Sunday, April 09, 2006

Volkswagen China Sees Return to Profit in 2006

Text from Forbes.
SHANGHAI (AFX) - Volkswagen AG said it expects its China operations to return to profitability this year on improved marketing and the launch of new models.

Volkswagen China posted an operating loss of 119 mln eur in 2005 after a profit of 222 mln eur in 2004.

'This year, we are doing better in terms of volumes and financial (results)... we are going to get a profit.' Weiming Soh, executive vice president of sales and marketing of Volkswagen Group China said at a media briefing in Shanghai.

Soh also holds the position of vice president in charge of sales and marketing at FAW-Volkswagen, one of Volkswagen's two joint ventures in China.

Soh did not give a specific forecast.

Volkswagen China said earlier this month that sales totaled 164,339 units in the first quarter, up almost 40 pct from a year earlier.

Soh said Volkswagen China is undertaking efforts to improve its customer segmentation, strengthen dealer training and tie production more closely to demand.

Volkswagen China today launched the Sagitar, a high-end sedan aimed at young buyers.

It will release a new version of the Bora in July and plans to release 10-12 new models, including the Sagitar, up to 2009, according to Soh

In March, Volkswagen China had a market share of 17.57 pct, including imported cars, Soh said.

'If we continue to do what we are doing, we hope to defend what we have right now,' he said.

Soh said in the first quarter, Volkswagen-branded cars took the top market share at 15.6 pct, followed closely by Honda and Buick.

'For the beginning of this year, we started with a very healthy inventory of less than one and a half months...and the structure of our inventory is very healthy,' Soh added.

At the end March, inventory stood at about 70,000 units, with one-third held by Volkswagen China and two-thirds with dealers, he said.


Blogger chinacars said...

this is great new for china's FAW as well as VW, but it will help FAW learn to tirck of trade to promote its own line

Sun. Apr. 09, 10:50:00 p.m.  
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