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    VOW3   DE0007664039


Delayed Xetra  -  05/20 11:43:36 am EDT
145.68 EUR   +0.25%
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Volkswagen aims to double electric car sales in China this year after missing targets

01/10/2022 | 10:48pm EDT

BEIJING, Jan 11 (Reuters) - Volkswagen AG said it would likely double sales of its ID battery electric vehicles in China this year and aims to do even better but the automaker could be hamstrung by a shortage of semiconductors.

The ID series, which Volkswagen produces at its Chinese joint ventures with SAIC Motor and FAW Group, is the backbone of its EV ambitions in China, the world's largest auto market.

The German automaker sold 70,625 of its ID electric vehicles in China last year, missing its goal of selling 80,000 to 100,000 cars, with production also affected by regional COVID-19 outbreaks in addition to chip-related issues.

Volkswagen's China chief Stephan Wollenstein told a briefing in Beijing that the automaker would still like to double its original plan but that goal "is not currently secured by the semiconductor supplies that we currently see."

He added, however that he was "pretty positive that we will see a doubling of actual sales."

Volkswagen Group, which alongside its own brand owns other marques such as Audi, Lamborghini and Porsche, sold 3.3 million cars in China last year, down 14%, Wollenstein said.

The company aims to boost that number by around 15% or roughly 500,000 units this year, though he said this also depended on the chip supply situation.

The shortage of chips, used in everything from brake sensors to power steering to entertainment systems, has led automakers around the world to cut or suspend production, pushing up both new and used vehicle prices amid robust demand from consumers.

While China's EV market is seeing very strong growth, most foreign automakers have lagged their Chinese counterparts in designing smart cars that appeal.

The market is now dominated by Chinese brands, led by BYD and Wuling - part of the GM group but a local marque. While Tesla ranks as No.3, it is the only foreign brand among the top 10.

“You don’t see Volkswagen. Players like Volkswagen, GM and Toyota have fallen far behind in China’s smart EV race,” said Bill Russo, head of consultancy Automobility in Shanghai.

Some 15% of all passenger cars purchased in China last year through November were either battery electric cars or plug-in electric hybrids, according to Russo. In November alone, electric car sales accounted for 21% of China’s overall passenger car sales. (Reporting by Norihiko Shirouzu; Writing by Brenda Goh; Editing by Edwina Gibbs)

© Reuters 2022
Stocks mentioned in the article
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VOLKSWAGEN AG 0.25% 145.68 Delayed Quote.-18.12%
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Sales 2022 269 B 284 B 284 B
Net income 2022 16 391 M 17 292 M 17 292 M
Net cash 2022 32 698 M 34 495 M 34 495 M
P/E ratio 2022 4,56x
Yield 2022 6,07%
Capitalization 84 558 M 89 205 M 89 205 M
EV / Sales 2022 0,19x
EV / Sales 2023 0,16x
Nbr of Employees 668 294
Free-Float 56,8%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 145,68 €
Average target price 216,90 €
Spread / Average Target 48,9%
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Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Head-Finance & Information Technology
Hans Dieter Pötsch Member-Management Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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