Five Things You Need to Know to Start Your Day: Europe
Get up to speed with what the markets are monitoring
Good morning. The European carmakers are losing ground. And Hong Kong sends a gloomy signal to the global luxury sector. The UK halts some arms licenses to Israel. Here’s what people are talking about.
It’s a rough time for Europe’s auto industry. With the continent’s efforts to compete with Chinese rivals and Tesla in electric cars faltering, German and French carmakers are heading toward a disruptive wave of factory closures. Volkswagen is considering shutting down plants in Germany for the first time in its 87-year history. With car sales still nearly a fifth lower than pre-pandemic levels in Europe, manufacturers including VW, Stellantis and Renault were operating more than 30 factories at levels analysts consider unprofitable, according to data from Just Auto.