UBS downgraded Volkswagen to Sell from Neutral with a price target of EUR 100, down from EUR 135. The analyst believes VW is the car manufacturer globally most negatively exposed to the rise of Chinese carmakers. Europe is likely to be most impacted longer-term by highly competitive Chinese electric vehicles, the analyst tells investors in a research note. The firm believes VW ceded its first-mover advantage in EVs with execution in key areas below expectations.
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