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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

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Volkswagen takes on Tesla with first ID.4 electric models in China

11/03/2020 | 08:34am EST

SHANGHAI, Nov 3 (Reuters) - Volkswagen AG launched two ID.4 electric sport-utility vehicle models in China on Tuesday, taking on Tesla Inc in the world's biggest auto market.

The ID.4 CROZZ model is being made by Volkswagen's joint venture with FAW Group, while the ID.4 X is produced by a separate venture with SAIC Motor.

The models mark the start of a major push by Volkswagen into the electric vehicle market in China to take on the likes of Tesla and Nio Inc.

The German group did not disclose the price of the two models. But a presentation at the product launch said the starting price of the SUVs, which are larger than Tesla's China-made Model 3 sedans, would be less than 250,000 yuan ($37,450) after electric vehicle subsidies from the Chinese government.

The starting price for Model 3 sedans in China is currently 249,900 yuan, after subsidies.

The ID.4 models will have driving ranges of over 400 kilometers and offer over-the-air software updates, Volkswagen executives said at the event.

China chief Stephan Woellenstein said Volkswagen would roll out eight ID. family electric models in China by 2023.

Sales of electric, plug-in hybrid and hydrogen-powered vehicles in China are forecast to rise to 20% of new car sales by 2025 from just 5% now, the State Council said on Monday.

Around 1.1 million such vehicles are expected to be sold in China this year.

($1 = 6.6781 Chinese yuan renminbi) (Reporting by Yilei Sun and Brenda Goh, editing by Louise Heavens and Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
NIO LIMITED -7.56% 56.27 Delayed Quote.15.45%
SAIC MOTOR CORPORATION LIMITED 2.31% 25.7 End-of-day quote.5.16%
TESLA, INC. -2.23% 826.16 Delayed Quote.17.07%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.20% 6.49328 Delayed Quote.-0.35%
VOLKSWAGEN AG -0.07% 151.88 Delayed Quote.-0.35%
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Financials
Sales 2020 218 B 264 B 264 B
Net income 2020 4 354 M 5 255 M 5 255 M
Net cash 2020 22 728 M 27 433 M 27 433 M
P/E ratio 2020 17,6x
Yield 2020 1,95%
Capitalization 80 864 M 97 768 M 97 603 M
EV / Sales 2020 0,27x
EV / Sales 2021 0,23x
Nbr of Employees 664 196
Free-Float 56,8%
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Mean consensus BUY
Number of Analysts 25
Average target price 176,53 €
Last Close Price 151,88 €
Spread / Highest target 62,6%
Spread / Average Target 16,2%
Spread / Lowest Target -7,82%
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Managers and Directors
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Peter Mosch Deputy Chairman
Bernd Osterloh Member-Supervisory Board
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