Volkswagen Group CEO Oliver Blume is willing to invest at least $10 billion in the United States to achieve a corresponding reduction in tariff costs. The company has experienced $1.4 billion in expenses due to U.S. import duties, prompting the search for tariffs clarity from upcoming EU negotiations. Blume aims to secure a direct deal with the White House for tariff offsets. Volkswagen currently operates an assembly plant in Tennessee and is investing in a new site for electrified vehicles in South Carolina.
Oliver Blume wants to make a deal. The CEO of Volkswagen Group, the world's second-largest carmaker, is prepared to put a minimum of $10 billion on the table in exchange for lower tariffs levied by the Trump administration.
Under the proposal, for every dollar that Volkswagen invests, it would like to receive in return an equal amount offset against its tariff bill. The VW boss is only waiting on the European Commission to reach a deal on behalf of the entire EU.
Volkswagen already operates a U.S. assembly plant in Chattanooga, Tennessee, where it builds the Atlas SUV and ID.4 electric crossover.
Typically, trade policy falls under the responsibility of Congress. But the White House capitalized on a legal loophole to seize control over tariffs.
Collection
[
|
...
]