Volkswagen is pinning high hopes on China amidst the global economic recession, announcing yesterday that it will double its 2008 China sales by 2018.

The company sold 1.02 million cars in China out of global sales of 6.23 million units last year.

Volkswagen China said yesterday that it will work closely with its two China joint ventures, Shanghai Volkswagen and FAW-Volkswagen, to expand its sales network, aiming to increase its dealership store numbers in China from the current 1000 to 2,000 by the year 2018. It will also increase its presence in western and southern China as well as small and medium-sized cities.

It plans to add at least four new models to China annually in the 10 years to come. Currently the company is selling 44 models in China and 26 of them are manufactured locally.

Despite the negative impact from the global economic recession, Volkswagen will not alter its €2.4 billion investment plan in China for the years 2008 through 2010, Winfried Vahland, CEO of Volkswagen China, said.

The money will mainly go to areas including technological innovation, new product launches, brand building, and upgrading of sales and service networks.

To read the Chinese story, please visit http://www.nbd.com.cn/_NewShow.aspx?D_ID=149294.

(China.org.cn by Yuan Fang, February 27, 2009)