SHANGHAI (Reuters) -China's overall passenger vehicle sales are estimated to rise 5% in 2023, Volkswagen (ETR:VOWG_p) AG's China President Ralf Brandstaetter told Chinese media.
New energy vehicles, which include pure electric and plug-in hybrids, could account for one third of the overall passenger vehicles sales in China in 2023, Brandstaetter added.
Volkswagen confirmed the comments first reported by Chinese media outlet Cailianshe on Wednesday.
The China Association of Automobile Manufacturers has estimated the country's overall auto sales will rise 3% this year, while the China Passenger Car Association (CPCA) has projected car sales will be flat or slightly up from 2022.
The world's largest auto market is to see sharply weakened sales in January, CPCA said on Tuesday, after consumers brought forward their purchases to the end of last year to take advantage of government incentives.