FT News Briefing Volkswagen’s dire warning
Sep 5, 2024
Volkswagen warns of a critical need to adapt or face dire consequences as demand plummets, impacting jobs and factory operations. Meanwhile, President Biden targets a Japanese steel giant's acquisition for national security reasons, with significant political implications. The podcast also reveals troubling findings from the Grenfell Tower inquiry, highlighting negligence. Lastly, Egypt grapples with a gas field production decline, leading to widespread power outages and urgent governmental responses to restore energy stability.
AI Snips
Chapters
Transcript
Episode notes
Volkswagen's Dire Warning
- Volkswagen issued a dire warning, stating it has "a year, maybe two," to adapt to lower sales in Europe.
- This poses a significant threat not only to the company but also to the German economy.
Volkswagen's Struggles
- Volkswagen faces declining demand, particularly for electric vehicles, exacerbated by economic struggles impacting car purchases.
- The company aims to implement further cost-saving measures, potentially breaking promises made to its work council regarding job security and factory closures.
Competition from China
- Volkswagen's troubles extend beyond Europe, with significant market share loss in China due to competition from domestic brands like BYD.
- These Chinese EV makers are expanding into Europe, posing a further threat to Volkswagen's market share.