WolfsburgVolkswagen wrote down $11.5 billion, mostly on Porsche.
Factory closures loom across Germany’s carmakers, threatening jobs that anchor the national economy.
European car sales fell from 18 million in 2019 to 13 million in 2025 amid Chinese EV competition and 25% US tariffs.
“We have absolutely no time to lose,” Volkswagen brand head Thomas Schaefer told staff.
Mercedes-Benz says it may close one German assembly plant and one powertrain plant unless it cuts costs.
How each outlet framed it
- Ars Technica leans critical
- traces VW Group's $11.5B write-down to Porsche's EV overproduction and weak China sales below Skoda margins
Sources: Ars Technica