Volkswagen reported strong operating profits in the 1st quarter and expressed hopes earnings will reach the target range for 2023. But a European economy likely to be stagnant at best won’t help, while VW’s flagship electrification project is sputtering as competition led by China will undermine margins.
Chinese electric car competition will be an accelerating threat to all European carmakers. Chinese competition is expected to gouge €7 billion a year from their profits by 2030 unless action is taken, according to a report.
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