Volkswagen says demand for its cars in China is almost as high as it was this time last year, underlining the speed of the recovery in the brand’s most profitable market, reported the Financial Times.
The German carmaker said it suffered just a 2% fall in sales in April, despite the overall auto sector in the country declining by an estimated 7% in the same period. It added that it expected business in China to reach the same monthly levels in May as it did in 2019.
“China is quickly closing the gap,” Jürgen Stackmann, VW brand’s board member for sales, told reporters, after the group’s boss in the country Stephan Wöllenstein predicted the carmaker could see a “yearly result that is not so far away from our original plan”, if the region’s “outstanding economic comeback” continued.
However, Stackmann warned that the so-called V-shaped recovery in China was unlikely to be replicated in Europe, where the economy would be slower to improve. Although VW’s market share grew in every region around the world in 2020, “China is quite unique as it has such a stunningly strong underlying demand still of first-time buyers,” the executive said.