Part 4/9:
The challenges were not limited to China. In Brussels, an Audi factory is set to close, indicating a broader strategy of downsizing this once-thriving auto giant amid plunging sales. VW's issues have led to significant changes in its executive team, strikes among German factory workers, and increased speculation around the brand's future attractiveness and viability.
Competition from Within: BYD’s Ascent
The relentless rise of BYD, a Chinese EV manufacturer, has added further pressure on VW. Since 2020, BYD has seen its market share soar from 1.8% to 11%, establishing itself as the largest automotive company in China and the world’s leading EV manufacturer. Meanwhile, VW’s market share in China has been in freefall.