Pretty low point today....announced....three German plants for VW will close. Numbers of unemployed (figure into 2025)....will be 30,000.
I expect emergency meetings with the coalition gov't, but they are already in the midst of a budget problem (next year's budget), and this just makes things worse.
Recession-wise? I'd say all of 2025 for Germany looks like crap for 2025, and probably going well into 2026.
2 comments:
The VW situation is bad but seems to be a situation like large cities in the US - you get what you vote for. DW is spinning this as VW did this to themselves; dieselgate, too late to EV. I'm surprised they did not chastise the public for not buying EVs only to support the visible factory. No ownership of the changes the government has brought by liberal, green policy. Sad
If you really dig into it....there's a 300-page book waiting to be written. All of the companies spent a ton of money to develop EV technology....well....they need it to pay off, and the general public (I'd say near 75-percent....aren't willing to go this path. Added to this.....energy costs (both natural gas and electrical) are at crazy levels (compared to other EU members). Then you get into benefit paths of the past three decades.....German employees asked for a lot and got it.
I'll just add....trying to entice people into buying EV cars....by giving them 5k Euro credits....won't work in this case. Even a 10k Euro credit won't work. News media hasn't figured this out yet.
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