Volkswagen has cancelled its plan to build a $2.1 billion electric vehicle (EV) factory in Wolfsburg, Germany. Instead, the company will modify its existing plants in Zwickau and Wolfsburg to produce a new flagship EV called Project Trinity and an all-electric Golf hatchback. The decision aligns with VW's focus on cost-cutting and reducing combustion-engine vehicles. VW's delayed entry into the EV market has caused it to lose ground to competitors like BYD in China. Recently, the automaker announced a temporary halt in production of two EVs, the ID.3 and Cupra Born, due to decreased demand.

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