Volkswagen to make ‘massive’ investment in US in bid to avoid tariffs

News Snapshot:

Volkswagen, Europe’s largest industrial group, has said it will make a “massive” investment in the US. The group, which includes Porsche, revealed it has been in direct talks with Donald Trump’s administration as it faces damaging tariffs. Oliver Blume, who heads the group, said the talks were “constructive” and “fair”, in an interview that suggests the company, whose market capital is £44bn, is not willing to leave tariff negotiations to Brussels alone. Speaking to Süddeutsche Zeitung, Blume said he had been to Washington himself and had a direct line to the US commerce secretary, Howard Lutnick, but had agreed to...