Volkswagen aims to maintain 15% market share in China in 2030, country chief says [Reuters]
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Source: Reuters
heavy investment there will help it maintain its competitiveness against local electric vehicle (EV) rivals. Volkswagen ceded its title of best-selling car brand in China to Chinese EV giant BYD in late 2022, and the group's market share in China fell to 14.5% last year from 19.3% in 2020 as combustion-engine sales declined. Report this ad Group board member and China chief Ralf Brandstaetter told reporters Volkswagen was confident it could maintain or slightly increase this share. He cited investments in a new Chinese research hub, and partnerships with Chinese EV makers and suppliers to develop more affordable EVs, more quickly. "We want to be the number one international OEM in China in 2030 with 15% market share," he said in comments embargoed to coincide with a capital markets event on Volkswagen's China business held by the carmaker on Wednesday. The 15% market share would correspond to selling 4 million cars in China annually by 2030, up from 3.07 million last year,
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