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Friday April 22, 10:10
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Volkswagen loses sales in China
(by Natali Novak)
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Volkswagen AG, the largest foreign carmaker in China, said the increased competition from Hyundai Motor Co., General Motors Corp. and other companies forced its market share in the country to fall below 20%. The information has been announced by Bernd Leissner, head of Volkswagen’s operations in China, at the Auto Shanghai 2005 show today.
``The market has got a lot tougher,’’ Leissner said. ``We will fight to make sure we don’t have a loss this year in China.’’
Leissner said he expects Volkswagen to have a ``slightly positive’’ result in China this year, but declined to give further comments on specific sales or profit figures. The company’s vehicle sales in China fell 7.1% to 648,490 units last year while in general the country’s car market rose 15%.
At the same time, car manufacturers in China were forced to cut prices to win customers due to recent decline in demand for cars. Sales of passenger cars are reported to drop 3.2% to 811,300 units, the third quarterly decline in five quarters, according to the China Association of Automobile Manufacturers. Car production stumbled 1.8% to 825,800 units.
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