Volkswagen COO says automaker will not join discount battle in China 'at any price' By Investing.com

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Volkswagen COO says automaker will not join discount battle in China 'at any price'

Published May 31, 2023 07:58

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Volkswagen COO says automaker will not join discount battle in China 'at any price'

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Volkswagen (ETR:VOWG_p) Chief Operating Officer Ralf Brandstaetter said in an interview released Wednesday that the German automaker would not participate in a discount battle in China "at any price."

"Volkswagen is focusing on a sustainable business model. In concrete terms, this means that we will not participate in the discount battle at any price," Brandstaetter said in an interview for the company's intranet.

"Our market position is strong enough. For us, the focus is on profitability, not sales volume or market share," he added.

Brandstaetter predicts that the Chinese car market will increase from its current 22 million to around 28 to 30 million by 2030.

"If we achieve sales of more than 4 million vehicles in this environment in 2030, with corresponding profitability, that is a position we could very well live with," he said.

Volkswagen aims to become the leading international automaker in China, regardless of whether another domestic manufacturer outsells them. Earlier this year, Chinese automaker BYD (SZ:002594) surpassed Volkswagen as the top-selling passenger car brand in the country, despite Volkswagen's long-standing dominance in the market.

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Volkswagen COO says automaker will not join discount battle in China 'at any price'

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