VW still top choice for Chinese car buyers

Volkswagen AG has maintained its position as the best-selling international carmaker in China, with 3.24 million vehicles sold last year, up 1.6 percent from 2022.

The carmaker said on Tuesday that the namesake Volkswagen brand and its sub-brand Jetta sub-brand combined sold around 2.4 million vehicles in 2023, up 0.1 percent year-on-year.

But the premium Audi brand saw its sales in China soar 13.5 percent year-on-year to 728,575 units.

The group's gasoline vehicles laid the solid foundation for its performance last year in China.

They accounted for a 20 percent market share in the country's gasoline vehicle market, up from 19 percent in 2022, despite the fierce competition from local Chinese marques and other overseas brands including Toyota.

Volkswagen AG also clearly strengthened its position in the EV segment. Its fully electric car deliveries increased 23.2 percent year-on-year to 191,800 units last year. More electric models under both Volkswagen and Audi marques are around the corner.

Ralf Brandstaetter, member of the board of Volkswagen AG for China, said the company's robust position reflects the success of its "in China for China" strategy.

"We are tailoring our portfolio to the needs of Chinese customers…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," he said.

Brandstaetter said the carmaker will not push ahead to grow at any cost in this highly competitive environment.

"It is not all about market share," he said, "we are focusing on investments for the next leap in innovation instead."