The chief executive told the media that Volkswagen electric cars’ cannot maintain their leading position’in China.
Reuters reported that Oliver Bloom, chief executive of Volkswagen Group (CEO), said in an interview with Germany’s Frankfurt Daily on the 5th local time that Volkswagen hopes to avoid setting a “utopian” target for its market share in China, which is already “very substantial” in a highly competitive environment.
In an interview with German media, Oliver Bloom said Volkswagen was “unable to maintain its leading position” in the field of electric vehicles in China, Reuters said.
He also added that the new models to be released by Volkswagen in the next few years will improve their current status.
Nevertheless, the report continued that Bloom said the public “should not have ‘utopian’ expectations.
” “if we can achieve double-digit market share in the fast-growing Chinese market for a long time, it will already be a very considerable goal.
” He said.
Volkswagen’s overall market share in china fell from 18% in 2018 to 14% last year, while domestic pure electric carmakers are gaining momentum to win market share, according to Reuters.
Baird, chairman and CEO of Volkswagen Group (China), has previously said that Volkswagen aims to maintain its position as a leading international carmaker in China, but Volkswagen Group Chief Financial Officer Arnold Antritz warned at the end of last year that Volkswagen’s share of the electric car market could decline before launching new models.
The German carmaker is trying to expand its market reach in China to attract consumers in the mid-to low-end electric car market, which is currently priced higher than many of its Chinese pure electric competitors, the report said.
A day earlier, Reuters revealed on April 4 that German Chancellor Schultz will visit China later this month, and executives from BMW, Mercedes-Benz and other German companies are expected to go with him.
The German chancellor is usually accompanied by a senior business delegation on major overseas visits, and the list of senior executives highlights China’s status as Germany’s largest trading partner, according to Reuters.
China is still extremely important to German industry, especially carmakers.
They and their Chinese partners operate a number of joint venture brands in China, the world’s largest auto market, returning to the home page of the first electric network.
