President Trump said he approved new fuel economy standards that eliminate Biden-era electric vehicle mandates and relax efficiency requirements for automakers. The announcement comes as diesel prices hit record highs during the Iran war.
German automaker Volkswagen announced plans to cut 100,000 jobs by 2030, adding to 50,000 cuts already agreed, as the company faces pressure from US tariffs and Chinese competition in its biggest restructuring in 89 years.
Volkswagen's supervisory board approved a restructuring plan to eliminate 50,000 positions and end production at four facilities, doubling an existing workforce reduction program. The cuts aim to address challenges including Chinese competition and US tariffs. Shares rose 6% on the news.
China's auto market continued its decline in July, marking the 10th straight month of falling sales as domestic demand remains subdued. However, strong export growth has helped offset intense domestic competition, with new-energy vehicles now accounting for 65.1% of total sales.
South Korea's exports jumped 52.3% year-over-year in the first 20 days of July 2026, reaching a record for the period as semiconductor shipments soared 180.6% on AI-driven demand. Exports to China surged 94.1%, while automobile exports declined 10.6%.
