Volkswagen AG was able to increase its market share to 11.7% in the first nine months of the year compared to a 10.0% share for the same period last year. VW said that contributing to this increase is the push it got from government-funded subsidies and tax breaks in Germany , Brazil and China — three of its key markets.

No. 1 Toyota Motor Corp. and No. 2 General Motors Co., ranked in terms of global sales, are both losing unit sales in this recession, says Autonews. VW, the third largest carmaker, claims to be closing the gap. VW reported a 0.5% decline in worldwide unit sales to 4.76 million after three quarters. But in September, VW Group’s vehicle deliveries rose 11.9 percent to 615,100. In a statement, Detlef Wittig, head of group sales, said that VW continues to “steer a steady course through the crisis and [is] developing better than the competition.” VW also recently revealed plans to raise as much as 10 billion euros ($14.9 billion) from shareholders, which is believed to be sufficient to make new acquisitions as well as merge with Porsche Automobil Holding SE.

Tags: car news, Volkswagen, vw global market share, vw global market share increase, vw news

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