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The Volkswagen Group has returned to operating profit after nine months. Pre-tax operating profit for the period January to September was EUR 2.4 billion after first half-year group losses of over EUR 1 billion. Porsche sales account for 80 percent of operating profit. Daimler has also enjoyed a marked upturn in market fortunes, recording pre-tax profits of more than EUR 3 billion – equivalent to 14 percent more than in the previous year.
German electric auto manufacturers are ramping up production as electric mobility breaks through to the mainstream. Global electric vehicle market share risen to between eight and nine percent. According to the AlixPartners Automotive Electrification Index, electric vehicles are the winners of the coronavirus crisis, with 2020 being the year in which electric mobility makes its European breakthrough.
Tesla has bought automotive supplier ATW from ATS Automation Tooling Systems, saving jobs at the under-threat location in Rhineland-Palatinate. ATW industry clients include BMW, Daimler and Volkswagen