Uptick in demand for less profitable electric cars also weighed on VW Group's margins
US tariffs cost the group €1.3bn in Q2 alone, while sales of less profitable EVs dented margins further
Chairman John Elkann said it was “a year of stark contrasts" with "results falling short of our potential”
A fall in sales of 'top-end' models such as Maybachs was a big contributor to Mercedes' woes
Profit generated by Mercedes-Benz Cars fell by 39.1% last year and it expects 2025 to be harder
But bosses say they are "positioning Audi in such a way that we can once again achieve the extraordinary”
Group says "urgent" cost cutting needed at main brand to balance books
Firm generated a record £29 billion in revenue last year, selling more than 400,000 cars
Lotus is transitioning to an electric-only line-up
Lotus delivered just 7000 cars last year but says it is making "steady progress" towards 150,000 units in 2028
Long-awaited share restructure is a step towards funding the company's future product plan
Record wholesales for Range Rover models drive £627 million profit for final quarter of 2023
Firm says market conditions are no longer suitable for a public listing
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