Volkswagen began production of its new EV, jointly manufactured with China’s Xpeng, as it seeks to turn its fortunes around after a tough year that saw it lose major market share in China.
The German car giant reported a 44% year-on-year fall in profits and said it would cut 50,000 jobs, after being badly hit by competition from Chinese firms such as Geely and BYD.
The latter is the top-selling brand in China, while VW, the market leader in the country as recently as 2023, has fallen to third place. The ID. Unyx 08 is one of two models under the VW-Xpeng partnership, and the European firm hopes it will allow it to regain market share in its largest market.
