Volkswagen CEO Dismisses Threat From Chinese EV Makers Despite Price Surge: 'We Have A Brand Legacy'
Portfolio Pulse from Benzinga Neuro
Volkswagen's CEO, Oliver Blume, has dismissed concerns over the rising threat from Chinese electric vehicle (EV) makers, stating that European manufacturers hold an advantage due to their vehicle know-how, quality levels, and brand legacy. Despite the increase in EVs shipped to Germany from China, Blume remains confident in VW's competitive edge. He also highlighted VW's focus on reducing battery costs by 50% with its new unified cell, enabling cheaper EVs.
September 07, 2023 | 9:50 am
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NEGATIVE IMPACT
Volkswagen's CEO pointed out that having internal combustion engine vehicles in its lineup during the transition to electric gives VW an advantage over other EV brands like NIO.
The CEO's remarks could negatively impact NIO's stock price, as they highlight Volkswagen's perceived advantage due to its lineup of internal combustion engine vehicles.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Chinese EV brands like BYD continue to expand their presence in Europe, increasing competition in the region.
The expansion of Chinese EV brands like BYD in Europe could have a neutral impact on BYD's stock price, as it increases competition in the region.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Despite Volkswagen's alliance with XPeng, the CEO's remarks underscore VW's confidence in its market position in Europe.
The CEO's remarks could have a neutral impact on XPeng's stock price, as they underscore Volkswagen's confidence in its market position in Europe, despite their alliance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Volkswagen's CEO remains confident in the company's competitive edge against Chinese EV makers, despite the increase in EVs shipped to Germany from China.
The CEO's confidence in the company's competitive edge and plans to reduce battery costs could positively impact investor sentiment and the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100