Volkswagen is preparing for Chinese brands to increase their level of threat to traditional manufacturers in Europe, despite claiming minimal impact so far from the influx of newcomers.
“It's been abundantly clear for a while now that the Chinese manufacturers have identified Europe as a market for their products, they're hardly making any money anymore in China because of the fierce competition there and the pricing pressure,” Volkswagen Group chief executive Oliver Blume told the brand’s annual results media conference this week.
“In Europe, they can make good money with their vehicles, and the Chinese currently cannot export their products to the United States, so in that sense, that's their main focus.”
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