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German Minister Robert Habeck Considers Support for the Car Industry

Germany's Minister of Economy Robert Habeck says that support measures for the German car industry may become relevant, in connection with a visit to an electric car factory in northwestern Germany. The statement is made ahead of a meeting with the top executives of the German car manufacturers on Monday.

» Updated: 21 September 2024, 07:31

» Published: 20 September 2024

German Minister Robert Habeck Considers Support for the Car Industry
Photo: Markus Schreiber AP/TT

According to Habeck, the hard-pressed German car manufacturers have a responsibility of their own for the situation they find themselves in. And he expects them to review their cost structures and handle inherited constraints that are slowing down the transformation the car industry is undergoing with the phasing out of fossil fuel cars.

But he adds that as the Minister of Economy, he also wants to do something to get the market going again.

What politicians must evaluate is whether we can create the right market signals and strengthen them, says Habeck.

On the direct question of whether state subsidies or support may become relevant, he responds:

It remains to be seen what the talks lead to.

On Thursday, industry statistics showed that electric car sales in Germany plummeted by 69 percent in August and by 36 percent in the entire EU.

Volkswagen (VW) has warned that it may become necessary to shut down car factories in Germany due to the development, and both BMW and Mercedes have issued profit warnings, partly due to headwinds on the Chinese market.

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By TTThis article has been altered and translated by Sweden Herald

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