Europe’s largest automaker, Volkswagen, may be on the edge of another crisis. VW is losing market share in its most important market, China, as Tesla and other EV makers in the region widen their lead. Those same Chinese automakers are now turning their sights on Europe, VW’s home market.
Earlier this year, Thomas Shafer, CEO of Volkswagen Passenger Cars, was quoted by German publication Manager Magazin, saying, “The roof structure is on fire. This is the final wake-up call.”
The comments, made at a management meeting, were largely due to the automaker losing market share in China.
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