Volkswagen

At an event in Paris, VW together with politicians demanded rules to increase European value creation to counter the price pressure from Chinese electric-car manufacturers. Germany and France are drawing closer in talks on "Made in EU" quotas and a trade-protection instrument intended to enable rapid exclusion in cases of unfair competition. Renault, Stellantis and major suppliers support the initiative, while BMW and Mercedes are more cautious because of production and procurement dependencies on China. » Plus sur faz.net

British subsidiary Volkswagen UK set aside £725 million in provisions for potential compensation claims in the scandal over overpriced car loans, recording a loss as a result. The amount exceeds BMW's provisions and, according to the group, could change significantly as further lawsuits are pending. VW, Mercedes and Crédit Agricole are suing against the FCA‑proposed compensation scheme, which foresees payments for up to 12 million customers and could mean total costs of up to £9.1 billion including administrative costs. » Plus sur faz.net

Car supplier KmB Technologie from Zerbst has filed for insolvency after a key customer — reported to be Volkswagen — did not renew an order as expected. The company manufactures turned and milled parts for gearboxes, steering systems and chassis and employs around 200 people. Production is to continue during the insolvency proceedings, customers have promised advance payments, and wages are secured for three months by insolvency pay. The workforce was recently on short-time work; the city hopes to find an investor for the future of the business. » Plus sur t-online.de