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VW Could Close Plants In Germany, Warns of 'Serious Situation'
An anonymous reader quotes a report from Axios: The German company says it may close plants in its home country amid what CEO Oliver Blume reportedly called "a very demanding and serious situation" for the European automotive industry. That would mark the first-ever German plant closures in the comp...
The VW brand's profit margin fell from 3.8% in 2023 to 2.3% in the first half of 2024, moving in the wrong direction from the company's long-term target of 6.5%, according to Evercore ISI analyst Chris McNally. The company recently agreed to invest in Rivian to get help from the American startup on EV development despite having 40 times more employees than its new partner. Buzz -- its EV revival of its famed microbus -- recently disappointed enthusiasts with underwhelming battery range of 234 miles and a starting price of about $60,000.
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