Volkswagen AG shared on Wednesday in a conference call that it has decided to "slightly" lower its China battery electric vehicle sales target in the following one or two years. Nonetheless, Volkswagen CEO Oliver Blume underscored that he wants the company to continue being the "largest foreign manufacturer" in the country, adding that he plans to keep the carmaker's market share in China at around 15%.
Talking about the controversial Xinjiang region, which is fraught with human rights issues and where its plant is located, Blume shared that the carmaker plans to launch "a transparent, independent external audit to give the public full transparency."
Meanwhile, Volkswagen mentioned that overall, it is aiming to increase its revenue by 5% to 7% on an annual level, and expects returns on sales to stand at between 8% to 10% by 2027, and at 9% to 11% by 2030.
