UPDATE 2-Volkswagen aims to keep China market share stable as price war rages [Yahoo! Finance]
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Source: Yahoo! Finance
Expects price war to continue (Adds China chief comments in paragraph 9, Citi comment in paragraphs 11-12) By Sarah Wu, Daniel Leussink and Christoph Steitz BEIJING/FRANKFURT, April 24 (Reuters) - Volkswagen aims to keep its Chinese market share roughly stable until the end of the decade, the head of its China business said, betting heavy investment will support sales despite a raging price war with local electric vehicle (EV) rivals. The targets for 2030, including Volkswagen's ambition to take a share of around 15% of the Chinese car market in 2030 compared to 14.5% last year, underscores the challenges Europe's top carmaker faces in the world's biggest auto market. "Prices are going faster down than the cost improvements," Volkswagen management board member and head of its China business Ralf Brandstaetter said on Wednesday. "We expect in the next years, the next two years especially, that this price war will continue," he told analysts during a capital markets event a
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