Volkswagen was overtaken by Geely Auto in sales in China last year, reports Reuters. This makes the German car manufacturer’s sales drop to third place after losing its decade-long dominance in the world’s largest auto market to BYD 2024, industry data showed.
Volkswagen’s two joint ventures in China with state-owned FAW and SAIC Motor held a combined 10.9% share in terms of retail sales, down from 12.2% in 2024, China Passenger Car Association data showed on Monday.
Legacy foreign automakers such as Volkswagen, General Motors and Toyota have ceded share to Chinese rivals due to a slower shift to electric vehicles, which Chinese consumers increasingly favour EVs due to state subsidies.