VW is looking to double the EV sales in China
The Chinese market continues to be the focal point of Volkswagen after it sold more than 70,000 electric vehicles last year. The company is likely to double its ID battery for electric vehicles in China in the current year. The series is the backbone of VW’s plans in China.
Volkswagen Group, which includes brands such as Audi, Lamborghini, and Porsche, sold 3.3 million cars in China last year, 14% down from the previous numbers. Depending on the chip supply situation, the company is looking to boost the number by roughly 500,000 units in 2022.
While Volkswagen is looking to increase sales, Rolls-Royce is already ahead due to the high demand for luxury goods. CEO Torsten Müller-Ötvös stated: "In the luxury sector as a whole, the struggle was not so much focused on attempting to find customers, but rather producing enough product to satisfy huge customer demand." In China and the Americas, sales hit records. Goodwood plant is working at close to maximum capacity, and the order books are full well into Q3 2022.
Following the news, Rolls-Royce closed 1.19% higher, while Volkswagen ended 0.07% lower.
Sources: finance.yahoo.com, reuters.com