SHANGHAI (Reuters) - Volkswagen will work to develop budget SUVs and MPVs in China in a bid to improve its lagging market share in the country, the company's chief executive for China, Jochem Heizmann, said on Sunday.
Heizmann told reporters that the firm's struggle to keep up with the pace of growth in China's passenger car market was in part caused by its lack of budget-priced SUVs and MPVs.
"The biggest increase in volume was in budget SUV and MPV segments, where we are not in," he said.
Heizmann said the VOLKSWAGEN (VOW.XE)Group has "concrete projects" to address the issue. "We are working hard," he added.
Heizmann said that China's overall passenger car market grew 15 percent in the first quarter of 2015, citing the firm's own figures.
(Reporting by Norihiko Shirouzu; Editing by Jeremy Laurence)
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