BEIJING : In late December 2019, managers at Volkswagen headquarters in Wolfsburg realised they might have a serious problem in China, the company's biggest market and ticket to its electric future.
Nonetheless, Wolfsburg acted swiftly, according to two people with direct knowledge of the matter. Days after the test results were announced, it assembled a team of dozens of engineers and managers to work with SAIC-Volkswagen, the 50/50 joint venture that makes Passats in China, they said. Global automakers' expensive renunciation of oil comes at a time when they can no longer count on the dominance they have enjoyed in decades gone by in China, where they're feeling the heat from local gasoline and electric players challenging them on technology and design.
The new Passat in China was the first model to have such a structural modification when it was rolled out in mid-2020, according to the sources. It passed the insurance industry test that its predecessor had failed. In a sign of the financial pressures facing the industry, one internal memo, seen by Reuters, showed SAIC-Volkswagen's finance team ordered managers to cut costs at workshops by 30per cent in 2019, versus the year before, when China's car sales dropped for the first time since 1990s.SAIC-Volkswagen's revenue dropped 26per cent to 174.5 billion yuan last year versus 2019, while profit fell 23per cent to 31 billion yuan.
There's been no respite for SAIC-Volkswagen in 2021, with sales falling 7.8per cent in the first six months compared with a year earlier when the pandemic raged. FAW-Volkswagen saw sales grow 23per cent while overall Chinese passenger car sales jumped about 29per cent.
Source: News Formal (newsformal.com)
What you sow what you reap VW! Cheating was enough!!
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