The U.S. electric car company’s sales are sliding across Europe, amid what many see as interference in local affairs by Tesla’s chief executive, Elon Musk.
European carmakers are urging Brussels to ease regulations to help them avoid buying carbon credits from rivals at increasingly high prices.
The electric car company run by Elon Musk is facing increasing competition, but investors have focused mostly on the prospects for Tesla’s self-driving technology.
The American automaker said the cost-cutting measure would help it compete with Chinese rivals in the face of slowing demand for electric vehicles.
The new agreement builds on an earlier announcement in which the German automaker said it would invest up to $5 billion in Rivian, a maker of electric vehicles. The new venture brings them closer.
A surge in power use worldwide could make it harder for nations to slash emissions and keep global warming in check.
Germany’s largest automaker rode a wave of strong sales for years, but lagging demand and pressure from China are forcing it to consider layoffs.
Beijing’s action came days after European nations moved toward tariffs on electric vehicles from China, and it included a threat to also hit pork and car imports.
Beijing’s action came days after European nations moved toward tariffs on electric vehicles from China, and it included a threat to also hit pork and car imports.
The automaker reported a gain of 6.4 percent for the latest quarter, its first such increase this year.