After a 13.8% drop in sales in China in 2005, Volkswagen is expecting double-digit growth in 2006 and a return to profitability, according to Kevin McCann, executive vice president for VW brands at FAW-Volkswagen, one of the company’s two joint ventures in the country.
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According to Reuters, McCann said that the brand’s return to profitability will be helped by cost-cutting initiatives that started at the end of 2005, and by the introduction of new models.
GM overtook Volkswagen as the best-selling foreign OEM in China in 2005.
Volkswagen plans to launch 10-12 new models in the country by 2009.
Reuters said Volkswagen’s sales in the first quarter sales grew more than 40%, and its market share was 17.6%, up very slightly on 17.3% at the end of 2005.
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