GUANGZHOU (Reuters) - Top German automaker Volkswagen AG VOWG_p.DE is confident of selling more than two million cars in China this year and expects its growth to be faster than the industry’s pace in coming years in the world’s largest car market, its China chief said on Monday.
Karl-Thomas Neumann, president and CEO for Volkswagen’s China operations, made the comments at an autoshow in the southern Chinese city of Guangzhou.
Volkswagen expects China’s car market to expand by 8-10 percent in coming years, with the company expecting to outpace that growth, executives said.
Volkswagen, which operates car manufacturing ventures with SAIC Motor Corp 600104.SS and FAW Group, sold almost 1.9 million vehicles from January to October, 14.8 percent more than the same period a year earlier.
It is also working to double its China annual capacity to 3 million by 2015, executives said.
Both Volkswagen’s China joint ventures have worked out prototypes of electric cars, with test fleets expected to be out early next year, executives said.
Reporting by Fang Yan and Alison Leung; Editing by Jacqueline Wong