Volkswagen and Porsche face declining sales, stiff competition in China’s EV market

Volkswagen AG sales in China dropped by 15% in the third quarter, with Porsche experiencing its lowest sales in a decade due to intense competition and reduced spending in the country. The shift to electric vehicles has impacted VW’s sales globally, with a sharp decline in demand for the Porsche Taycan model. VW also faced challenges in Europe and the US, with slumping EV sales. The company’s struggles in China have led to profit warnings and a need for restructuring. Despite the challenges, VW did see some growth in EV sales in China, but the company is facing potential retaliatory duties from Beijing.