Maximum Resistance as Restructuring Conflict Continues
Germany's largest industrial union, IG Metall, has warned that it will offer maximum resistance if Volkswagen (VW) withdraws or revises the business restructuring plan previously agreed upon. Since July, VW management and the union have been at odds over a major restructuring, with management proposing a new plan that includes plant closures, divestment of some operations, and the elimination of around 50,000 jobs. IG Metall executive Torsten Gröger emphasized at a workers' meeting at the Hanover plant, one of the closure candidates, that "if the supervisory board tries to overturn the agreement, the workforce at all sites will react fiercely." The VW supervisory board is scheduled to meet on September 5 to vote on three competing restructuring proposals, and the situation could escalate, potentially leading to an extraordinary general meeting. Chief Financial Officer Arno Antlitz stated that while efforts are being made to preserve jobs, there are no viable alternatives for the plants in Hanover, Emden, Neckarsulm, and Zwickau, and that maintaining the status quo would result in a permanent cost burden of around 1.5 billion euros per year.
VOW.XETRA · Capital · Negative VW management's restructuring plan proposes plant closures, divestments, and ~50,000 job cuts, with a permanent ~€1.5bn/year cost burden if status quo is kept.
VOW3.XETRA · Capital · Negative Same restructuring conflict and cost burden at VW affects the VZO preference shares equally.
Volkswagen CEO warns of critical crisis amid largest ever restructuring
Volkswagen's CEO has warned of a "more than critical" crisis as the group prepares its largest ever restructuring, including potential job cuts, possible factory closures and broad internal cost reforms. The sweeping overhaul responds to global challenges and intense competition, and has raised concerns over workforce morale and the future shape of Volkswagen's production network. The restructuring decisions can influence how its €37.3 billion business allocates production and jobs across Europe, Germany, North America, South America and the Asia Pacific. The crisis language also cuts across the thesis that electrified models and digital services will steadily improve profitability resilience, especially given the ID.4 battery defect lawsuit and recalls.
Lower Saxony premier calls on stakeholders to unite to avert VW plant closures
Lower Saxony Premier Stephan Weil said on the 24th that as Volkswagen, which is headquartered in the state, works to avoid plant closures, the company's stakeholders need to cooperate to find solutions in order to protect industry in the state. Speaking at a VW plant in Hanover, he said Lower Saxony is a hub for the automotive industry and must remain one. The plant is one of five facing possible closure. Weil sits on the company's supervisory board alongside members of the founding family and worker representatives, and spoke ahead of a series of employee meetings scheduled for this week. At the meetings, employees will have their first opportunity to question CEO Oliver Blume about the restructuring plan he has presented. Blume has said that to improve cost competitiveness, the company may cut a further 50,000 jobs in addition to the 50,000 job reductions already agreed.
VOW.XETRA · Capital · Negative Volkswagen faces potential plant closures and additional job cuts as part of restructuring to improve cost competitiveness.
VOW3.XETRA · Capital · Negative Volkswagen faces potential plant closures and additional job cuts as part of restructuring to improve cost competitiveness.
India's Tata to acquire Porsche consulting arm MHP
India's IT major Tata Consultancy Services has announced it will acquire MHP, the automotive and consulting arm of Porsche, the sports car maker under German auto giant Volkswagen. As part of a five-year comprehensive partnership including the acquisition, Porsche will contribute 1.25 billion euros, or 1.46 billion dollars, to TCS and MHP. The acquisition values MHP at 320 million euros and is expected to close within three to four months. The partnership will also advance the deployment of artificial intelligence across Porsche's engineering, manufacturing, operations, and customer experience, as well as the development of platforms for automotive technology and software-defined mobility.
Artificial Intelligence › AI Applications & Copilots Competition
P911.XETRA · Capital · Positive Porsche sells MHP to TCS for 320 million euros and invests 1.25 billion euros in partnership, gaining capital and AI capabilities.
PAH3.XETRA · Capital · Positive Porsche Automobil Holding SE benefits from Porsche AG's strategic partnership and capital infusion, enhancing its automotive technology and AI initiatives.
VOW.XETRA · Capital · Positive Volkswagen AG's subsidiary Porsche engages in a major partnership with TCS, advancing AI and software-defined mobility, potentially boosting group's tech capabilities.
VOW3.XETRA · Capital · Positive Volkswagen AG VZO benefits from Porsche's partnership with TCS, enhancing AI and automotive technology, likely positive for the group's valuation.
VW employees dissatisfied with management communications, anxious about plant futures
A survey conducted by Volkswagen's works council has found that public statements by management have unsettled employees and their families and bred distrust. The survey showed concerns about job security, the future of early retirement and severance schemes, and the outlook for the plants in Emden, Hanover, Neckarsulm, Osnabrück, and Zwickau. CEO Oliver Blume indicated in an internal memo that these four plants are not expected to reach competitive capacity utilization in the 2030s, but stressed that no concrete plant closures have yet been decided. Blume has denied accusations that he is withholding information and is scheduled to address employees at an extraordinary meeting in Wolfsburg on the 25th.
Volkswagen expects to reach partnership agreement in India this year, says Skoda CEO
Klaus Zellmer, CEO of Czech automaker Skoda Auto, a unit of German auto giant Volkswagen, said on the 19th that Volkswagen expects to sign a deal with a local Indian partner this year. The Volkswagen Group has struggled to scale up its business in the Indian market, and Skoda is responsible for the group's India strategy. Volkswagen is currently in talks with Indian steel major JSW Group about a joint venture, and JSW has indicated it wants to acquire a majority stake. Speaking to reporters at a Skoda event in Mumbai, Zellmer said Volkswagen is in discussions with an undisclosed partner candidate and is confident of signing a deal this year, adding, "I am deeply convinced that with a partner that has a strong local foundation, our momentum will strengthen further." Zellmer also told Indian newspaper The Economic Times that Volkswagen is open to ceding management control in India's fast-growing market, which is attracting investment from automakers around the world. Securing a partner would allow Volkswagen to share investment risk. Volkswagen doubled its sales in the Indian market last year and increased profit by 50 percent, but despite operating in the country for more than two decades, it has still not reached sufficient scale. Volkswagen began looking for a new partner in 2022 after partnership talks with Mahindra & Mahindra fell through.
Hesai Group Q2 Revenue Rises 22% on Strong LiDAR Demand
Hesai Group reported second-quarter 2026 revenue growth of 22% year over year to RMB 861 million, with gross margin of 40% and GAAP net income up 60% to RMB 71 million, marking a fifth consecutive quarter of GAAP profitability. Total LiDAR shipments exceeded 628,000 units, up nearly 80%, driven by ADAS and robotics demand, and the company announced design wins with Great Wall Motor and Volkswagen-related brands. Strategic growth initiatives generated RMB 45 million in revenue, prompting Hesai to raise its full-year 2026 SGI outlook to RMB 200 million to RMB 300 million, with management expecting the segment to reach about US$100 million in revenue and break even in 2027. For the third quarter, Hesai forecasts total revenue of RMB 1.1 billion to RMB 1.15 billion and LiDAR shipments of roughly 800,000 to 850,000 units, while reiterating its full-year shipment forecast of 3 million to 3.5 million units.
EVs dominate China’s car market with 65.1% of July sales
New energy vehicles accounted for 65.1% of new passenger cars sold in China in July, up from 54% a year ago, according to China Passenger Car Association data. Geely’s Xingyuan electric hatchback was the bestseller among the 10 most popular car models in the six months through July, with nearly 197,500 units sold at a price just under 100,000 yuan. Tesla’s Model Y ranked second with more than 180,000 electric SUVs sold, priced between 263,500 yuan and 313,500 yuan. BYD’s most popular model, the Yuan UP SUV, placed fifth with nearly 97,700 units sold, while the company reported a more than 10% drop in passenger car sales in the first half of the year. Volkswagen was the only traditional foreign automaker in the top 10, with its gasoline-powered Lavida in ninth place.
0175.HK · Demand · Positive Xingyuan was the bestseller with nearly 197,500 units sold.
002594.CS · Demand · Negative BYD's passenger car sales dropped over 10% in H1, and its top model ranked fifth.
TSLA · Demand · Positive Model Y ranked second with over 180,000 units sold, indicating strong demand.
VOW.XETRA · Competition · Negative Volkswagen was the only traditional foreign automaker in top 10, with Lavida in ninth, showing competitive pressure.
VOW3.XETRA · Competition · Negative Same as Volkswagen AG, as it is the same company.
QuantumScape Pushes Battery Commercialization Target to 2029
QuantumScape has delayed the commercial readiness of its solid-state automotive batteries to 2029, abandoning its earlier 2024 target. The company disclosed the new timeline in its second-quarter report on July 22, stating that its batteries will not be ready for commercial use until 2029, which means investors should disregard Wall Street estimates projecting revenue in 2027 and 2028. QuantumScape, which went public via a SPAC merger in November 2020, has yet to generate meaningful revenue and now plans to license its technology to partners like Volkswagen's PowerCo subsidiary rather than manufacture batteries itself. The company's stock, which opened at $24.80 on its first trading day, currently trades around $6.
Volkswagen plans US model overhaul and names Marco Schubert as new chief
Volkswagen is preparing a significant shake-up of its US operations, including a review of its entire model range and the appointment of Marco Schubert as head of its American business, according to a report by German business newspaper Handelsblatt. Schubert, currently Audi's outgoing sales chief, will succeed Kjell Gruner, who is departing the company. Thomas Schäfer, head of the VW brand, has identified pickups and large SUVs as expansion areas, targeting a launch for the brand's first pickup truck before 2030, with the vehicle to be built in the US. No decision has been made on whether VW will develop the pickup independently, with suppliers, or through a partnership, with Ford seen as the leading candidate for collaboration. The move follows a call last week by Porsche SE, VW's majority shareholder, for swift action to strengthen the group's competitive position after booking billions of euros in impairments on its stake.
China's auto market sees sales struggles for Japanese, Western, and Chinese players amid weak consumption and EV hyper-competition
Japanese, Western, and Chinese automakers are facing sales headwinds in China's auto market. In the first half of 2026, Honda's China sales fell 34.6 percent year on year, Toyota Motor dropped 17.1 percent, and Nissan Motor declined 15 percent, with Japanese brands posting double-digit decreases. European players Volkswagen, Mercedes, and BMW saw drops of 20 to 30 percent, while US automaker General Motors slipped 6 percent. Chinese manufacturers also saw domestic sales fall below the previous year for the first time in two years, with EV leader BYD down 16 percent and Li Auto down 5 percent. A rapid expansion of production capacity for new energy vehicles, including EVs, has led to oversupply, pushing factory utilization rates well below the 80 percent breakeven level. The strain of overproduction is spilling over into exports, with so-called zero-kilometer used cars, where new vehicles are shipped overseas as used cars, now accounting for over 90 percent of used car exports, prompting authorities to question BYD and others. NIO CEO William Li expressed a sense of crisis, saying China's auto industry has entered its most brutal phase, as the state-led push to nurture the EV industry reaches a crossroads.
Volkswagen's controlling shareholder family pressures management: 'Now is the time to act'
Porsche SE, the investment company of the Porsche and Piëch families that are the controlling shareholders of German auto giant Volkswagen, has sent a clear message to management demanding accelerated cost cuts and a stronger response to Chinese competitors. Porsche SE Chairman Hans Dieter Pötsch said, 'The Volkswagen Group stands at a historic crossroads,' warning that delays in decision-making will only magnify the problems. The company's finance chief, Johannes Lattwein, called for reducing overcapacity, significant cost cuts, and strengthening decision-making. Porsche SE is the largest shareholder of Volkswagen, holding a 31.9 percent stake.
VOW.XETRA · Competition · Negative Volkswagen faces pressure from controlling shareholder to accelerate cost cuts and respond to Chinese competitors, highlighting competitive challenges.
VOW3.XETRA · Competition · Negative Volkswagen VZO faces same competitive pressures as parent, with shareholder demanding action.
PAH3.XETRA · Capital · Negative Porsche SE, as controlling shareholder, pressures VW management for cost cuts and stronger response to Chinese competitors, indicating pressure on its investment value.
Volkswagen in advanced talks with JSW Group over India operations
Volkswagen is in advanced discussions with JSW Group about a potential partnership or sale of its India operations. The talks focus on transferring control of Volkswagen's India unit to JSW while retaining access to manufacturing assets. No finalized agreement has been reached and negotiations remain ongoing. If completed, the deal could mark Volkswagen's largest shift in India since 2007 and reshape its capital commitment in the country.
Luxury brands and automakers signal consumer weakness from China
European luxury brands and automakers are signaling diverging fortunes amid consumer weakness in China. BMW, Audi, Volkswagen, and Porsche are struggling as Chinese consumers opt for cheaper, better domestic alternatives, while heritage luxury names like LVMH and Kering are holding up better. Ferrari and Rolls-Royce have seen China sales fall but not as sharply as mass-premium auto brands. Hermez said price hikes in 2027 are going to be smaller than this year, which weighed on its shares, while Kering's 1% second-quarter revenue rise was enough to boost its stock.
Thousands of Audi workers protest over threatened plant closure
Thousands of Audi workers demonstrated on Wednesday against the possible closure of the German automaker's Neckarsulm plant as parent Volkswagen pushes ahead with a group overhaul expected to include tens of thousands of job losses. About 6,000 people took part, according to the works council, at the site that employs roughly 15,000 workers producing the A5, A6, A8 and the all-electric e-tron GT. Workers demanded clarity from Volkswagen, whose CEO Oliver Blume has warned Neckarsulm is among four German plants that could close after 2030 if no alternative solution is found. The protest came as rival BMW announced thousands of job cuts, adding to pressure on Germany's auto industry from high costs, growing Chinese competition and U.S. tariffs. Local mayor Steffen Hertwig warned that closing Neckarsulm would be a disaster with far-reaching consequences for the southwestern state of Baden-Wuerttemberg.
Germany
