#german-auto-industry

#german-auto-industry

"More openness to technology and greater flexibility are the right steps," said Merz, who has made vocal demands for the ban to be eased as the country's flagship auto sector faces mounting problems.

German car manufacturers turned in their worst quarter since the days of the 2009 global financial crisis, according to a study released Monday by financial consultancy EY. Together, earnings before interest and taxes (EBIT) at Germany's biggest automakers, Volkswagen, BMW and Mercedes-Benz, plummeted by nearly 76% in the quarter between July and September. The statistics indicate that although sales and revenue remained stable, production and running the business has become much more expensive, and carmakers are earning less from sales.

Blume also serves as the CEO of Porsche parent company Volkswagen, where he will remain in charge. Blume's dual role at the top of two major auto brands had drawn criticism. Blume has been chief executive of Porsche since 2015 and has served in the dual role as VW CEO since 2022Image: Ronny Hartmann/AFP via Getty Images Oliver Blume is to step down as the CEO of German sports carmaker Porsche, the firm said on Friday.