China's SAIC Motor plans to cut thousands of jobs in joint ventures with General Motors and Volkswagen, and its Rising Auto electric car unit, amid a price war, electric vehicle rise, and struggling economy.
As it works toward a target of 50% electric vehicle (EV) sales globally by 2030, over two-thirds of the five-year investment budget is allocated towards electrification and digitalisation, up from 56% in a five-year plan it had released a year earlier.
The German company has invested Rs 720 crore to make this sub-4 meter
car, manufactured on its popular hatchback Polo's platform, but
developed and designed especially for the domestic market.
German auto major Volkswagen is eyeing to more than double its market
share in India to up to 7 per cent by 2018, when it aims to become the
largest car maker in the world.
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