With Volkswagen AG’s belief that the auto industry crisis will last longer than expected, it has lowered its previous assumptions for global car market sales by 67 million vehicles for the period through 2018.
In a joint letter sent by VW’s executive board to the automaker’s senior managers, VW’s former head of group sales Detlef Wittig said that its loss for the global market during this period is “equivalent to an entire calendar year.” Wittig asserted that long-term structural changes to the auto market come as a result of the financial crisis.
Read Article