- 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
Twitter Vs. Threads Rivalry Intensifies: Did A 19-Year-Old Mark Zuckerberg Really Call Users This?
The rivalry between Twitter and Meta's Threads intensifies as leaked messages from Mark Zuckerberg's past raise privacy concerns and fuel the ongoing battle between the two social media platforms.
