Carmaker’s CEO says Porsche is being squeezed by ‘sandwich’ of tariffs and weak Chinese market
Business live – latest updates
Volkswagen is closing in on a tariff deal with the US, the boss of the German carmaker has said, as it eyes up the market for affordable electric cars in Europe.
Europe’s biggest car manufacturer, which also owns the Audi, Seat and Porsche brands, has been hit hard by Donald Trump’s trade tariffs, announced in April. The levies, combined with a turbulent market, have already cost “several billions”, the chief executive, Oliver Blume, said.
While the Trump administration has agreed to reduce the current 27.5% tariffs on European cars and car parts to 15%, the lower rate would still “be a burden for Volkswagen Group”, Blume told Bloomberg TV.
