- 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
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