Volkswagen announced this Wednesday, 24, that it plans to increase its sales and share in the Chinese vehicle market by 2030, according to a statement published on the German company’s website. In particular, Volkswagen foresees growth in profits with a “China-specific portfolio”, focused on technological advances and the market for hybrid and fully electric cars (EVs).
The automaker has set its main goal to reach 4 million annual sales by 2030, becoming the largest international producer in the Chinese market, with growth in operating income corresponding to 3 billion euros (US$3.21 billion). If achieved, the number will represent an increase of 23% compared to the previous year’s sales in China and a market share of 15% in a highly competitive environment.
Among the proposed measures, Volkswagen intends to reduce local production and production project costs by 40%. joint ventures with other companies in China – such as the joint initiative with Xpeng to produce batteries for electric vehicles. The objective is to achieve “cost parity” with local competition in the compact car segment by 2026, which should represent more than half of the cars sold in the country by 2030.
“We reinforce our commitment to the ‘in China, for China’ strategy, with measures to better meet the needs of Chinese consumers, accelerate the local development of models and reduce costs”, highlighted Volkswagen, in a statement.
*With information from Dow Jones Newswires
Tags: Volkswagen launches plan increase sales expand market share China
