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VW considers closing large electric car factory

» Updated: 16 July 2024, 14:12

» Published: 10 July 2024

VW considers closing large electric car factory
Photo: Bilal Hussein AP/TT

The German vehicle concern Volkswagen's share is rising by over 1 percent after the announcement that they are considering closing the subsidiary Audi's electric car factory near Brussels to save costs.

Unexpectedly weak demand is behind the announcement. Talks about a factory closure have been initiated with Belgian authorities, but according to VW, there are several alternatives to the drastic decision.

According to a statement from VW, the group management expects the margins to be lower than expected this year and that this year's result will be burdened by extra costs of a total of 2.6 billion euros.

At the threatened electric car factory, around 3,000 people are currently working with the production of the electric car Q8 e-tron.

VW plans to present a report for the first half of the year on August 1.

Despite Wednesday's upward movement, the VW share has fallen by 8 percent on the Frankfurt stock exchange since the turn of the year.

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By TTThis article has been altered and translated by Sweden Herald

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