Volkswagen (VWAGY) CEO Focuses on Cost-Cutting and New Strategy for China

Dec 10, 2024

Volkswagen (VWAGY, Financial) CEO Oliver Blume is committed to reducing costs as the company navigates challenges in the Chinese market. The automaker is advancing its "In China, For China" strategy, emphasizing local technology and cost competitiveness. Blume outlined plans to introduce over 30 new models by 2030, aiming to revitalize the brand's appeal. The competitive Chinese auto market and rapid EV transition have pressured foreign manufacturers like Volkswagen and General Motors (GM). In response, Volkswagen is developing a compact car platform with a 40% cost reduction and aims to cut product launch times by 30% from 2026. Investments in battery maker Gotion High-Tech and partnerships with companies like Horizon Robotics and XPeng (09868) are crucial to this strategy.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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