"The cost reductions planned so far are not enough," said VW chief financial officer Arno Antlitz. "We need to fundamentally change our business model and achieve structural, sustainable improvements - in all areas and at all levels. If we fail to do that, we will jeopardise our future."
The data reflects a broader shift in transport trends, with more motorists moving towards electric vehicles and reducing discretionary travel. The fall in receipts was indicative of a longer-term shift to electric vehicles.
Walmart is now deploying ABB E-mobility's A400 all-in-one 400-kilowatt DC fast charger at several stores in the Phoenix metropolitan area. This type of dispenser can deliver up to 400 kW to a single connected EV, and dynamically manage the power output to each EV if two cars are charging at the same time.
In China, lithium carbonate prices climbed to a three-month high as improving sentiment around electric vehicles and energy storage boosted consumption expectations. Strong momentum in global EV adoption, particularly in Europe, where battery electric vehicle registrations surged sharply in March, has reinforced the demand outlook.
In China's cut-throat domestic market, nearly every big carmaker is investing heavily in the software and computing power needed to make hands-free driving a reality as they compete to offer additional perks and find new ways to generate revenue.
Shares of Lucid Group are down roughly 10% in midday trading Thursday, slipping to $6.22 from a prior close of $6.91, putting the struggling EV maker's market capitalization at roughly $2.31 billion.
The third-generation Shenxing battery can be charged from 10% to nearly full in less than 7 minutes, showcasing ultra-fast charging capabilities that surpass competitors.