BEIJING (dpa-AFX) – With the recovery of the Chinese economy, the Volkswagen Group expects “considerable growth” in its most important market this year. China boss Stephan Wöllenstein also expects the market share to increase. “It is probably a reasonable expectation to grow faster than the market,” said Wöllenstein in Beijing on Wednesday. Almost every fifth new car sold in China today comes from the Volkswagen Group.
According to the expectations of the Vice President of Volkswagen (Volkswagen (VW) vz) in China, Rainer Seidl, the world’s largest car market is expected to grow at a rate similar to that of the second largest economy as a whole, for which growth of “more than eight percent” is predicted. With the effects of the corona pandemic, the Chinese car market shrank by around six percent last year, while the economy grew by 2.3 percent.
With strict measures, China has largely got the Sars-CoV-2 virus under control since the summer and is now only recording locally limited outbreaks. Life and economic activity have returned to normal. The car market also picked up again significantly towards the end of the year. “I am firmly convinced that China has not only really overcome Covid-19, but even more so the short-term downturn that began with the trade tensions between the US and China in 2018,” said Wöllenstein. / Lw / DP / zb