Volkswagen Sees China Sales Dropping on Covid Zero Policy Return

• Volkswagen expects 14% lower sales in China this year as Covid Zero returns
  • 3.3 million cars vs a projected 3.85 million cars
• Volkswagen, along with other electric car manufacturers, are competing against domestic Chinese EV brands that account for almost 80% of EV sales in the country. China is the largest market for EVs.
• Mercedes and Tesla recently cut prices in China due to the competition in the EV space

If VW is struggling with Covid Zero, I wonder what the situation is like for Tesla? China accounts for the second largest source of revenues for Tesla and given the turmoil going on with key person Elon Musk, how will it play out?

Source:

www.bloomberg.com/news/articles/2022-11-22/volkswagen-sees-china-sales-dropping-on-covid-zero-policy-return?srnd=markets-vp