Fri Sep 06 19:17:23 UTC 2024: -Volkswagen AG’s PowerCo battery subsidiary is cutting production due to weak electric-vehicle sales
-The Salzgitter plant in Germany will run at half capacity, lowering capacity to 20 gigawatt hours
-Employees are concerned about broader cost-saving plans at Volkswagen, plant closures may be considered
-Profit for Volkswagen in the second quarter of 2024 was down 4.2% from a year ago
-Vehicle sales for Volkswagen fell in Western Europe, North America, and China in 2021
-The decision to cut battery production comes after criticism from Elon Musk and financial difficulties post-Dieselgate scandal
-Martin Winterkorn, Volkswagen’s CEO during the scandal, denies charges but has paid 11 million euros to the company
-Volkswagen’s stock price fell 4.65% into Friday’s mid-afternoon trading.

Read More