China’s overall auto sales in the second half of this year will be level with same period last year. Volkswagen China’s full-year sales will be lower than last year due to the sales loss in the first months.
(Reuters)
Vinay's key takeaways:
- The JAG investment is the first time the VW Group is taking a strategic role in a state-owned company and comes at a time when competitors General Motors, Toyota and Tesla are expanding their EV sales in China.
- Through these investments and taking management control, Volkswagen is surely aiming to develop more EV models and infrastructure in the world's largest automotive market.
- China as a nation too, appears to be sustaining its global leadership in electric vehicles, through conducive policies that attract foreign investments.