As the European automotive market shrank and competition increased in China, Volkswagen assured investors that the group at least still had ample room for growth in the US market.
But Donald Trump’s volley of tariffs — including a 25 per cent levy on car imports — has swiftly damped the hopes of Europe’s largest carmaker and the multitude of suppliers that rely on Germany’s automotive industry.
Analysts at S&P Global now expect 1.2mn fewer cars to be sold in the US next year, compared with their forecast a month before — not exactly an invitation for a company looking to expand market share. VW is, of course, far from the only company affected.
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