Hubert Diess, CEO of Volkswagen, admitted to political challenges for the German carmaker in China following Russia’s invasion of Ukraine. VW makes a car sale in China every 9.5 seconds and earns half its annual profits there. In a major Financial Times article Diess disagreed with the idea that VW needs to become less reliant on the Chinese market: “If you are not in China, you have a problem. If you are in China, you have a chance.”
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