Shanghai Volkswagen drops the price of their Passat Lingyu

Volkswagen AG has announced that they are cutting the price of their Passat Lingyu model they sell in the Chinese market through their venture Shanghai Volkswagen.

Volkswagen collaborates with Shanghai Automotive Co. to sell cars in China and they have reduced the prices of this model by as much as 16,200 yuan.

China is one of the fastest growing auto markets in the world and the car makers are pricing their products competitively to stay afloat in the market.

Volkswagen had earlier this year lowered the price of several locally made cars by up to 11 percent.

The company aims to boost the sales in this market by roughly one-fifth and maintain its 17 percent share.

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