Meanwhile, the EU and China have not found an agreement to avoid duties on electric cars
The Volkswagen Group will have to cut costs by 4 billion, with the closure of three plants in Germany and a possible 10% wage cut looming.
Meanwhile, its brand operating in the “premium” sector, namely Audi, has decided to close its plant in Brussels, Belgium. This factory produces electric cars, particularly the large and luxurious Q8 e-tron SUV. A consequence of the crisis in the European car market and in particular electric cars. The decision, according to Belgian media, was supposed to be announced at an extraordinary meeting of the works council and take effect starting February 2025. Audi has in any case ruled out layoffs in the period leading up to the closure and is in contact with an investor in the industrial vehicle sector who has expressed interest in acquiring the production structure.
Meanwhile, an agreement between Europe and China has yet to be found, and high duties on car imports from Beijing will go into effect at midnight on October 30. Communication channels remain open in any case, according to analysts. And Germany, even in this situation, with possible trade retaliation from China, has the most to lose. In fact, Chancellor Olaf Scholz is the European leader who is putting the most pressure on EU Commission President Ursula von der Leyen to reach an agreement with China.