UBS Cuts VW Rating On China Threat; Company Says China Going Well

  • 📰 ForbesTech
  • ⏱ Reading Time:
  • 61 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 59%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

UBS cut VW to “sell” from “neutral”, saying it is the most exposed carmaker to China. VW said its activity in China was progressing. Profitability is its top priority.

Schmidt Automotive Research has said by 2030, sales of Chinese BEVs in Western Europe will hit 1.2 million or 9% of electric car sales. Schmidt Automotive Research said in the first 7 months of 2023, Chinese manufacturers like SAIC’s MG, Geely’s Polestar and slowly-at-first BYD models accounted for 8.2% of Western Europe’s new battery electric vehicle car market, up from 5.2% in the same period last year.

“Investors also risk underestimating the importance of brands in the automotive sector, which are a German strength. BYD is still unknown in Europe, and the consumer nationalism that plays in its favor in China will work against it in the birthplace of the automobile,” Wilmot said.Cash in the hand might well outweigh any brand snobbery.

· Nevertheless, the Volkswagen Group was able to keep delivery figures in China almost stable from January to July compared with the same period of the previous year. The market share for ICE models was further expanded. After strong gains from March to May, shipments fell in June and July as the market was stimulated by tax breaks in the prior-year period following the long Covid lockdowns. In addition, the overall Chinese market also showed a decline in July 2023.

· In order to continue to achieve a strong market positioning in China, the Volkswagen and Audi brands have additionally entered into partnerships with local manufacturers. The cooperations between VW and XPENG and Audi and SAIC will enable us to take even greater advantage of dynamic market developments from 2025/26 with at least three and up to six additional models.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 318. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines