The investment bank warned that Europe's biggest automakers are set to lose market share to Chinese firms such as Warren Buffett-backed BYD.
UBS has downgraded both Volkswagen and Renault over mounting competition from Chinese electric vehicle manufacturers. VW The investment bank downgraded Volkswagen from "Neutral" to "Sell" and cut its price target on the stock from 135 euros to 100 euros a share. This implies a downside of 8% from current levels. Analysts at the bank believe Volkswagen is the global automaker most exposed to the rise of Chinese carmakers. As China's former No.
"Recent management changes & strategic action address the obvious challenges, but it we believe it unlikely VW can weather the upcoming Chinese advance without negative earnings impact." Renault Similarly, France's Renault was also downgraded by the bank to "Sell" from "Neutral" with its price target cut to 31 euros from 42 euros.
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