Volkswagen Cuts China Sales Guidance By 14%: Report

Loading...
Loading...
  • Volkswagen AG 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
Posted In: NewsGeneralBriefsEurasia
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...