2023-09-01 17:56:54
Car towers of the Volkswagen Autostadt in Wolfsburg
The analysts at UBS see Volkswagen particularly at risk from competition from China.
(Photo: dpa)
Frankfurt On the German stock market, the already subdued mood in the auto sector deteriorated further on Friday. The triggers were concerns from analysts at Swiss bank UBS and price cuts from Tesla.
The US electric car manufacturer reduced the prices for models in the growth market in China, putting further pressure on the competition from Europe. Shares in Mercedes, BMW and Porsche AG lost between 2.4 and 3.1 percent.
The experts at UBS also fear increased competition from Chinese electric vehicle manufacturers: “We assume that two-thirds of the global automotive market can be addressed by a concentrated group of Chinese electric vehicle manufacturers.”
In her opinion, this would hit the mass manufacturer Volkswagen particularly hard. They downgraded the shares – as well as the French manufacturer Renault – to “Sell” and lowered their price target to 100 euros. As a result, Volkswagen was at the end of the Dax with a discount of up to 4.7 percent to 107.60 euros.
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