chun
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https://www.bloomberg.com/news/arti...na-sales-plunge-as-electric-taycan-falls-flat
Intensifying competition and weaker spending in China dragged VW’s luxury sports-car brand Porsche AG to its lowest third-quarter sales in a decade. The decline was particularly sharp for Porsche’s electric Taycan model, which sank 47% globally.
“The competitive situation in China is particularly intense, which is the main reason for the global decline in our deliveries,” said Marco Schubert, who oversees sales for VW.
VW’s struggles in China are contributing to a broader reckoning in Germany, where the company’s namesake marquee is undergoing a massive restructruing. VW said it can no longer shoulder the costs of excess production capacity and high wages in its home market, leading it to end three decades of job security agreements and threaten to close German factories for the first time in its 87-year history
VW is one of the European carmakers at risk of retaliatory duties from Beijing after European Union member states voted to impose tariffs on electric vehicles from China.
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