VW Targets 20% of Chinese Market in 2-3 Years

Volkswagen aims to increase its market share in China after sales to the Asian country boosted VW's group unit sales by 7.6% in the first two months of this year, it said on Tuesday.

"We are targeting to remain market leaders in China with both our joint ventures this year. We're growing slightly below the market in China but we hope to stabilize our sales," said Stefan Jacoby, VW's group head of sales and marketing.

"Our target is 20% market share for the group in the next two to three years after 17% last year," Jacoby added at the Geneva car show.

As far as the German market was concerned, Jacoby said he saw the possibility that March sales could be considerably below last year's following a sales-tax hike, but he said the market should stabilize after that.

"We are relaxed about it," he said.