The US administration, under President Trump, has softened tariffs on auto imports to assist car manufacturers during a transitional period. This executive order provides a grace period for automakers to adjust their supply chains domestically, aimed at reducing reliance on foreign imports. However, major German car brands, notably Volkswagen, have experienced severe financial strain. Volkswagen reported a significant 40.6% profit drop in Q1, attributing this to rising costs and an upcoming challenging business environment due to trade tensions and regulatory pressures.
We just wanted to help them during this little transition. Short term.
We expected business towards the lower end of our guidance, citing challenges including increased competition, more stringent emissions regulations and trade tensions.
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