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VW sales up
Last Updated(Beijing Time):2005-04-22 10:49

Volkswagen AG's main car-making venture in China was expected to post sales growth of 3-4 percent this year, a senior executive said Thursday, predicting a pace of growth that should lag the overall market.

"It's a slight growth that we foresee, which is probably around 3-4 percent," Stephan Woellenstein, deputy executive director of sales at Volkswagen's venture in Shanghai.

VW revamps business in China

German automaker Volkswagen Chief Executive Bernd Pischetsrieder said Thursday that VW is revamping its Chinese operation to change the sliding situation.

VW is working "at high speed" to reorient its business in China, Pischetsrieder told the annual shareholders meeting in Hamburg.

VW posted first-quarter deliveries to China of 115,000 vehicles,a drop of nearly one-third, which incurred sharp criticism from Shareholders.

Pischetsrieder predicted that VW would show an even balance in its earnings sheet in 2005.

VW's profits in China fell to 222 million euros (289 million USdollars) in 2004 from 561 million euros (729 million US dollars) in 2003.

Source:Shenzhen Daily 
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