VW, other European carmakers weighed down by EVs, China and R&D

Stellantis sees 48% profit drop in first half, BMW places hopes on Mini Aceman

Volkswagen, Stellantis, Renault, BMW and Mercedes reported first half net profits that were down from a year earlier. (Photo by Nikkei)

EIKI HAYASHI, Nikkei staff writer

August 6, 2024 02:40 JST

FRANKFURT -- Europe's five biggest automakers reported falling profits for the first half due to weak demand for electric vehicles, cost competition from China and ballooning research and development costs.

Volkswagen CEO Oliver Blume repeatedly touched on the escalating expenses that came on top of the company's lower factory utilization rate during an earnings conference call held last Thursday.