Hope for Volkswagen: Demand for electric cars in China is increasing

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China’s auto market has grown again for the first time since 2018. Thanks to the strong demand for alternative drives, the number of vehicles sold climbed by 4.5 percent to around 20.5 million units in 2021, as the industry association PCA (China Passenger Car Association) announced in Beijing today. Sales of e and hybrid cars grew by almost 170 percent to around three million in 2021, with battery electric cars making up the clear majority.

The association now expects an even greater surge in demand for electric vehicles and has increased its forecasts for 2022 to more than 5.5 million units. So far, the expectation was 4.8 million vehicles with alternative drives.

The Volkswagen Group’s sales in the world’s largest car market, China, slumped by 14 percent last year. With the sale of the ID family’s electric cars, Volkswagen now wants to catch up. After missing the target of 80,000 to 100,000 units for 2021 and actually selling “a little more than 70,000”, Volkswagen intends to “at least” double its sales this year. It is certain that Volkswagen will sell every VW ID that can be built. The supply of semiconductors for 160,000 to 200,000 VW IDs is assured.

With the transformation to alternative drives, half of the new models that will be launched in China in 2022 will be electric cars. Domestic Chinese manufacturers are particularly strong here, but by the end of the decade Volkswagen wants to be number one in China also in e-mobility. The prospects for VW’s largest single market are very positive. With the growing middle class in China, annual sales of 28 to 30 million cars can be expected by the end of the decade.

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(fpi)

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