Volkswagen ID.4 and ID.7 EVs are now impacted by another production halt in Germany
For the second time this week, Volkswagen is halting production of some of its most popular electric cars. VW extended its production pause to a second plant in Germany, impacting the ID.4 and ID.7.
Production lines at Volkswagen’s recently upgraded Emden plant in Germany were at a standstill Thursday.
The news comes amid a lack of electric motors for the ID.4 and ID.7 models, a spokesperson told German press agency dpa.
Volkswagen plans to extend the production stop into Friday and Monday. Emden is Europe’s third-largest auto distribution hub, producing models such as the Passat, Alltrack, Atreon, and GTE.
The automaker announced last year that it will invest around $1.1 billion (1 billion euros) to advance EV production at the site.
Volkswagen’s ID.4 was the first electric vehicle to roll off the assembly line at Emden last May. Following its Zwickau site, it marked the second plant in Germany to begin building EVs.
Production of the flagship ID.7 began at Emden in August as the second EV to be built at the site.
Despite the massive investments, slowing demand caused Volkswagen to reduce EV output at the plant this summer.
Volkswagen production cut over e-motors or demand?
VW has cut EV production at several German plants over the past few months. Higher inflation and interest rates, fewer subsidies, and more competition have slowed orders.
Earlier this week, Volkswagen said it was halting production at its Zwickau factory for around three weeks. A spokesperson said, “The production of e-drives at the Volkswagen Group Components site in Kassel is currently only possible to a limited extent.”
According to the source, the stoppage will impact the VW ID.4, ID.5, and Audi Q4 e-tron. The ID.3 and Cupra Born will not be affected.
VW already planned to shut down a production line at the plant over the holidays, citing low demand.
Due to waning orders, the automaker cut around 300 employees from its Dresden plant toward the end of October. The site also halted ID.3 production earlier this year.
Electrek’s Take
They say there are two sides to every story. Is Volkswagen pausing production due to a lack of electric motors? Or is demand slipping?
Volkswagen’s CFO, Arno Antilitz, said orders for electric cars were down to 150,000 in the third quarter. That’s 50% lower than last year’s 300,000 orders.
Europe was by far VW’s largest EV market, accounting for 61% of all electric models sold through September. China was second.
Although sales were up 4% in China, Antilitz warned the company could lose market share until new models with XPeng begin rolling out. Volkswagen has already drastically slashed prices to keep up in China, its largest market by profits.
Meanwhile, head of strategy at VW Group America, Reinhardt Fischer, said the automaker is “not scaling back plans for EVs in the US.” Fischer added VW aims to launch an EV under $35,000 in the US.
Source: dpa
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David Bailey, CEO of media group BTC Inc., and a key crypto advisor to President Donald Trump, has raised $300 million to launch a publicly traded bitcoin investment company, CNBC has confirmed.
The deal, which has been in the works since January, consists of $200 million in equity funding and $100 million in convertible debt, according to a person familiar with the matter who asked not to be named because the fundraise hasn’t been announced. The Information was first to cover the story.
Bailey’s company is named Nakamoto, a tribute to the pseudonymous bitcoin creator Satoshi Nakamoto. It will focus on acquiring and holding bitcoin and is set to merge with an existing Nasdaq-listed company in a transaction that’s expected to be announced early next week, the person said. The company’s public listing is expected this summer.
Nakamoto plans to buy companies around the world, including in Brazil, Thailand and South Africa, and invest its bitcoin into them, the source said. The venture is backed by a roster of well-known investors, with an advisory board that includes prominent figures, the person said.
Bitcoin investment firms raise large sums of money, often through a mix of equity and debt, to buy and hold bitcoin. Their stock becomes another way for investors to bet on the price of bitcoin.
Michael Saylor, founder of Strategy (formerly MicroStrategy), popularized the model, converting its cash reserves into bitcoin beginning in 2020. The move transformed the software company into a de facto bitcoin holding company, with the value of its stock soaring as bitcoin rallied. It’s now one of the world’s largest owners of bitcoin.
Jack Mallers, who rose to fame by launching the Strike payments app, has secured billions of dollars for his bitcoin-holding venture Twenty One, which is backed by SoftBank and Tether.
“What we really pride ourselves on is being blue-chip credibility with startup upside,” Mallers told CNBC’s Crypto World this week. “We feel like we’re big enough to win entering the market with billions of dollars of capital upon launch, but we’re small enough to grow and we’re small enough to post bitcoin-denominated returns in what’s becoming a really competitive capital markets appetite for bitcoin exposure.”
WATCH: Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank
SSA Marine just pulled off a major clean energy win at the Port of Los Angeles. The global terminal operator has officially transitioned its entire fleet of forklifts at Berth 55 from propane to electric, making it the company’s first terminal to run 100% zero-emissions cargo handling equipment.
Berth 55 handles imported fruit from South America, and SSA Marine has operated there since the 1980s. Now, its 44 Hyster forklifts – 12 heavy-duty 10,000 lb. models and 32 3,000 lb. models – at the Port of LA are all electric. SSA Marine says the shift will cut propane use by around 44,000 gallons yearly and slash tailpipe carbon emissions by around 264 metric tons annually.
SSA Marine’s VP of sustainability, Meghan Weinman, said, “We are proud to partner with the Port of Los Angeles on this ambitious project, and we’re confident that Berth 55 will serve as a blueprint for future initiatives.”
The upgrade was a three-year effort between SSA Marine, the Port of LA, and several partners.
Michael DiBernardo, deputy executive director at the port, said the achievement moves them closer to a big climate goal: making all yard equipment at the Port of LA emissions-free by 2030. “As a result of this initiative, SSA Marine has completed that goal five years ahead of schedule, which we appreciate.”
Read more: Arc is developing a 26-foot dual motor electric tugboat for the Port of Los Angeles
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And so it begins. Ford is raising prices on several vehicles built in Mexico, including the Mustang Mach-E. Like most of the auto industry, Ford is bracing for the impacts of Trump’s tariffs.
Ford raises prices on vehicles built in Mexico over tariffs
Just days after the company said it expected Trump’s new auto tariffs would cost $2.5 billion this year, Ford is raising vehicle prices on Mexico-built models.
A spokesperson confirmed to Electrek that Ford is increasing prices on the Mustang Mach-E, Maverick pickup, and Bronco Sport, all made at its plant in Mexico. The spokesperson said the move comes as part of its “usual mid-year pricing actions combined with some tariffs we are facing.”
The price increases do not impact Ford vehicles at dealerships or on the way. They will go into effect on imported cars after May 2 or later. These vehicles will arrive at dealerships in late June.
Despite this, Ford is still offering employee pricing on all of these models through July 4 as part of its “From America, For America” campaign, which is available on most 2024 and 2025 models.
Even with the upcoming price hikes, Ford said it has “not passed the full cost of tariffs on to our customers.” Although Ford didn’t share full pricing, the spokesperson said the Bronco Sport Heritage saw a $600 increase while the Maverick XLT AWD’s price increased by $700.
Like crosstown rival GM, Ford withdrew its financial guidance due to the uncertainty surrounding tariffs. GM estimates that the impact of Trump’s tariffs will cost even more this year, at around $4 billion to $5 billion.
Since Ford has the highest percentage of vehicles built in the US of any major automaker, outside of Tesla, it isn’t expected to take as big of a hit.
Ford imports around 21% of the vehicles it sells in the US. GM, on the other hand, imports about 46% of the cars it sells in the US.
Ford is also offering a free Level 2 home charger on any new EV purchase or lease, including the F-150 Lightning, Mustang Mach-E, and E-Transit van. The “Power Promise” promo includes other helpful benefits, including 24/7 live EV support, proactive roadside assistance, and an 8-year, 100,000-mile battery warranty.
Ready to snag the savings while they are still here? We can help you get started. Check out our links below to find deals on new Ford F-150 Lightning and Mustang Mach-E models in your area.
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