Audi sold a little more than half that many units in China, including Hong Kong, last year. “We are clarifying the allegations” of losses between 2014 and 2016, Johanna Barth, a spokeswoman for Audi China, said by phone on Thursday. Once a highly lucrative trade, profits from automobile distribution have slid in recent years as automakers expanded their sales network and car ownership became widespread in major cities. Volkswagen AG, the parent of Audi, has sought to revive growth by adding another sales network through a second joint-venture partner. The automaker is seeking clarification as it didn’t set a target of one million sales units by 2020 in China, Barth said.

Source: The Edge Markets February 17, 2017 13:41 UTC