Volkswagen to develop budget SUVs, MPVs in China: exec

Volkswagen (VOWG_p.DE) 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. Heizmann said the Volkswagen Group has "concrete projects" to address the issue.

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