Goldman Sachs maps out auto giants' — including Tesla, Mercedes and GM's — exposure to China.
After rare protests erupted in China at the weekend over stringent Covid-19 restrictions, investor focus has once again shifted to the country. Many global companies are heavily exposed to China, including some of the world's biggest automakers, which generate between 20% and 40% of their worldwide sales in the country, according to Goldman Sachs. In a note to clients on Nov.
Volkswagen As the first global automaker to enter China in 1984, VW has seen sales in the country grow by 10% year-on-year over the past two decades, Goldman noted. However, the bank estimates that new car sales in China will stabilize at 3 million to 3.1 million cars per year, accounting for a third of the automaker's global sales between 2022 and 2024. The investment bank said operating profit from VW's joint venture with China's SAIC contributed an average 6.
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