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Speaking on the campaign trail in late September, Trump announced his desire to turn Germany’s auto giants into American car firms. Rico Luman, senior sector economist for transport and logistics at Dutch bank ING, said Germany’s auto sector appears to be significantly exposed to Trump’s tariff threats. The potential imposition of tariffs on Germany’s carmakers, Luman said, would therefore make a bad situation even worse. “We are evaluating the tariffs Trump has proposed,” a spokesperson for Volkswagen told CNBC via email. Nonetheless, it is thought that Trump’s proposed tariffs on Canada and Mexico would bring an end to the USMCA.
Persons: Donald Trump’s, Trump, ” Trump, Europe wasn’t, it’s, Rico Luman, Luman, ” Luman, ” Michael Robinet, , Julia Poliscanova, ” Poliscanova Organizations: Union, Volkswagen, Mercedes, Benz Group, BMW, ING, Eurostat, ING Research, U.S, CNBC, Benz, P Global Mobility, Trump, Transport, Environment, America Locations: U.S, European, German, American, Savannah , Georgia, China, Canada, Mexico, Europe, Trump’s, Germany, United States, Wolfsburg, North America, Spartanburg , South Carolina
Speaking on the campaign trail in late September, Trump announced his desire to turn Germany's auto giants into American car firms. "I want German car companies to become American car companies. Trump has since announced plans to introduce new tariffs on China, Canada and Mexico in one of his first acts in office. Rico Luman, senior sector economist for transport and logistics at Dutch bank ING, said Germany's auto sector appears to be significantly exposed to Trump's tariff threats. "We are evaluating the tariffs Trump has proposed," a spokesperson for Volkswagen told CNBC via email.
Persons: Donald Trump, Johnny Mercer, Brandon Bell, Donald Trump's, Trump, Europe wasn't, it's, Rico Luman, Luman, Michael Robinet, Elijah Nouvelage, Mercedes Benz Organizations: Presidential, Johnny, Johnny Mercer Theatre, Getty, Volkswagen, Mercedes, Benz Group, BMW, ING, Eurostat, ING Research, U.S, CNBC, Benz, P Global Mobility, Trump Locations: Savannah , Georgia, U.S, European, German, American, China, Canada, Mexico, Europe, Trump's, Germany, United States, Chattanooga , Tennessee, Wolfsburg, North America, Spartanburg , South Carolina
There will be seven major parties for which Germans will vote. Since 2021, Scholz’s SPD had governed in an uneasy coalition with the liberal Free Democrats Party (FDP) and the Green Party. The CDU/CSU this time around will be led by Friedrich Merz, and the SPD by the incumbent but deeply unpopular chancellor, Scholz. The far-right Alternative for Deutschland party (AfD) has seen strong performances in regional elections give it a national boost. Either way, the federal election looks likely to leave the SPD and Scholz deeply humbled, and entering into a period of self-reflection.
Persons: Chancellor Olaf Scholz, Scholz, here’s, Angela Merkel, Friedrich Merz, Alice Weidel, , Robert Habeck, Sahra, Merz, Sascha Schuermann, Merkel, Leonie von Randow, Merz “, ” Merz, Donald Trump, Martin Meissner, ” von Randow, Assad, CNN’s Benjamin Brown Organizations: CNN —, Christian Democrats, CDU, Christian Social Union, CSU, Union, Social Democrats, SPD, liberal Free Democrats Party, Green Party, Deutschland, Greens, nation’s, Free Democrats, Die Linke, German Christian Democrats, Bundestag, BlackRock, WELT, CNN, Ukraine German, German Central Bank, Central Bank, Volkswagen, Volkswagen's Locations: CNN — Germany, Europe’s, Germany, Hochsauerlandkreis, Brilon, Ukraine, European, Wolfsburg, Syria
Jens Schlueter | Afp | Getty ImagesA perfect storm of challenges for the European automobile industry shows no sign of letting up, analysts say. It is against this backdrop, analysts say, that the industry will be bracing for a bumpy ride next year. What next for Europe's car giants? We expect more noise of potential policy implications in the US, further restructuring announcements in Europe, muted demand ex China and pricing to soften," they added. It was hoped at the time that the new models could represent a turning point for the region's auto industry.
Persons: Jens Schlueter, Julia Poliscanova, Poliscanova, Environment's Poliscanova, France's, I'm, Rico, Rico Luman, Luman Organizations: Volkswagen, VW, Works, Afp, Getty, Transport, Environment, CNBC, European Automobile Manufacturers ' Association, BMW, Ferrari, Renault, Volvo, EU, European, Mercedes, Stellantis, France's Renault, ING Milan, Deutsche Bank, Rico, ING, Europe's, Paris Locations: Zwickau, Germany, China, Europe, Rico Luman, Munich, U.S, Shenyang, China's, Liaoning
London CNN —Thousands of jobs are on the chopping block at German industrial giant Bosch in yet another blow to the country’s beleaguered economy. A spokesperson for the company told CNN Wednesday that it plans to cut around 8,250 jobs globally over the coming years. It is important for us to remain competitive under these conditions,” Bosch said in a statement. A worker assembles heat pumps for residential buildings at a Bosch factory in April 2023 in Eschenburg, Germany. Last week, tens of thousands of workers at Volkswagen, Germany’s largest manufacturer, took part in strikes at plants across the country.
Persons: ” Bosch, Sascha Schuermann, Olesya Dmitracova Organizations: London CNN, Bosch, CNN, Volkswagen, European, European Commission Locations: Eschenburg, Germany, Ukraine, Asia
As the year-end nears, CNBC Pro asked three fund managers what global stocks they are buying in the lead-up to 2025, as they attempt to get ahead of the curve. Their average price target is 988.93 Danish krone ($140.10), giving the stock around 25% potential upside. Analysts are divided on the stock, with less than half giving it a buy or overweight rating. The average price target for Rivian is $14.74, according to FactSet data, giving it potential upside of 13.4%. This gives it upside potential of 36.8%.
Persons: , Michele Schneider, Schneider, injectables, Rivian, Donald Trump, Tariq Dennison, Dennison, Midea, Nestle Dennison, Thea Jamison, Jamison Organizations: CNBC Pro, Novo Nordisk, Gallup, pharma, Nasdaq, Rivian Automotive, Volkswagen, U.S . Department of Energy, Midea, GFM Asset Management, Trump, Shenzhen Stock Exchange, Hong, Nestle, Maggi, Change, Samsung Electronics, KBC, Minh Stock Exchange Locations: Danish, Nasdaq Copenhagen, U.S, Georgia, China, Hong Kong, Swiss, Switzerland, Bac City, Asia, Vietnam
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's going to be a 'very tough' first quarter for Volkswagen, analyst saysHorst Schneider, head of European automotive research at BofA Global Research, discusses what's ahead for Volkswagen amid ongoing political uncertainty in Germany.
Persons: Horst Schneider Organizations: Volkswagen, BofA Global Research Locations: Germany
AdvertisementAuto execs see an opportunity to roll back state EV mandates under President-elect Donald Trump. Nissan and Toyota say state rules requiring a rapid uptick in EV sales are unrealistic. Some auto executives see an opportunity with the incoming Trump administration to roll back state rules requiring a rapid uptick in electric vehicle sales. AdvertisementNow the industry is strategizing how to influence Trump, including on EV sales requirements they view as too ambitious. Those federal rules aren't an "EV mandate," as Trump falsely said on the campaign trail.
Persons: Donald Trump, Trump, Papin, That's, EVs, Biden, Dave Kelleher, Karoline Leavitt, John Bozella, Jack Hollins, Paul Jacobson, Jacobson, It's Organizations: Nissan, Toyota, Trump, EV, Environmental Protection Agency, BMW, Ford, Honda, Volkswagen, Biden, EPA, Chrysler, Dodge, Alliance for Automotive Innovation, Natural Resources Defense Council, Street Journal, General Motors, California's EV, it's Locations: China, California, New York, Washington, DC, Washington ,, Michigan, Pennsylvania, It's China, it's Europe
Reuters —China, once GM’s largest and most important market, has become its biggest problem. GM partners with SAIC Motors in China to build Buick, Chevrolet and Cadillac vehicles. Barra previously warned that the China market was becoming untenable for many corporations. The GM joint venture peaked in 2018 with an annual sales of 2 million cars. The German automaker and SAIC agreed recently to extend their joint venture contract by a decade to 2040.
Persons: Mary Barra, Barra, ” Barra, BYD Organizations: Reuters, General Motors, GM, SAIC Motors, Buick, Chevrolet, Cadillac, SAIC, Volkswagen, Xpeng, Nissan, Ford Locations: China, BYD, U.S, Detroit
"At the end of the day, the $7,500 incentive is catastrophically stupid," Moreno told CNBC D.C. "If you don't care what kind of car they drive, then let the markets work," Moreno said. Moreno pushed back against the argument that reversing Inflation Reduction Act incentives like the EV tax credit would effectively cede a key technology race to China. He said that if China is "dramatically ahead of us on EVs – good for them; we're dramatically ahead of them in terms of combustion and hybrids." "We're going to let the marketplace work," Moreno said.
Persons: Bernie Moreno, Sherrod Brown, Trump, Moreno, Emily Wilkins, Michigan's Elissa Slotkin, Mike Rogers, Biden, Wilkins, There's, Aston Martin, Marin Gjaja, Mary Barra Organizations: Senate, CNBC, Summit, Washington , D.C, Republican, EV, Ford Motor, General Motors, Mercedes, Benz, Volkswagen, Jaguar, Rover, GM Locations: Ohio, Washington ,, China
—Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein. This material is not to be reproduced or redistributed absent the written consent of Fairlead Strategies.
Persons: Mercedes, Katie Stockton Organizations: BMW, Volkswagen, STLAM, Ferrari NV, CNBC, NBC UNIVERSAL, Fairlead, CNBC Pro, Securities Locations: Europe, Stellantis,
Volkswagen workers across Germany stopped work on Monday as the conflict between the German automotive giant and its employees over changes to labor agreements and potential factory closures escalated. Nine of Volkswagen's car and component factories in Germany were affected by the so-called warning strikes, with work either being halted temporarily for demonstrations or shifts being cut short by workers. Photos on Monday showed workers carrying banners with messages that read "strike ready," and "warning strikes — our right," according to a CNBC translation. Three rounds of negotiations have taken place between Volkswagen, the union and company's works council so far without success. A spokesperson from Volkswagen on Sunday said that the company "respects the right of workers to participate in a warning strike."
Persons: Thorsten Gröger, Organizations: CNBC, Volkswagen, Metall, Sunday Locations: Germany
Volkswagen workers prepare to strike across Germany
  + stars: | 2024-12-01 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —Tens of thousands of Volkswagen workers will participate Monday in strikes at plants across Germany, labor union IG Metall said, marking the largest walkouts at the carmaker’s domestic operations since 2018. “If necessary, this will become the toughest wage dispute Volkswagen has ever seen,” IG Metall’s chief negotiator Thorsten Groeger said in a statement Sunday. The walkouts will be the first large-scale strikes that Volkswagen has faced since 2018, according to IG Metall, when 50,000 workers idled plants over pay. Indefinite strikes could also be called as a last resort, but only after members have been consulted again, IG Metall said. Volkswagen has said it may need to close plants in Germany for the first time in its 87-year history.
Persons: Metall, IG, Thorsten Groeger, , IG Metall Organizations: London CNN, Volkswagen, VW, IG Metall’s, IG Metall Locations: Germany, China
The best deals will be concentrated in the EV market. It has been a topsy-turvy year for the EV market as companies scrambled to adjust their offerings to meet changing demand. Access to a $7,500 EV tax credit has also helped car companies by further lowering purchase prices and stimulating demand. AdvertisementHere's what you need to know when hunting for an EV deal this holiday season. Dealers and manufacturers like these leases because more of their vehicles can qualify for the additional $7,500 EV tax credit.
Persons: oversupply, Edmunds, Stellantis's Ram, Volkswagen's, Ivan Drury, Trump, That's Organizations: Volkswagen's Audi, EVs, Manufacturers, EV, Dealers, Leasing Locations: Edmunds
How China Became the World’s Largest Car ExporterChina 5.7 million cars exported Japan Mexico Germany South Korea Top car exporters in the world United States 2016 2020 2024 China 5.7 million cars exported Japan Mexico Germany South Korea Top car exporters in the world United States 2016 2020 2024 China 5.7 million cars exported Japan Mexico Germany South Korea Top car exporters in the world United States 2016 2020 2024 Source: Alix Partners Note: 2024 values are estimated. Domestic sales 20 Exports 0 2010 2015 2020 2024 Production capacity 40 million cars Car production capacity has risen faster than sales. Mr. Wen gave him essentially a blank check to make China the world’s leader in electric cars. Last year, most of the cars China sold abroad were traditional gasoline engine cars. China has more than 100 factories with a combined capacity to build close to 40 million internal combustion engine cars a year.
Persons: Alix, Donald J, Trump, Wen Jiabao, Wen, Carmakers Organizations: China, Japan Mexico Germany South, Alix Partners, European Union, China’s, Communist Party, Wan, Audi, America, UNITED STATES, BRAZIL, UBS, China Volkswagen, Volkswagen Locations: China, Japan Mexico Germany, Japan Mexico Germany South Korea, States, United States, Asia, Thailand, Philippines, Germany, Europe, Southeast Asia, Shanghai, Russia, Ukraine, Latin America, TURKEY, India, Brazil, Turkey, U.S
Skoda Kodiaq automobiles on the production line at the Volkswagen AG plant in Bratislava, Slovakia, on Friday, Dec. 1, 2023. A small landlocked country in the heart of Europe appears to be uniquely exposed to President-elect Donald Trump's "America First" economic agenda. Nicknamed the "Detroit of Europe" due to its thriving automotive industry, Slovakia produces more cars per capita than any other country in the world. The measures include an additional 10% tariff on all Chinese products coming into the U.S. and a 25% tariff on all goods coming from Canada and Mexico. "Slovakia has turned into a Detroit of Europe," Vladimir Vaňo, chief economist at Globsec, a think tank based in Slovakia's capital of Bratislava, told CNBC via telephone.
Persons: Donald Trump's, it's, Trump, Vladimir Vaňo, Vaňo Organizations: Skoda, Volkswagen AG, European Union, CNBC Locations: Bratislava, Slovakia, Europe, Detroit, U.S, China, Canada, Mexico, Trump's, Slovakia's
London CNN —Volkswagen has sold its plant in Xinjiang — a Chinese region beset by accusations of human rights abuses — citing “economic reasons.”“There is no business case for (the plant),” said a spokesperson, noting that it produced combustion engine vehicles until 2019 and, since then, has effectively operated as a distribution center for models produced in other factories. The Volkswagen spokesperson told CNN that SAIC-Volkswagen sold the plant, located in Xinjiang’s capital Urumqi, to SMVIC, a subsidiary of Shanghai Lingang Economic Development Group, but declined to disclose the value of the sale. The sale comes after governments and human rights groups have, for years, accused China of using forced labor and committing other abuses, such as mass detentions, in Xinjiang against the Uyghur Muslim minority group. Volkswagen has faced criticism from rights activists for owning a plant in the region, but it has said there are no signs that forced labor has taken place in the facility. When asked to comment on the FT article, a spokesperson for Volkswagen told CNN that “Volkswagen always adheres to the legal requirements in its communications.
Persons: Organizations: London CNN, Volkswagen, , International Energy Agency, China’s SAIC, CNN, SAIC, Economic, Group, Muslim, Financial Times Locations: Xinjiang —, China, Xinjiang’s, Urumqi, Shanghai, Xinjiang
Volkswagen said on Wednesday that it was disposing of its stakes in its facilities in northwestern China’s Xinjiang region, exiting an area now known for China’s crackdown on predominantly Muslim ethnic groups there. Volkswagen had a joint venture assembly plant in Urumqi, the capital of Xinjiang, as well as two test tracks in the region, maintaining the largest and most visible presence in Xinjiang of any multinational company. The United States and a growing number of European countries bar imports from Xinjiang because of evidence of forced labor there. The assembly plant did not just become a political liability for VW — it was also a money loser, because it was designed to make gasoline-powered cars. That has left manufacturers like VW, the market leader in China until recently, with considerable unneeded production capacity.
Organizations: Volkswagen, VW Locations: China’s Xinjiang, Urumqi, Xinjiang, United States, China
The latest:Trump wants to impose 25 percent tariffs on Canada and Mexico “on ALL products coming into the United States,” he said on Truth Social. He also wants an “additional” 10 percent tariff on imports from China, which Trump blames for the fentanyl crisis, a charge that Beijing has repeatedly disputed. Europe, Japan and South Korea weren’t even mentioned in Trump’s announcement, but stocks have fallen there, too. That suggests rising fears that a new trade war could scramble global supply chains and dent profits. Automakers are some of the hardest hit stocks, with Volkswagen, Stellantis and Nissan, which run manufacturing operations in Mexico, all down.
Persons: Donald Trump’s, Trump, , South Korea weren’t, Scott Bessent, it’s Trump, Robert Lighthizer, Bill Ackman, ” Mohit Kumar Organizations: Trump, Investors, United States ’, , Truth, Canadian, Volkswagen, Nissan, Treasury Department, Trade Representative, Jefferies Locations: — Canada, China, Mexico, Canada, United States, Beijing, Europe, Japan, South Korea, America
AdvertisementDonald Trump has vowed to hit Mexico with a 25% tariff, which would affect automakers including Tesla. The threat of tariffs on Mexico has also put a $10 billion new factory proposed by Elon Musk in limbo. Musk backed Trump's election campaign and has been given a role to target wasteful government spending. The world's richest person praised Trump's proposed tariffs on Mexico and China in an X post on Monday, saying they would be "highly effective." Analysts told BI that the tariffs floated by Trump would deter automakers such as Tesla from investing south of the border.
Persons: Donald Trump, Tesla, Trump, Elon Musk, Donald Trump's, Alex Brandon, Musk, Trump's, Sam Fiorani, Fiorani, Ford, Stellantis, David Whiston, Scott Olson, BYD, Stella Li, Stephanie Brinley, Alanis King, Brinley Organizations: Truth, Elon, AP, Investment, UBS, Trump, AutoForecast Solutions, General Motors, GM, Ford, Getty, Toyota, Tacoma, Nissan, Volkswagen, EV, BYD, SAIC, Reuters, Street Journal, Chrysler, BMW, P Global, Toyota Tacoma Locations: Mexico, Monterrey, China, Detroit, United States, Cuautitlan, Toluca, San Luis Potosí
A protracted transition to electric vehicles is taking its toll on global car companies, many of which still have yet to profit from battery-powered vehicles. This presents a problem for car companies that need mass adoption to deliver profits for these expensive vehicles. Here are all car companies with job cuts planned or already underway in 2024. Prior to the November job cuts, GM also trimmed another 1,000 salaried positions in software and services, according to reports. In addition to these job cuts, Ford also announced curtailed production at a factory in Cologne in the first quarter of 2025.
Persons: Ford, VW's, Stellantis, Elon Musk, Tesla Organizations: Ford, Motors, Detroit, General Motors, GM, United Auto Workers, BYD, Volkswagen, VW, Chrysler, Jeep, UAW, Business, Tesla, Nissan Locations: Detroit, China, Europe, Germany, Cologne, Germany German, BYD, Illinois
It’s a “capital junkie” that’s been on a yearslong binge of unprecedented spending on all-electric and autonomous vehicles. Capital junkieThe latest cost-cutting cycle comes nearly a decade after an infamous Wall Street presentation by late-Fiat Chrysler CEO Sergio Marchionne called “Confessions of a Capital Junkie.” The April 2015 report highlighted the industry’s massive capital spending on overlapping or niche products that Marchionne was convinced could be solved through consolidation and shared capital spending. That’s shareholder money.”Most capital spending by automakers isn’t wasted, but the industry isn’t as efficient as other sectors, with minimal return on invested capital. While losing ground in China, GM has been among the most aggressive in spending on EVs and self-driving vehicles. GM and Hyundai this summer entered into an agreement to explore “future collaboration across key strategic areas” in an effort to reduce capital spending and increase efficiencies.
Persons: ” that’s, bender, ” Morgan Stanley, Adam Jonas, It’s, Sergio Marchionne, Marchionne, ” Jonas, Sergio, Joe Hinrichs, , Hinrichs, isn’t, “ We’ve, Rebecca Evans, Roland Berger, , Ford, Peter Rawlinson, “ We’re, Oliver Blume, ” Blume, Paul Jacobson, ” Jacobson, Rivian, ” Marchionne, don’t, codevelop, Stellantis, , Carlos Tavares, Bernstein, Daniel Roeska, Tavares, ” Tavares Organizations: DETROIT, General Motors, Ford, Nissan Motor, Volkswagen Group, Chrysler, Companies, Research, GM, Volkswagen, Toyota Motor, Fiat, Rivian, Lucid, Fiat Chrysler, Rivian Automotive, Hyundai Motor, Toyota, CSX, , Rehab, Nissan, EV, CNBC, VW, Reuters, Honda, BMW, SAIC, Barclays, Saudi, Public Investment Fund, Hyundai, Detroit, French, PSA Groupe, PSA, Locations: Detroit, Japan, Germany, That’s, Europe, China, U.S, North America
London CNN —Thyssenkrupp Steel has announced plans to eliminate 11,000 jobs by the end of this decade — about 40% of its workforce — becoming the latest German industrial giant to opt for drastic action to prop up its fortunes. “Increasingly, (global) overcapacity and the resulting rise in cheap imports, particularly from Asia, are placing a considerable strain on competitiveness,” Thyssenkrupp Steel said in a statement. Thyssenkrupp, Germany’s largest steel producer, joins the country’s biggest manufacturer Volkswagen in setting out a major overhaul to cut costs and bolster competitiveness. The German automaker also plans to close at least three factories in its home country and lay off tens of thousands of staff. “Locational weaknesses” include high energy costs, onerous red tape, and outdated physical and digital infrastructure.
Persons: Steel, carmaker Ford Organizations: London CNN, Thyssenkrupp, European, European Commission, Volkswagen, Federation of German Industries, Boston Consulting Group, German Economic Institute Locations: Asia, Ukraine, German, Europe, Germany, United Kingdom, Thyssenkrupp
It's a "capital junkie" that's been on a yearslong binge of unprecedented spending on all-electric and autonomous vehicles. The April 2015 report highlighted the industry's massive capital spending on overlapping or niche products that Marchionne was convinced could be solved through consolidation and shared capital spending. Most capital spending by automakers isn't wasted, but the industry isn't as efficient as other sectors, with minimal return on invested capital. Stock Chart Icon Stock chart icon Stocks of GM, Ford and Chrysler parent Stellantis in 2024. Courtesy: Business WireGM and Hyundai this summer entered into an agreement to explore "future collaboration across key strategic areas" in an effort to reduce capital spending and increase efficiencies.
Persons: bender, Morgan Stanley, Adam Jonas, It's, Sergio Marchionne, Marchionne, Sergio Marchionne Brendan McDermid, Jonas, Joe Hinrichs, isn't, We've, Rebecca Evans, Roland Berger, Ford, Peter Rawlinson, Andrew Kelly, Oliver Blume, Blume, Paul Jacobson, Jacobson, Rivian, RJ Scaringe, Mary Barra, Euisun Chung, codevelop, Stellantis, , Carlos Tavares, Oliver Bunic Organizations: General Motors, Ford, Nissan Motor, Volkswagen Group, Chrysler, Companies, Research, GM, Volkswagen, Toyota Motor, Fiat, Rivian, Lucid, Fiat Chrysler, Reuters, Rivian Automotive, Hyundai Motor, Toyota, CSX Corp, Rehab, Nissan, CNBC, Lucid Motors, Nasdaq, Churchill Capital Corp, Reuters Volkswagen, VW, Honda, BMW, SAIC, Barclays, Saudi, Public Investment Fund, Hyundai, Detroit, French, PSA Groupe, Stellantis NV, Bloomberg, Getty Locations: Casa Grande , Arizona, Detroit, Japan, Germany, That's, New York City , New York, Europe, China, U.S, Kragujevac, Serbia
AdvertisementVolkswagen is committed to China despite a "ruinous" domestic EV price war, its brand chief says. Volkswagen remains firmly committed to China despite a "ruinous" EV price war by domestic rivals that has hit overseas automakers hard, its boss said. VW group sales in China fell by 12% in the first nine months of this year amid the rising popularity of models made by domestic manufacturers. Toyota maintained its top spot in the world for the fourth consecutive year in 2023, selling 11.2 million vehicles globally — about 2 million more than the VW group. "We build cars in China for China; the same is happening in Europe and North America.
Persons: Thomas Schäfer, Schäfer, Axel Springer, Mary Barra, Wang He, Donald Trump's, Trump, Elijah Nouvelage Organizations: Volkswagen, VW, Welt, Business, General, Rival German, BMW, Mercedes, Benz, Audi, Porsche, Labor, Toyota Locations: China, Germany, Europe, Spain, Czech Republic, Portugal, Slovakia, USA, Mexico, Canada, Chattanooga , Tennessee, North America
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