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Volkswagen are feeling the pain of not having a competitive EV to sell at a profitable price in China, the EV capital of the world.Volkswagen, which embarked on a €10 billion ($11.1 billion) cost-cutting effort late last year, is losing market share in China, its single biggest market.The lackluster performance in China comes as the company loses out to local EV brands, notably BYD, which also pose an increasing threat to its business in Europe.
Volkswagen are feeling the pain of not having a competitive EV to sell at a profitable price in China, the EV capital of the world.
Volkswagen, which embarked on a €10 billion ($11.1 billion) cost-cutting effort late last year, is losing market share in China, its single biggest market.
The lackluster performance in China comes as the company loses out to local EV brands, notably BYD, which also pose an increasing threat to its business in Europe.
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