Volkswagen challenges sister brand Audi with new China-only model
Volkswagen (VOWG_p.DE) (VW) will launch a top-end sedan in China on Friday that will compete directly with sister brand Audi and is aimed at buyers looking for luxurious yet less-flashy cars amid a nationwide crackdown on conspicuous consumption.
Chinese President Xi Jinping's sweeping war on deep-seated graft and extravagant lifestyles since assuming power almost four years ago has made the country's consumer more wary about displaying wealth when buying anything - from fancy cars to designer handbags and fine wines.
Volkswagen hopes the Phideon, a luxury-style sedan from a brand that has... read more
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