Volkswagen Aims To Double US Market Share Within 10 Years

Industry News

Here's how it plans to do so.

Volkswagen may be one of the largest automakers in the world, but it is still a minor player in the US market. In 2017, the company held a 2% market share in the US, up by 0.2% from 2016, but is aiming to more than double it in the next ten years according to a report by Automotive News. The global head of Volkswagen said the brand is aiming for "around 5 percent market share" in the US, which is more than double its current market share.

Volkswagen has achieved a 5% market share twice since it began selling cars in the US: 1968 and 1970. The company hasn't hit 3% since 2012, the first time it had hit this number since 1974. The company seems to be in a good position after recovering from the diesel emissions scandal. In 2017, the brand's sales grew by 5.2%, compared to the overall market, which decreased by 1.8%. Part of the strategy to increase market share is based on new SUVs like the redesigned Tiguan and Atlas. Both of these SUVs should sell extremely well in the US thanks to their three-row designs.

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In order to hit 5% market share, Volkswagen would have to sell around 800,000 units. Electric vehicles will also play an important role in Volkswagen's sales plans. Volkswagen plans to sell four EVs in the US, beginning with the German-built I.D. Crozz in 2020. Herbert Diess, global head of the brand said "Customers are willing to switch over to electric vehicles if the price is right. If you don't drive several hundred kilometers a day, it's probably the best vehicle you could buy today." It may not be the best strategy for all countries, but it should be successful in the US.

Volkswagen has had similarly ambitious plans in the past. Former company CEO Martin Winterkorn set a goal to sell 800,000 cars in the US back in 2011. Back then, Volkswagen wasn't positioned as well to sell to US consumers. The Tiguan was too small and the Touareg was too expensive. The new Tiguan and Atlas are more suited to appeal to US buyers and the influx of electric I.D. models should help as well.

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