At the World Economic Forum in Davos, Volkswagen’s CFO Arno Antlitz announced that the company aims to double its market share in the U.S.
Antlitz indicated that Volkswagen would need to make additional financial investments to achieve this goal, saying, “We are strong in Europe, but we need to do more ‘value-added’ in the U.S.”
Volkswagen is considering investing in research and development in the region; however, according to Antlitz, they have not yet decided on the project.
Antlitz said, “We need additional initiatives … to double market share, you have to be even more local,” regarding expansion plans at Volkswagen’s U.S. plant in Chattanooga, Tennessee.
In December, the company appointed Kjell Gruner as the new CEO of Volkswagen Group of America and CEO, Volkswagen Brand North America.
In November, Antlitz, said “The North American market with Canada, Mexico, and the USA is an important strategic pillar for the Volkswagen Group… we brought on board an experienced manager who knows the market and customers extremely well and will continue to consistently pursue the growth path we have embarked on.”
Volkswagen says it has “invested considerable resources in expanding its regional production capacity over the past ten years. This includes state-of-the-art battery production facilities, the development of specific vehicle architectures for the North American market, comprehensive research and development, vehicle assembly and component manufacturing. With strong partnerships with regional suppliers, Volkswagen also ensures a sustainable and efficient implementation of e-mobility that meets the requirements of the North American market.”
During the first nine months of 2024, 769,000 Volkswagen vehicles were delivered in North America, an increase of more than 7 percent compared to the previous year. In this period, within the main US market, the Volkswagen Group grew by 1.5 percent.
By CEO NA Editorial Staff
