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10/28, 9:51 AM (Source: TeleTrader)
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VW to sell Chinese-built cars in Europe - report

Volkswagen Group is set to start importing ID.6 models built at its Chinese factory to Europe, according to a Business Insider report on Thursday citing "secret" discussions.

The company has been manufacturing in China for some time, however this would mark the first time in the company's history that these cars would be sold on the European market. The plans are reportedly motivated by production costs, sluggish sales in China itself and competition with market leader Tesla who also produces for export in China.

Volkswagen announced third quarter earnings results earlier today, with annual revenue jumping 20% to reach €56.9 billion but operating profit down 12.1%.

Baha Breaking the News (BBN) / IB