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German auto industryDW
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78% Informative
German Chancellor Olaf Scholz has coined the term " Zeitenwende " to describe changes in the German economy.
Europe 's biggest automaker Volkswagen is a prime example of these kinds of changes.
Analysts say market momentum is clearly shifting in favor of electric vehicles (EVs) Since 2019 , German automakers have shed about 46,000 jobs.
VW subsidiary Audi plans to halt EV production at its Belgium plant in Brussels .
VW is becoming a symbol of many of the concerns worrying those working in the German economy.
In July industrial production was almost 10% below the level it had been at, at the beginning of 2023 .
"Deindustrialization is not a future issue — it is a here-and-now issue," says Hans-Werner Sinn .
VR Score
82
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