Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .


German industry is losing green energy race, autos association warns

2023 01 11T131339Z 3 LYNXMPEJ0A0E2 RTROPTP 4 DAIMLER MERCEDES DEALERS - Global Banking | Finance

BERLIN (Reuters) -Germany urgently needs more carbon-neutral energy at affordable prices if it is to maintain its global relevance as an industrial player, the president of German autos association VDA warned on Wednesday, warning that it was already falling behind.

Hildegard Mueller, who has led the organisation since February 2020, said the energy subsidies offered so far were “not suitable or applicable”.

“This is not enough … we need more energy and consequential help for the economy,” Mueller said at the association’s annual news conference. “Other global regions are overtaking us.”

Germany has spent almost half a trillion dollars on emergency energy measures since Russia’s invasion of Ukraine, Reuters calculations showed, including a 100-billion euro-package capping energy bills for households and industry – but it is still far off its goals of replacing Russian gas with liquefied natural gas (LNG) or renewable energy long term.

The average electricity cost per car has risen in Europe from 300 to 800 euros ($860.24) and could jump further to 1,200, Mueller said, citing data from consultancy Berylls.

By comparison, the cost in the United States is just 250 euros, up from 130 euros previously.

The U.S. Inflation Reduction Act, which gives tax credits to consumers buying green products made or processed in the United States or in countries with which it has free trade agreements, should be a “wake-up call” to Europe, Mueller said: “The USA has recognised what they need to do.”

The VDA said in forecasts earlier on Wednesday that it expects the global passenger car market to grow 4% this year to 74 million, still far below the 80.9 million vehicles produced before the pandemic.

In Germany, it expects a full 20% fewer vehicles to be produced than before COVID-19, at 10.3 million from 11.4 million in 2019.

($1 = 0.9300 euros)

(Reporting by Victoria Waldersee and Jan SchwartzEditing by Miranda Murray and Tomasz Janowski)

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post