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According to Hildegard Wortmann, member of Volkswagen Extended Executive Committee, Volkswagen grew faster than the overall market in 2023.
"That is a solid performance given the geopolitical and economic framework. We thus grew faster than the total market and slightly extended our global market share, " She wrote in a Linkedin post [1].
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However, Volkswagen underperformed the overall China market. Its deliveries to Chinese customers rose by 1.6% to 3.24 million in 2023 versus 5.6% overall market growth reported by China Passenger Car Association. Sales of its EVs in China rose by 23% to 191,800 compared to 36% growth in the overall China EV market [2].
“With our ‘in China for China’ strategy, we are tailoring our portfolio to the needs of Chinese customers. The success of this strong roadmap is reflected in our robust position despite a challenging market. While the situation will remain demanding over the next two years, we are further developing our technological capabilities and setting up our business for the future,” Ralf Brandstätter, CEO Volkswagen China said.
“It is not all about market share. Profitability continues to be our top priority. In recent months, Volkswagen has identified and implemented cost optimisations for its fully electric vehicles in China, to strengthen the competitiveness of our products. We will not push ahead to grow at any cost in this highly competitive environment. We are focusing on investments for the next leap in innovation instead.” [3]
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Data from the China Passenger Car Association (CPCA) indicates that the market share of VW’s joint ventures in China (FAW and SAIC) declined to 14.2% in 2023 from 14.8% in 2022 [4].
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