Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

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.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

The regional tax will be raised next year
1 MIN READ

The regional tax will be raised next year

Astra Zeneca's China Chief Arrested by Police
1 MIN READ

Astra Zeneca's China Chief Arrested by Police

More rate cuts - but risk of turmoil with Trump
2 MIN READ

More rate cuts - but risk of turmoil with Trump

Svantesson: Trump Politics May Increase Inflation
1 MIN READ

Svantesson: Trump Politics May Increase Inflation

Major Banks Lower Mortgage Rates
1 MIN READ

Major Banks Lower Mortgage Rates

Central Bank Economist: Central Bank Cuts Interest Rate Too Late
2 MIN READ

Central Bank Economist: Central Bank Cuts Interest Rate Too Late

How You Are Affected by Lowered Interest Rates
2 MIN READ

How You Are Affected by Lowered Interest Rates

Thedéen expects turmoil after Trump's victory
2 MIN READ

Thedéen expects turmoil after Trump's victory

Inflation upswing does not threaten interest rate cuts
3 MIN READ

Inflation upswing does not threaten interest rate cuts

Stockholm Stock Exchange rises after interest rate cut
1 MIN READ

Stockholm Stock Exchange rises after interest rate cut

Most up on Asian stock exchanges
1 MIN READ

Most up on Asian stock exchanges

This is how your wallet can be affected by Trump's victory
2 MIN READ

This is how your wallet can be affected by Trump's victory

Cheerful on Wall Street after Trump win
1 MIN READ

Cheerful on Wall Street after Trump win

Thousand-kronor notes to be picked up when the Central Bank increases the pace
3 MIN READ

Thousand-kronor notes to be picked up when the Central Bank increases the pace

Swish up and running again after disruption
1 MIN READ

Swish up and running again after disruption

Trump's company is soaring on the stock exchange
1 MIN READ

Trump's company is soaring on the stock exchange

Swedish Export Threatened by Trump Victory
2 MIN READ

Swedish Export Threatened by Trump Victory

Sameby's appeal against mining company rejected
1 MIN READ

Sameby's appeal against mining company rejected

Inflation Expectations Fall
1 MIN READ

Inflation Expectations Fall

Better than expected for Novo Nordisk
1 MIN READ

Better than expected for Novo Nordisk