Wolfsburg

German giant Volkswagen is set to follow Tesla's lead with a high-profile price drop as the battle for global dominance in the electric car segment intensifies, and local challengers race ahead in key market China.

Volkswagen celebrated the beginning of work on its first in-house battery factory, as the German auto giant looks to head off competition from U.S. and Chinese electric vehicle upstarts.

The firm plans to "steer the worldwide battery offensive" from the new plant in Salzgitter in central Germany, CEO Herbert Diess told a ceremony on July 7 attended by German Chancellor Olaf Scholz.

German auto giant Volkswagen said yesterday its first quarter operating profit increased significantly in 2022, while warning that the "first effects" of the war in Ukraine were beginning to be felt.

Volkswagen Group acknowledged the incident in a statement but didn’t provide clarity on the cause

The Germans love their Volkswagen

The number of vehicles registered in Turkey surged 81% in March compared to the same month last year, according to the country's statistics authority on April 20. 

A total of 130,420 new and old vehicles were registered last month, according to TÜİK. 

The overall number of registered vehicles traveling on Turkish roads neared 24.5 million as of this March.

German car giant Volkswagen will delay the decision to build a new plant in Turkey for the second time, MIA reports.

The agency cites an anonymous source in the British media, according to which the

"We still have time and can certainly do that decision by mid-year," said the source, who is familiar with VW's discussions.

Volkswagen is again postponing its decision on whether to build a car plant in Turkey, a source told Reuters on Tuesday, after the company halted the process in the wake of international criticism of the country's military operations in Syria.

"We still have time and can certainly do that [decision] by mid-year," the person familiar with the discussions said.

Greek Deputy Foreign Minister Kostas Fragogiannis meets with a delegation of Volkswagen (in connection with a project for the production of electric vehicles.

The Greek government is strongly committed to promoting the use of electric vehicles as a strategic priority, according to the Foreign Ministry's website.

The foundation stone for Turkey's first domestic car plant will be laid in May with construction expected to take a year, its CEO said on Jan. 28.

Gürcan Karakaş of Turkey's Automobile Joint Venture Group (TOGG) said at a news conference in the country's industrial province of Kocaeli that the factory will start mass production in 2022 with an annual capacity of 175,000 units.