Germany could be the only major economy to shrink this year – and its problems could get worse
, with the German government kicking in one-third of the cost – just one of the semiconductor projects it’s recently lured with generous subsidies.
But Mr. Toncar cautions against waging a subsidy fight with other countries, or setting a precedent that major investments in Germany will be met with billions in corporate welfare. If American taxpayers subsidize the production of goods that Germany can import, he says, that’s “not the worst trade-off for Europe.”
Even so, it’s a fraught time in the auto sector. Volkswagen was recently overtaken by BYD Auto Co. Ltd. – short for Build Your Dreams – as the top-selling vehicle brand in China. The German auto giant has lowered its sales outlook for this year as it struggles to sell EVs in China, which is teeming with upstart domestic brands, such as BYD. Those companies are now trying to muscle their way into the European market.
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