Shares in names like VW, Mercedes and Stellantis were lower this week, heading into Wednesday's session, after news of 'falling demand' in Europe. In the first quarter of this year, Europe's top two car manufacturers faced a downturn due to diminished demand in China and domestic markets, Financial Times reported on Tuesday this week. Volkswagen Group saw a significant decline in profits, dropping by a fifth from the previous year to €4.
worried about the Cars operations,' the report notes. Meanwhile, Jefferies said it was a “downbeat start” to the year for VW. As we have been pointing out on Zero Hedge, the automotive industry, previously buoyed by supply chain disruptions driving up prices, is now grappling with challenges stemming from plummeting resale values of electric vehicles. The EV industry, especially in China, is winning by going smaller, we noted last week.
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Automotive Industry Calls for Electric Car Incentives as Market Share DeclinesThe automotive industry issued renewed pleas for electric car purchase incentives after new figures showed a decline in the vehicles’ market share. Some 15.2% of new cars registered in March were pure electrics, down from 16.2% during the same month last year, the Society of Motor Manufacturers and Traders (SMMT) said. The industry body urged the Government to halve VAT on the purchase of new electric vehicles (EVs), amend plans to introduce vehicle excise duty for EVs, and reduce VAT on public EV charging to bring it into line with home charging. Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of new cars sold by each manufacturer in the UK this year must be zero-emission, which in most cases means they are pure electrics
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