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- Volkswagen AG (OTC:VWAGY) has lowered its China sales target by 14% for 2022.
- The move comes amid China's return to COVID-Zero policy that had previously caused severe supply chain disruption in automobile production.
- The company, Bloomberg reported, is targeting 3.3 million car sales in china in 2022, down from the previous outlook of 3.85 million.
- Volkswagen China chief Ralf Brandstaetter said the company should increase its investment in China to compete with the local electric-vehicle brands.
- Chinese local EV manufacturers accounted for 80% of total EV sales in the first seven months of 2022.
- Volkswagen anticipates electric-car sales to double in China.
- Price Action: VWAGY shares closed lower by 3.77% at $18.70 on Monday.
- Photo Via Company
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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