Volkswagen rebuffs accusations brought earlier today, July 26th, by Fiat’s CEO Sergio Marchionne.
Earlier today Fiat’s CEO Sergio Marchionne accused Volkswagen of choosing an aggressive pricing strategy when European auto industry is already struggling with tough conditions.
“It’s a bloodbath of pricing and it’s a bloodbath on margins,” he was quoted as saying by the International Herald Tribune on Thursday, July 26th.
Volkswagen’s European market share increased from 22.6% in the first half of 2011 to 23.9% in the same period this year, taking into consideration that groupwide sales decreased 1.5% and the market fell 6.8%. This week the European car makers’ results are expected to mirror the region’s debt crisis, with Renault, Fiat and PAS Peugeot Citroen struggling with Mediterranean sales.
“We’re not too aggressive,” VW sales chief Christian Klingler said on a conference call on Thursday. “We play in a competitive environment,” he added, predicting prices would remain under pressure.