VW Faces $600 Million Hit for Ending Output of Sole US-Made EV
A Volkswagen AG assembly plant in Chattanooga, Tennessee.
Photographer: Elijah Nouvelage/BloombergVolkswagen AG’s decision to cease production of its sole US-made electric model will cost the carmaker as much as $600 million in writedowns in the first quarter.
Europe’s largest automaker will take a charge equal to 60% to 75% of its original $800 million investment to retool the Tennessee factory that makes the model, a company representative said by phone Thursday, confirming analyst notes following a pre-earnings call.