Volkswagen is shifting gears in its financing strategy, as its in-house lending arm, Volkswagen Financial Services, will stop issuing loans for VW and Audi vehicles in the U.S. Instead, Wells Fargo will take over the financing operations starting in April.
Meanwhile, in the manufacturing world, tensions are rising between Stellantis and the United Auto Workers (UAW). The union has filed an unfair labor practice charge against Stellantis, accusing the automaker of attempting to move Dodge Durango production outside the U.S.—a move the UAW claims violates the labor contract signed last fall.
Over in Silicon Valley, once a stronghold for Tesla, consumer sentiment is shifting. Car buyers are turning away from the brand as its models age, competition in the EV market intensifies, and CEO Elon Musk’s rightward political leanings clash with the region’s liberal majority. Market analysts and the latest car registration data indicate that Tesla’s dominance in the tech hub is waning.
Stellantis is also making bigger strides into the electric vehicle market in 2024, debuting several new EVs in North America, with even more models set to arrive over the next few years.
Meanwhile, Volvo is charting a new course for its future, revealing an updated product roadmap to its U.S. and Canadian retailers. The Swedish automaker is fine-tuning its approach to electrification, moving forward with a more measured transition toward a zero-emissions lineup.