{"text":[[{"start":12.2,"text":"Volkswagen took a €500mn hit in the first quarter as it shelved production of electric vehicles at its Tennessee plant in the latest fallout from a reversal in US climate policy that has forced the industry to water down its electric ambitions. "}],[{"start":27.2,"text":"The German car manufacturer this month stopped manufacturing the battery-powered ID.4 at its plant in Chattanooga, shifting production to a petrol sport utility vehicle. "}],[{"start":38.05,"text":"Volkswagen’s operating profits in the first quarter fell to €2.5bn, from €2.9bn in the same period last year, as a result of the one-off charge and the increased burden of US tariffs. "}],[{"start":50.3,"text":"The profits were lower than analysts’ forecasts, which had factored in operating profits remaining stable year on year. "}],[{"start":56.599999999999994,"text":"VW shares fell 2.4 per cent in morning trading in Frankfurt, bringing the slide this year to more than a fifth."}],[{"start":63.49999999999999,"text":"Meanwhile rival Stellantis, which recently took a €22bn charge to unwind its EV strategy, returned to profit in the first quarter as it pivoted back to petrol models for Ram and Jeep vehicles in the US."}],[{"start":76.5,"text":"For the January to March quarter, the company reported net profit of €377mn following a €387mn loss last year. Revenue increased 6 per cent to €38.1bn on the back of recovering US sales. "}],[{"start":92.5,"text":"Since taking over as chief executive last June, Antonio Filosa has abandoned plug-in hybrids and reintroduced the popular 5.7-litre Hemi V8 engine in the Ram 1500 pick-up truck and other models including the Jeep Cherokee that were ditched under his predecessor Carlos Tavares. "}],[{"start":112.2,"text":"Carmakers, including Stellantis and VW, are navigating a complex environment where they need to sharply increase EV sales in Europe to meet regulatory requirements and compete with Chinese rivals. The conflict in the Middle East and rising fuel prices have also revived interest in EVs globally. "}],[{"start":130.65,"text":"VW, already in the midst of a restructuring programme that will see the company slash tens of thousands of jobs and cut capacity in Germany, has stressed the need to make more savings to respond to trade barriers and growing Chinese competition. "}],[{"start":144.65,"text":"“In this environment, the planned cost reductions are not enough. We must fundamentally transform our business model and achieve structural, sustainable improvements,” chief financial officer Arno Antlitz said in a statement."}],[{"start":157.85,"text":"The battery vehicle charge also underlines the struggles for global auto manufacturers in the US which have made costly adaptations to their EV strategies and production. "}],[{"start":167.85,"text":"Carmakers have taken at least $75bn in impairments as they have adjusted their EV strategies following a radical reversal in climate policy in the US. "}],[{"start":178.45,"text":"Sales of new EVs in the US slumped 28 per cent overall in the first three months of the year following the Trump administration’s withdrawal in 2025 of a $7,500 consumer tax credit."}],[{"start":192,"text":"The change has been felt keenly by VW, whose EV sales in the US fell by more than 80 per cent year on year in the first quarter."}],[{"start":208.95,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777542285_3186.mp3"}