(DCNF)—Volkswagen (VW) AG is considering shuttering factories in Germany as European car companies struggle to compete with Chinese electric vehicle (EV) manufacturers.
The company has not closed a German plant in its entire 87-year history, but facing a slowdown in European car sales and stiff competition from Chinese EV maker BYD it is now weighing its options, according to Bloomberg. Experts predict the move would spark closures across the continent, with more than 30 European car factories currently operating at unprofitable levels.
“If even VW mulls closing factories in Germany, given how hard that process will be, it means the seas have gotten very rough,” Pierre-Olivier Essig, a London-based equities analyst at AIR Capital, told Bloomberg. “The situation is very alarming.”
Volkswagen considering first-ever plants shutdown really hits "Germany economic fall" home
"There are no more cheques coming from China" CEO referring to falling profit in VW's biggest market
Europe's car market shrunk after covid and co was facing demand shortfall of ~2 plants pic.twitter.com/Z1CaydWh13
— Generalist Lab (@Generalist_Lab) September 5, 2024
Car sales in Europe are down nearly one-fifth from prior to the COVID-19 pandemic and EV demand has slackened as Germany and Sweden have removed and reduced incentives to purchase the vehicles, Bloomberg reported. As a result, Chinese EV manufacturer BYD has jumped into the European market, pricing its Seagull model at just $9,700 before tax, a far cry from the European’s average EV cost of $48,000 in 2022.
VW began downsizing in July, with its Audi subsidiary cutting 90% of its 3,000 person workforce at its manufacturing plant in Brussels, Belgium, according to Bloomberg.
The company’s share price is now approaching the lows of its 2015 “diesel crisis,” when the U.S. Environmental Protection Agency accused the company of installing illegal software in its cars in order to artificially improve its results on diesel emission tests, BBC News reported. The company also posted a €100 million net cash flow loss on its automotive business in the first half of 2024.
BYD dethroned Tesla as the world’s largest EV manufacturer in 2023, selling over 3 million vehicles and increasing profits by more than 80%. The company is tied to the Chinese Communist Party’s Belt and Road Initiative — a massive China-led infrastructure project that looks to increase the country’s influence across the globe.
“I am deeply concerned,” economic policy expert for Germany’s ruling party Bernd Westphal told Bloomberg. “Despite all understanding for the challenges facing the automotive industry, plant closures and job cuts are not a convincing strategy.”
Volkswagen did not immediately respond to a request for comment.
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Starting the Day With a Scripture-Inspired Roast Helps Center Your Thoughts on Eternal Truths Amid Temporal Pressures
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The “Inflation Reduction Act” gave tens of millions in subsidies which ultimately went to Chinese Companies. VW can thank the Biden/Harris administration for subsidizing their competition.
VW corporation has been arrogant, bloated, and beholden to unions. They have not put the effort into building compelling EV products. You only make money when you are selling at scale after serious investment. Instead, they let the Chinese and Tesla lead the way and now they are way behind. Hybrids are a short-term strategy to leverage Government subsidies but will not succeed long term. Inflation, high interest rates, government pullbacks on subsidies have hurt the auto market. Now, they have more far more factory capacity than what they are selling. The chickens have come home to roost. Too much overhead, not enough investment in future technology, bad software, high cost of labor, no answer to Chinese competition, bloated Bureaucratic management, arrogant leadership, falling profits. It will only get worse as cheaper and far better EV’s become more prevalent.
I’ll never buy a VW because of the rainbow flags they show at football games. That is all. I do not agree with the homosexual tyranny placed on football players by corporations like MasterCard, P&G, and VW.
Germany shut down their nuclear power plants, and now they want their people to drive electric cars? Many states are price gouging their citizens on electric bills, and piling on junk fees for EV cars. As much as they claim to promote electric cars, the reality is states rarely pass up an opportunity to sabotage them.
Toxic burning molting fire traps
Ironic that VW used to make some of the most fuel efficient diesel motors on the planet !!! and was sued by the EPA for it !!!
VW’s fundamental error is that no one wanted THEIR EV’s. Their designs were flawed from the beginning and their software system was notorious for being really crappy. BYD and other manufacturers in China started from a clean page, designing and building EV’s only (and hybrids) without 80 years of internal combustion production weighing them down with almost a century of group think, and union resistance. ALL the legacy auto manufacturers are in the same boat, you only have to look at one name to see the writing on the wall…Tesla.
TARIFFS are the solution for combatting China’s weaponization of an ultra-cheap, coerced labor force (and in some cases likely worse than merely “coerced,” i.e. the Uyghurs in Xinjaing) and state-sponsored subsidies.
Heaven forbid you should lower the price of the golf carts. Huh?
Except for one problem. EV’s aren’t selling anywhere. Over 200 EV companies have bankrupted in China. BYD is about the last one standing.