BYD, the car manufacturer that has attracted a lot of attention lately, ended Volkswagen's 15-year leadership in the Chinese market and became China's best-selling car brand last year.
Thus, for the first time since 2008, a car manufacturer succeeded in surpassing Volkswagen.
Volkswagen sold 2019 million cars in the Chinese market in 4,2. In 2023, this number dropped to 3.2 million.
Volkswagen's annual profits from its subsidiaries in China decreased from 4-5 billion euros to 1.5-2 billion euros.
Volkswagen: It is difficult for us to recover until 2026
The German company has said it will take until 2026 to start regaining its market share after being overtaken by China's BYD as the country's largest carmaker.
Investors do not trust Volkswagen
UBS analyst Patrick Hummel said:We doubt that Volkswagen will be able to convince the market that it can stop the negative trend." said.
VW changed its CEO in 2022 due to delays in the model and missteps in the software, and the new CEO was Oliver Blume.
Volkswagen, under Blume, has launched new subsidiaries in China, teamed up with XPeng for electric vehicle models and launched a major overhaul to boost returns on its embattled VW brand.
Investors are not convinced now
Investors will focus on Blume for new optimism this week on VW's April 24 Capital Markets Day, which is called China Day, and subsequently at the car show in Beijing.
However, when we look at the information, we see that investors are not convinced. While VW's shares have fallen by approximately 13 percent since Blume's takeover, rival Stellantis' share price has almost doubled in the same period.
