Emmanuel Macron's government introduced a social leasing scheme for electric vehicles, leading to a drastic surge in demand, which forced the scheme's suspension due to manufacturers' inability to keep pace.
As subsidies and incentives were withdrawn across the EU, electric vehicle sales fell sharply, marking August as the fourth consecutive month of declining sales, the lowest figures observed in three years.
VW's leadership has announced intentions to close domestic factories, highlighting the severe competition from subsidized Chinese EV manufacturers, which undermines European carmakers amid the rising cost of living.
The European Commission is reacting to the market crisis by planning to impose tariffs on Chinese EVs in an effort to safeguard the European automotive market and support its domestic brands.
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