Volkswagen layoffs, Ford and Stellantis woes, and our robot future: Autos news roundup
Automakers took a hit this week after revealing their earnings for the latest fiscal quarter.
Volkswagen — Europe’s biggest automaker — is eyeing mass layoffs and factory closures as a strike threat looms and demand for its vehicles weakens. In the U.S., Ford Motor Co. warned it would report full-year earnings toward the lower side of its guidance, while Netherlands-based Stellantis disclosed a major revenue decline as it looks to clear out U.S. dealership lots.
Looking to the future, Tesla’s Elon Musk predicted that humanoid robots would outnumber people in less than 20 years. Some of Musk’s predictions and promises have panned out; many haven’t. Still, automakers and manufacturers around the world are testing out humanoid robots in their factories, and they may threaten human workforces.
Here’s this week’s autos news roundup.
Volkswagen’s profits took a big hit
Volkswagen (VWAGY) reported a 42% drop in operating profit for the July to September quarter, and its worst operating margin since the COVID-19 pandemic forced it to halt production.
Volkswagen will close factories and lay off thousands of workers
Volkswagen (VWAGY) plans to close at least three plants in Germany and lay off thousands of workers, marking its first closure in decades as it looks to cut costs, according to the head of its works council.
Stellantis sees things go from bad to worse
Stellantis (STLA), the company behind brands including Jeep and Chrysler, on Thursday reported a major revenue decline as it moves to slash inventories and boost flagging sales.
Elon Musk says there will be more humanoid robots than people in less than 20 years
Tesla (TSLA) CEO Elon Musk said on Tuesday that he thinks humanoid robots will outnumber humans in less than 20 years. His company is aiming to profit from such a future.
Ford stock is sinking as high costs and supplier issues could take a toll
Ford Motor Co. shares traded lower in the pre-market Tuesday after it told investors to expect 2024 earnings to hit the low end of its forecast.
