AD #3923 - VW To Close 3 Plants in Germany; Mercedes' and Porsche's Earnings Down Sharply; Hyundai Reveals Hydrogen Tank
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Speaker 1: This is outolined daily, the show dedicated to enthusiasts of the global automotive industry. We said this was coming, but
it may be worse than we thought. Volkswagen is going
to close at least three plants in Germany, shrink its manufacturing base in Europe, and lay off tens of thousands of workers. Original reports said the company would close two
plants in Germany. But VW is desperate to cut costs
as its profit margin shrinks and sales slow, and Volkswagen isn't the only German automaker in trouble. Mercedes Benz reported
its third quarter earnings and they were a disaster. Sales
dropped three point four percent to just under six hundred thousand units, but revenue dropped seven percent, Its ebit fell forty eight percent, and its net profit plummeted fifty four percent.
Mercedes CFO Harold Wilhelm promises the company will step up its effort to cut costs, and the numbers don't look good at Porsche either. It sold two hundred and twenty
six thousand cars for the first three quarters of the year, down seven percent. Revenue fell five percent, operating profits dropped
twenty six percent, and its net profit fell almost thirty percent.
Porscha says it's going to start closing dealerships in China because it lost so many sales there. It also says
that it's still solidly profitable and that it will hold on to its profit guidance for the year as long as market conditions don't get any worse. Renault is giving
employees free shares and hopes that one day they'll hold a ten percent stake in the company. Over ninety three
thousand eligible workers in thirty countries were given seven free shares as well as the opportunity to buy more at a thirty percent discount, and nearly forty six thousand bought more, which amounted to thirty one point one million Yuar euros.
It's actually the third time that Renau has done this, and employees now hold a nearly six percent share in the company. Stillantis also offers a similar program to some
of its workforce.
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Speaker 1: Weimo disclosed that it raised five point six billion dollars in its latest funding round. Not surprisingly, most of it
comes from parent company Alphabet, which invested five billion of that figure, while the other six hundred million came from outside firms. Weimo operates about six hundred and fifty robotaxis
and Phoenix and San Francisco, and now averages one hundred thousand paid rides a week. It plans to expand into Austin,
Texas and Los Angeles early next year, followed by Atlanta, Georgia later in the year. The US continues to strengthen
its domestic supply chain for eavy batteries. The Department of
Energy awarded Anthrow Energy, a battery materials company, with a nearly twenty five million dollar grant to produce electrolyte for lithium ion batteries. Electrolyte is the material that helps transfer
ions between the electrodes inside of a battery. Anthro Energy
will use the money to convert an existing plant in Louisville, Kentucky, to produce twelve thousand metric tons of electrolyte a year, making it the first large scale facility in the US.
Back in April, John got a chance to talk to Junwu Park, the VP of the N brand, all about the evolution of Hundai's performance evs. We learned it all
started with the rolling Lab, which is what the company calls its test vehicles. These are real driving cars that
are meant to bridge the gap between motorsport technology and production en models, and now it's showing off the newest generation, the RN TO one twenty four. Basically, it takes the
roughly six hundred and forty horse power dual motor set up from the Ionic five N and stuffs it into a smaller B segment sized platform with rally spec dampers and an exposed rollcage. It even has the same eighty
four kilowod hours of batteries, but the pack has been redesigned to fit it into the shorter wheelbase. While these
rolling labs have never made it into production, elements have and you get a better idea of the pass that Hyundai is thinking of taking. One element that has seemed
to prove pretty popular is the five ends active sound system, which simulates vehicle noises based on the driver's input. John
said it's kind of pointless for everyday driving, but it provided good feedback when you're really pushing the car, and now Hyundai wants people outside of the car to have a similar experience. VRN twenty four has two additional side
speakers on the outside, and the rear fender design is meant to act as a soundbox, projecting the noises out even further. Speaking of Hyundai, Hyundai Rodam, which is part
of the group and makes military and industrial equipment, just introduced a hydrogen powered tank. It's a modified version of
its K two tank, but Hondai says it's quieter and has better acceleration, and thanks to its hydrogen fuel cells and battery pack, it has a low heat signature, protecting it from heat seeking weapons. In addition to that, the
tank features autonomous driving and a remote drone for reconnaissance.
Hyundai is developing it with Korea's Defense Department and is aiming to launch the tank in twenty forty. That brings
us to the end of today's show. Thanks for making
autoline a part of your day.
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