VW goes for broke

Few expected Volkswagen CEO Oliver Blume to succeed in getting his proposed massive job cuts approved by the automaker’s supervisory board, having failed to do so just two months ago. But in a late-night surprise move, the board unanimously approved a turnaround package. You can read all about it here. The push to get approval included threatening a ‘nuclear option’ of calling an emergency general meeting to get shareholders to vote on cuts – a move that would likely have resulted in years of legal fights. According to great reporting from Reuters colleagues Christina Amann and Christoph Steitz, VW management’s willingness to use that nuclear option helped broker a deal with labor representatives and the German state of Lower Saxony, a key shareholder. Check it out here. VW must still battle unions over its plan, but it has overcome its first major hurdle to change. Tesla has launched limited rides in Austin in its Cybercab, which has no steering wheel or pedals, drawing immediate scrutiny from the U.S. auto safety agency. The move by Elon Musk brings Tesla back into renewed conflict with regulators and as Reuters colleague Abhirup Roy reports, tests the limits of the U.S. self-certification system. You can read all about it here. U.S. regulators limit commercial deployment of vehicles that do not adhere to decades-old federal safety standards that were written for human-driven vehicles and require manual controls. But industry experts said regulatory gray areas and Musk’s litigious track record could give Tesla a chance to force the Cybercab into broad use. Unlike most other countries, where new vehicle models and technology need regulatory clearance ahead of launch, automakers in the U.S. can deploy them on the public roads by self-certifying that they meet federal standards. Whether Musk’s use of that loophole works remains to be seen. China’s automakers have gained share rapidly around the world, with the exception of the U.S. market, where huge tariffs and an effective ban on Chinese car technology introduced in the dying days of the Biden administration have shut them out. The U.S. Congress has compiled legislation to permanently shut the Chinese out and as Reuters colleague David Shepardson reports, automakers have urged them to do so as quickly as possible. You can read all about it here. Lobby group the Alliance for Automotive Innovation argued in a letter seen by Reuters that “Chinese automakers are dumping subsidized vehicles with connected software and hardware around the world” and called on Congress to pass the bill before the end of the year. When Renault’s low-cost Dacia brand decided to make its electric Spring model in China, it looked like an easy way to sell an affordable EV to European car buyers when few other options were available. But that calculus has changed, as the Dacia Spring has been hit by European tariffs on Chinese-made EVs and the car has missed out on French subsidies for low-income electric car buyers that are only available for European-made models. So now, as Reuters colleague Gilles Guillaume reports, Dacia will make the next version of the Spring in Europe to make it more affordable and qualify for government cash. You can read all about it here.

VW goes for broke

VW gets nod for cuts

Musk tests the limits

Automakers urge U.S. China ban

Dacia Spring's European vacation

Related News

Scientific Industries Chairman John A. Moore reports $0.76 purchase of 5,000 common shares valued at $3,800

Canada Stocks-Financials, Industrials Drag TSX Lower; Shopify Hits One-Month Low

Nasdaq trade halt continues <UCFI.O> reason not available at 10:09 AM

ASP Isotopes Says Co Targets More Than $300 Mln Of Ebitda In 2031

Pharvaris' genetic disorder drug meets main goal in late-stage trial