Automotive industry in Germany

Shares in German carmakers BMW, Daimler and Volkswagen fell after United States President-elect Donald Trump warned he will impose a border tax of 35 percent on vehicles imported from abroad to the U.S. market.

Volkswagen, Europe’s largest automaker announced Friday that job cuts would be necessary in order to reduce costs as it seeks to overhaul its plants in Germany and offset the tens of billions of Euros in fines that it must pay after being caught cheating on emissions tests.

German car manufacturer Volkswagen (VW) will replace 11 million vehicles that are fitted with the ‘guilty’ software responsible for distorting emissions, according to a statement by the company’s new CEO Matthias Muller.