Volkwagen in China’s NEV Market: Challenges & ChangesHow does VW perform in China’s New Energy Vehicle (NEV) market? In 2021, Volkswagen’s new energy vehicle “ID series” did not meet the Board’s expectations. It reached an annual sales volume of roughly 70,000 cars, lower than the target 80,000. The pioneer in this industry, Tesla, performed far better – reaching a significant volume of 936,000 shipped units. Besides that, the competition did not just come from Tesla. Local new energy automakers such as BYD, NIO, and Xpeng all delivered outstanding sales outcomes of 594,000, 91,000 and 98,000 units respectively. Together these players …
The State of China’s Automotive Industry in 2021
China Automotive Industry in 2021What is the state of the Chinese automotive market? China as the world’s largest automotive market represents ~30% of global sales – despite being affected by the COVID-19 pandemic in the beginning of 2020. 25.3 million cars were sold (-1.9% YoY) in 2020 and passenger and commercial vehicle contributed 80% and 20% share respectively. Booming NEV sales also drove the market with 1.3 million sold units (+11% YoY). Up to the end of September in 2021, the entire car market has reached sales volume of 18.6 million (+8.7% YoY) with 2.2 million NEV sold (+190% YoY), …