The Volkswagen Group reported a global decline in vehicle deliveries for the first nine months of 2024, with a total of 6.52 million vehicles delivered by September, down 2.8% from the same period last year. A challenging market environment, particularly in China, contributed to the decrease, while the company saw significant growth in North and South America.
North and South America Shine, China Struggles
Volkswagen Group achieved impressive growth in North America (+7%) and South America (+15%), with Brazil leading the charge in South America, where deliveries surged by 19.1%. In contrast, deliveries in China, the company’s largest market, fell by 10.2%, attributed to intense competition. Europe saw a slight decline of 0.9%, largely due to market pressures in Germany and Western Europe.
Electric Vehicles (BEV) Hold Steady
Volkswagen’s BEV sales reached 506,500 by the end of Q3, representing 8% of total deliveries. While BEV deliveries were down 4.7% overall, the company saw a promising 27% increase in BEV deliveries in China. In Western Europe, BEV order intake doubled by September, and upcoming models like the VW ID.7 Tourer and Audi Q6 e-tron are expected to boost sales further in Q4.
Declines in Core and Premium Brands
Volkswagen’s core brands saw mixed results, with Škoda growing by 6%, while the flagship Volkswagen Passenger Cars brand fell by 2.5%. The premium Brand Group Progressive, which includes Audi and Bentley, saw a steep 16% drop, largely driven by a decline in Audi deliveries.
Outlook for 2024
Despite the challenges, Volkswagen remains optimistic. “Numerous attractive new models across all brands will strengthen our market position worldwide,” said Marco Schubert, Member of the Group’s Extended Executive Committee for Sales. However, he emphasized that improving the cost base in Germany will be essential for future success.
Volkswagen’s Q4 performance will be bolstered by the launch of new electric models and recovery in certain regions. The group remains the BEV market leader in Europe, holding a 19% market share.
