Volkswagen Partnership with Xpeng Falls Short
Volkswagen aimed to revive its flagging China business through a partnership with EV maker Xpeng. However, early sales of their jointly developed models fell significantly short of targets amid fierce competition from domestic rivals.
Xurve View
Insights:
Xurve View
VOLKSWAGEN AG sold an average of 267 units a month of its ID. UNYX 08 electric SUV in China, missing initial sales targets by more than 90%. The weak debut underscores the struggles of foreign automakers to compete against agile local rivals in the world's largest car market. Volkswagen's profits from the region have plunged from 50% of the group total to 10%, triggering the largest corporate restructuring in its 89-year history.
