Volkswagen Investment Cuts: 160 Billion Euros by 2030

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* Volkswagen is reducing its investment plan: The company plans to invest 160 billion euros between 2024 and⁤ 2028,⁣ down from previous plans of 180 billion euros (2024-2028) and 165 billion euros (2025-2029).
* Reasons for the reduction: This is due to a “tense ‌situation” in⁢ Volkswagen’s two main markets -⁢ China and‍ the US. Specifically, they are facing US tariffs and strong competition‍ in China.
* Impact on Porsche: The​ Porsche⁢ brand has been⁢ particularly affected, as it sells about half its cars in the US ​and ‌China. Porsche is also scaling back ​its electric car strategy.
* Shift in focus: The new investment plan prioritizes Germany and Europe, focusing on products, technology, and⁣ infrastructure.
* Further savings: Porsche is negotiating an extended savings‍ program that will last until 2026.