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We'll start with News of Volkswagen to close three factories and cut jobs in Germany.

This news coming from Daniela Cavallo, the chair of the

company's works council, talking about how they need to cut costs and that none are safe.

There'll be a 10% pay cut for employees, a two-year wage freeze, and the removal of a monthly

allowance of 167 euros, not sure what that's for, actually, leading to an 18% pay cut.

Overall, this is driven by weak demand in China and European markets for Volkswagen's,

and the shift to electric vehicles as 300,000 people in Germany, employed by Volkswagen,

120,000 around the Walsberg site. And The works council stressed that management's plans could greatly

affect the workforce and expressed concerns about the current direction. Bad times for Volkswagen,

let's hope they get through this very, very difficult period and get to come out the other side

as best as possible. But it's not just them. It's Ford having a

tough time as well. Ford expects to lose $5 billion on their EV business this year. They had their

Q3 results in the call last night where Jim Farley talked about their team that they've kind of siloed

off and running as an independent group, taking employees from Tesla,

Rivian, Lucid, Apple, run by Alan Clark, who worked on the Model Y program at Tesla, and how they

are planning the new mid-size, electric pickup with more range, more efficiency, lower cost.

And it's great, you know, the CEO of Ford actively saying we need to look at how the Chinese cars are being so low price, so competitively made, and good products.

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