Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Volkswagen India, a wholly owned Indian subsidiary of German automotive manufacturing company Volkswagen Group, is planning to achieve a 20% growth in sales in 2024. The company will also expand its presence in the hinterland.
In 2023, the company saw an 8% increase in retail sales with 43,700 car deliveries. The company’s Taigun, Virtus and Tiguan recorded a growth of over 20% in retail sales in 2023.
“There’s substantial room for increasing sales performance in the high-growth Taigun SUV segment, a pivotal space in the Indian automotive industry. In the sedan segment, where we already command a 20% share, our goal for the year is to emerge as the leader in this segment across all markets we operate in. Our growth target for 2024 ranges between 15% and 20%,” Ashish Gupta, Brand Director of Volkswagen India, told a news source.
In 2023, the company saw up to 60% of its sales coming from higher-end variants.
“With Virtus, we maintained the number one spot in 2023 across 16 major markets in India, in the mid-size sedan segment. Looking at specific data points within our portfolio, both the Taigun and Virtus have demonstrated strong customer acceptance,” he said.
The pre-owned car business, too, witnessed growth and reached 30,000 sales in 2023 from 3,000 car sales in 2018.
With the uptick in demand for its vehicles from non-metro cities, Volkswagen India plans to expand its touchpoints in the Tier-2 and Tier-3 markets. In 2023, the company added 45 touchpoints in 27 new cities.
“Positioned as a premium player focusing on urban centres, we have recognised the significant growth potential in Tier-2 and Tier-3 cities. These smaller markets are experiencing astronomical growth, sometimes outpacing even larger metropolitan areas. We have increased our presence in traditional strongholds by introducing smaller formats such as city stores. Into 2024, we aim to continue this strategy by adding another 20 to 25 new car sales touchpoints across the country,” Ashish Gupta added.
Also Read : Indian auto component industry eyes $14 billion by 2028, ACMA reports January auto sales: Passenger vehicles, three-wheelers continue to top sales in FY24
Natural gas producer Great Eastern Energy Corporation Limited (GEECL) has demanded more than ₹100 cr...
Mid Corporate 20-Jan-2024
India is working on creating its own direct reduction of iron (DRI) technique based solely on hydrog...
Ferrous 06-Mar-2024
India's steelmakers are requesting government action to limit raw material costs, particularly iron...
Ferrous 23-Jan-2024
✅ Steel prices up as safeguard duty fears rise.✅ Potential 15% duty may protect domestic producers...
Business 18-Mar-2025
Due to ongoing geopolitical challenges and declining commodity prices, goods exports in March year-o...
Press Releases 16-Apr-2024
✔️ Potential US tariffs threaten Indian steel and aluminum exports.✔️ Exporters may seek alternative...
Business 26-Mar-2025