Recently, in order to maintain high competitiveness, Tesla announced that it hopes to reduce the price of electric vehicles. The Volkswagen Group has now commented and explained its strategy.

Volkswagen CEO Obermühne does not want to react to rival Tesla's recent price cuts, and Volkswagen will not engage in a price war with its American rival (Tesla).

“We have a clear pricing strategy and rely on reliability. We believe in the power of our product and brand,” Blume said. Volkswagen wants to become the "world's leading" electric vehicle supplier, but this should be achieved through "profitable growth."

Electric car pioneer Tesla initially slashed prices in China, Europe and the United States amid intensifying competition.

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Editor: Zhang Ziji