Volkswagen AG, Europe's largest automaker, has issued its second profit warning in just three months, highlighting difficulties in adapting to the electric vehicle market and declining sales.
The warning reveals the depth of the crisis at Volkswagen, which has struggled to transition to electric vehicles while losing market share in China to rapidly growing local competitors.
Despite previously dominant sales of gasoline cars in China, Volkswagen's inability to adapt to the shift towards electric vehicles has created significant challenges for their brand sustainability.
Volkswagen is responding to declining demand by closing plants and forming partnerships with local firms like Xpeng, aiming to rejuvenate its brand, particularly among younger consumers.
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