Latest News Updates From William Wilkes

Porsche has been hit particularly hard by the collapse in Chinese demand for German luxury cars and weaker-than-expected sales of electric models including the Taycan.

Management is arguing the automaker needs an all-hands overhaul, including a carve-out of the VW brand, to withstand mounting competition from Chinese rivals.

VW is entering another period of upheaval after CEO Oliver Blume and other executives signaled internally that the group remains uncompetitive in key areas.

Mercedes will offload part of its roughly 35% holding in Daimler Truck, CFO Harald Wilhelm said.  Even with extra cash from selling shares, Mercedes is bracing for a difficult year.

“Together, Mercedes-Benz, Nvidia and Uber will build a global platform that makes autonomous driving available to everyone,” Nvidia CEO Jensen Huang said.

In an interview with a German media outlet, Mercedes CEO Ola Källenius said Commerce Secretary Howard Lutnick made the overture roughly a year ago, dangling tax relief and other incentives.

Several parts makers face idle capacity and are under pressure from carmakers to lower prices.

Daimler’s Mercedes-Benz Special Trucks unit will offer complete logistics vehicles and long-term service in Europe, North America and other markets, Daimler said in a statement.

The steel division, which employs 26,000 people, has been weighed down by soaring energy bills, rising interest rates and chronically low steel prices. 

The manufacturer on Sept. 3 unveiled a camouflaged version of the ID. Polo, which is expected to be priced below €25,000 ($29,125) when it goes on sale next year.