Volkswagen to sell operations in China's Xinjiang [Yahoo! Finance]
BASF SE S/ADR (BASFY)
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Source: Yahoo! Finance
The firm will sell its factory in Xinjiang's capital Urumqi as well as a test track in Turpan to a Chinese company, a spokesperson said, citing "economic reasons" for the decision. VW has lost ground in China -- its most important market, where it makes around a third of its sales -- with business in the country in 2023 growing modestly but at a slower rate than the previous year. The German manufacturer has fallen behind domestic competitors in China, losing its title as the best-selling auto brand to BYD. The move also comes as Volkswagen is seeking to push through a major cost-cutting drive, and is weighing up closing factories in Germany for the first time. Rights campaigners have for years accused Beijing of a crackdown against Uyghurs and other Muslim minorities in Xinjiang, including through forced labour and detention camps. Beijing denies allegations of abuse and insists its actions in Xinjiang have helped to combat extremism and enhance development. The northwes
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