Latest news with #DominicChopping
Wall Street Journal
09-04-2025
- Automotive
- Wall Street Journal
Volkswagen Vehicle Deliveries Rise Despite China Weakness
Volkswagen VOW3 -1.91%decrease; red down pointing triangle vehicle deliveries rose in the first quarter after gains in North and South America as well as in Europe compensated for a steep decline in China. The German automaker has been hit by intense competition in China that has seen rivals cut prices to win customers in its largest market. Volkswagen has avoided engaging in the price war, preferring to stick to its pricing model and prioritizing profitability over higher volumes in the country. The company, which houses a stable of brands that includes VW, Audi and Porsche, said its group vehicle deliveries rose 1.4% on year to 2.13 million in the first quarter. Deliveries in China were down 7.1% to 644,100 vehicles. 'Against the background of a highly competitive market, which continues to be characterized by a fierce price competition among over 100 brands, this result was in line with our expectation and has met our target,' the company said. Volkswagen expects the Chinese market will continue to be challenging this year, but said its strategy in the country is starting to deliver results ahead of a new range of intelligent connected vehicles that will begin to enter the market. Globally, deliveries of the group's battery-electric vehicles rose around 59% on year to 216,800 vehicles. The company said it remains the clear market leader in Europe with a 26% market share. Its global battery-electric vehicle market share rose to 10% from 6%, after strong growth in Europe and the U.S., despite declining deliveries in China. Next-generation plug-in hybrid cars with extended purely-electric ranges are experiencing increasing demand, it added. 'In the coming months, we expect additional tailwind from numerous newly launched models,' said Marco Schubert, member of the group's extended executive committee for sales. Write to Dominic Chopping at
Wall Street Journal
03-04-2025
- Business
- Wall Street Journal
Pandora Expects Potential $175 Million Annual Impact From U.S. Tariffs
Pandora expects a potential impact of around $175 million annually from U.S. President Trump's tariffs, but will explore mitigating measures including price increases and changes to its supply chain. The Danish jeweler's main production hub is Thailand, which will be hit by new U.S. tariffs of 36%. It also has products originating from Vietnam, India, China and a number of others that will be subject to hefty U.S. import duties. The total impact of the tariffs, before any mitigating actions, is estimated to be around 1.2 billion Danish kroner ($174.6 million) a year, with the hit in 2025 estimated at around 700 million kroner, the company said in a statement. It said that of the potential 1.2 billion kroner, around 250 million kroner are linked to goods that are eventually sold in Canada and Latin America but distributed via the U.S. Pandora expects to fully mitigate this portion within the next 12 months, but it will explore further mitigating actions to address the potential remaining 950 million kroner, including price increases and supply-chain set-up. Pandora shares were the biggest loser on the Stoxx Europe 600 index this morning, falling as much as 14%, before paring losses slightly to trade 11% lower late in the afternoon session. Write to Dominic Chopping at
