Hyperdrive
VW Sees Tough Year With China Market Share Slipping Further
- German company projects lower earnings in China in 2024
- Carmaker plans more than 30 product launches this year
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Volkswagen AG warned of a difficult year ahead as the German carmaker expects to fall further behind in its key market China, where a bruising price war is hurting returns.
The manufacturer said Wednesday it’s willing to give up market share in the world’s biggest auto market this year and next to improve the business in the long term. It also guided for declining operating profit in China. The shares fell as much as 4.2%.