Volkswagen Expects 20% Decline in China’s Passenger Car Market by 2026
Volkswagen's Outlook and Market Challenges in China
Executive Statement on Market Decline
BEIJING, Sept 22 (Reuters) - China's passenger car market is expected to decline by about 20% in 2026, Volkswagen's top executive in China Ralf Brandstaetter said on Tuesday.
Factors Impacting Volkswagen in China
Market Crisis and Profit Margins
His comments come as the German auto giant battles a deepening crisis in its largest market weighed down by falling deliveries and slimmer profit margins.
Comparison to COVID-19 Pandemic
The current contraction in the market in China was equivalent to the impact of the COVID-19 pandemic, Brandstaetter told an industry summit.
Sales Trends and Export Performance
Domestic Sales Decline
Sales of China's domestic car market fell for the eleventh month in a row in August, though the country's car exports stayed robust the same month.
Reporting Credits
(Reporting by Ju-min Park; Editing by Emelia Sithole-Matarise and Louise Heavens)
