Connect with us

Hi, what are you looking for?

Imsilkroad

Volkswagen sees China as “anchor of stability” as annual revenues fall 11.8 pct

Abstract : China "remained the largest single market for Volkswagen in 2020" with a market share of 19.3 percent. According to Volkswagen, newly introduced car models in particular achieved a good market performance in China.

People work at the assembly workshop of FAW-Volkswagen Automobile Co.,
Ltd. in Chengdu, southwest China’s Sichuan Province, Feb. 19, 2020.(Xinhua/Liu Kun)

China
“remained the largest single market for Volkswagen in 2020” with a
market share of 19.3 percent. According to Volkswagen, newly introduced
car models in particular achieved a good market performance in China.

China
“recovered quickly” and “proved itself as an anchor of stability in the
crisis,” with all brands achieving positive results. The new energy
vehicle (NEV) sector grew fastest in China. With seven new NEV models,
Volkswagen now offers 22 electrified models in China.

BERLIN,
March 16 (Xinhua) — Sales revenues of Germany’s largest carmaker
Volkswagen declined by 11.8 percent year-on-year to 222.9 billion euros
(265.4 billion U.S. dollars) in fiscal 2020 as a result of the COVID-19
pandemic as well as negative exchange rate effects, the company said on
Tuesday.

Volkswagen’s
operating result even dropped by 43 percent compared to 2019 and fell
to around 9.7 billion euros, according to the company.

“We
have had to perform the greatest balancing act in the company’s history
in recent months, addressing the COVID-19 pandemic while pushing our
transformation into a technology company,” said Herbert Diess, chief
executive officer (CEO) of Volkswagen.

In
2020, Volkswagen delivered a total of 9.1 million vehicles across all
brands, a decline of 15.1 percent, according to the company.

China
“remained the largest single market for Volkswagen in 2020” with a
market share of 19.3 percent. According to Volkswagen, newly introduced
car models in particular achieved a good market performance in China.

China
“recovered quickly” and “proved itself as an anchor of stability in the
crisis,” with all brands achieving positive results. The new energy
vehicle (NEV) sector grew fastest in China. With seven new NEV models,
Volkswagen now offers 22 electrified models in China.

Photo
taken on Nov. 23, 2020 shows vehicles to be tested at the assembly
workshop of FAW-Volkswagen Automobile Co., Ltd. in Changchun, northeast
China’s Jilin Province.  (Xinhua/Zhang Nan)

In
order to be “prepared for rapidly growing demand for e-mobility,”
Volkswagen also ramped up its production of electric drive components in
China last year, according to the company.

Declining
by almost 20 percent, Volkswagen’s sales in the company’s domestic
market Germany fell in line with the overall decline in western Europe,
attributable to the “negative impact of the spread of the coronavirus.”

For
2021, Volkswagen expected its business to “recover significantly,”
assuming a successful containment of the COVID-19 pandemic. The German
carmaker aimed to “further improve its profitability,” bringing the
operating return on sales back to around seven to eight percent.

Following
the announcement, Volkswagen, listed at Germany’s DAX index of the
country’s 30 largest listed companies, was the biggest winner with
shares increasing by more than eight percent at the end of trading on
Tuesday. (1 euro = 1.19 U.S. dollars)

Photo
taken on July 9, 2019 shows Audi vehicles awaiting transfer at the
parking lot of FAW-Volkswagen in Changchun, northeast China’s Jilin
Province.(Xinhua/Xu Chang)

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy,BRI Trade,BRI Investment,Belt and Road weekly,Know Belt and Road,and the integrated information services for the Belt and Road Initiative (BRI).

Source: Volkswagen sees China as “anchor of stability” as annual revenues fall 11.8 pct

You May Also Like

Purifier

Hot selling well newest reserch humidifier with three grades mist output air purifiers 1 Specification& function Specification Product name 6-Stage Purification Air Purifier With Negative Anion and Humidifier Model No. OLS-K05 Negative ionic releasing(/cm3) 50 million...

Purifier

Best indoor air purifier small house purification with HEPA Porduct Name Air Purifier Model A3 Style Household / business type Lowest Noise 30 dB Particulate CADR 200m³/h Highest Noise 58 dB Voltage 110 / 220V(Optional) Rated Power...

Sticky Post

Repost Your Products Articles To Web2.0 + Social Sites + Photo Sites + Bookmark Sites 0.5$ to publish 1 article to 15 sites,average just...

Purifier

We believe that always we would hear the hydrogen water have antioxidation fuction, actually we don’t know what is antioxidation and why it’s so...