Part 3/10:
VW's challenges are reflective of a broader crisis within the European automotive industry, which is projected to sell only 13 million vehicles this year—significantly below the 16 million units that signify a healthy market. In response to low vehicle sales, car manufacturers have raised prices steeply. A report from J.D. Power indicates that the average new car in Germany costs approximately €60,000, surpassing the average annual income of €54,000 for workers there. Price increases are similarly stark across Europe, with figures of €51,000 in France, €56,500 in Spain, and upwards of €62,000 in the United Kingdom.