Volkswagen to Revise Production Strategy in China

Shanghai, Wednesday - In a significant move, the Volkswagen Group CEO, Oliver Blume, announced plans to adjust the company's production size in China, citing the market's "highly competitive" nature. This decision mirrors the company's recent restructuring in Germany, where 35,000 jobs were cut and production was reduced by approximately 730,000 units.

Despite being the leading foreign car manufacturer in China, Volkswagen has seen a notable decline in sales, attributed to the rising popularity of local brands. In response, the company showcased 20 new electric vehicles and advanced driver assistance systems at the Shanghai auto show, aiming to revitalize its market position.