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▪️Mercedes is doing a U-turn and investing in combustion engines after EV sales fall 25% ▪️Volkswagen is investing €60 billion to develop new combustion engines. ▪️Audi might close their Brussels factory that produces many of their EVs as sales fall.
Volkswagen has announced they are investing €60 billion to develop new combustion engines as their EV sales fall.
Volkswagen is investing $5 billion in the EV startup Rivian. The company has been burning through cash as it struggles to ramp up production. @EdLudlow reports https://t.co/59jsyJUSwz https://t.co/yWOtd7FVVA
Mercedes-Benz, Volkswagen, and BMW are facing challenges in the electric vehicle market. Mercedes reported a sales slump in Q2 due to weakening demand for EVs. Volkswagen's group deliveries decreased by 3.8% in Q2, leading to a share price slump. BMW outpaced Porsche and Audi in EV sales in Q2. Audi is considering closing a plant amid EV troubles. Volkswagen is investing $5 billion in Rivian and €60 billion in new combustion engines.