2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
The VW group should withdraw from the US market with its core brand. There have been rather significant losses in the past years, according to Frank Schwope from Nord LB.
After the emissions scandal, a car expert is talking about the Volkswagen brand's withdrawal from the US market. "A complete exit of the Volkswagen passenger car brand in the USA should be considered," wrote Nord LB analyst Frank Schwope on Thursday.
Since the group has not published any profit figures for North America after years of losses since 2007, it can be assumed that in the past 15 years "more (significant) losses than profits have occurred in the USA."
Osterloh spoke of a disaster year
According to Schwope, however, the Audi and Porsche brands should also make significant profits in the USA. A VW spokesman in Wolfsburg said that the group does not publish any profit figures for individual country markets. According to reports, the weakness on the US market was one reason why VW patriarch Ferdinand Piëch had "distanced himself" from ex-VW boss Martin Winterkorn at the beginning of the year and thus instigated a power struggle at Europe's largest car manufacturer.
Works council chief Bernd Osterloh called the US business a "catastrophe event" last year. (dpa)
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