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    EUCAR   FR0012789949

EUROPCAR MOBILITY GROUP

(EUCAR)
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Volkswagen CEO: we need to change e-car approach in China

07/29/2021 | 04:09am EDT
Presentation of Volkswagen's electric ID.3 pre-production prototype car on the eve of the International Frankfurt Motor Show IAA in Frankfurt

FRANKFURT (Reuters) - Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there.

"Sales are picking up but it requires focus and different approaches as the customers for the EVs are much younger and different to our customer base we are having with the more traditional brands like Volkswagen in China," Diess told journalists after first-half results release.

By the end of the year, Volkswagen wants to sell between 80,000 and 100,000 of its all-electric ID series in China. In the first half, deliveries of battery electric vehicles (BEV) in China stood at 18,285.

"We are noticing that we have to change our approach," Diess said.

"We have the financial power, we have the sales network, we are coming forward with new formats in the shopping malls, we are becoming much more digital and it's going fast because we are much faster in China than we are in the rest of the world."

(Reporting by Christoph Steitz; Editing by Tomasz Janowski)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EUROPCAR MOBILITY GROUP 0.12% 0.5006 Real-time Quote.19.29%
VOLKSWAGEN AG 2.14% 187.12 Delayed Quote.20.19%
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Financials
Sales 2021 2 197 M 2 571 M 2 571 M
Net income 2021 -126 M -148 M -148 M
Net Debt 2021 464 M 543 M 543 M
P/E ratio 2021 -20,5x
Yield 2021 -
Capitalization 2 506 M 2 942 M 2 933 M
EV / Sales 2021 1,35x
EV / Sales 2022 1,12x
Nbr of Employees 8 482
Free-Float 96,1%
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Mean consensus HOLD
Number of Analysts 4
Last Close Price 0,50 €
Average target price 0,48 €
Spread / Average Target -4,00%
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Managers and Directors
Caroline Parot Chief Executive Officer & Director
Luc Etienne PÚligry Group Chief Financial Officer
Alexandre de Juniac Chairman
Damien Basselier Group Chief Product & Chief Technology Officer
Olivier Baldassari Group Chief Countries & Operations Officer
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