AGP Executive Report
Last update: 4 hours agoVolkswagen’s Deepening Crisis: The automaker posted a €5.9 billion third-quarter operating loss, hit by about €8 billion in one-off costs, including a Porsche writedown. Revenue fell 6%, intensifying pressure for restructuring that could cut 100,000 jobs and close four German plants. Hyundai’s Mixed Quarter: Operating profit rose 5.5% to 2.68 trillion won, but revenue fell 3.4% and net profit dropped 24.2%. Hyundai also lowered its 2026 sales target and plans a $450 million expansion of its Alabama plant for hybrids and extended-range EVs. U.S. Manufacturing: Audi plans to invest $4 billion in its first U.S. factory, in Georgia, and create about 4,500 jobs; production is expected to begin in the early 2030s. Toyota Under Pressure: Global sales fell 2.2% and production 3.2% in September, marking a third straight monthly decline. Sales in China dropped 19.7%. Trade Risks: Honda warned that a proposed 50% U.S. tariff on Canadian autos could be “catastrophic” for the North American industry, where vehicles and parts cross the border repeatedly. Safety Recall: Toyota is recalling nearly 228,000 Sienna hybrids in the U.S. over second-row seatbacks that could move in a crash.
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