Frankfurt: Volkswagen, the biggest European car maker, is aiming to grab 10% of India’s burgeoning market within five years, a director said 4 August in the business daily Handelsblatt.
“We want to move quickly in terms of volume,” VW’s president in India, Joerg Mueller, said.
The group currently has less than 1% of the Indian market.
VW planned to move up the launch of its first wholly-owned Indian factory by six months to early 2009.
It is to invest €580 million in a site in Pune to increase output of the Fabia car built by VW’s Skoda unit to 50,000 vehicles per year.
In 2011, the plant is expected to raise that figure to 110,000.
VW also wants to launch its planned low-cost car “up” in India, which has become a priority market for boss Martin Winterkorn.
The Indian auto market is currently dominated by Suzuki and Hyundai.