Crisis in German auto industry deepens: Volkswagen halts new electric model development

According to Reuters, Volkswagen has paused the development of a new electric Golf car because its flagship plant is failing to meet cost-cutting targets. Management demands the facility reduce expenses by another €300 million.

At the same time, performance is deteriorating for other German brands. The publication Bild notes that in the third quarter, Audi's net profit plummeted by 87% compared to the same period last year, reaching only €95 million. This result was driven by a sharp decline in the brand's global sales, which fell nearly a fifth (19.7%).