Volkswagen sees slight recovery in Q3 sales

Fri Oct 14 2022
Austin Collins (545 articles)
Volkswagen sees slight recovery in Q3 sales

Volkswagen (VOWG_p.DE) deliveries were up just over 10% in the third quarter as supply chain troubles eased but still down 12.9% overall this year at just over 6 million vehicles, the carmaker said on Friday.

September saw 20.7% growth in deliveries boosted in particular by China, where COVID-19 lockdowns held up production in the first half of the year.

The carmaker’s output reflects a broad recovery across the auto industry in recent months from a first half plagued by supply chain troubles due to the war in Ukraine and shutdowns at Chinese factories because of its coronavirus restrictions.

BMW (BMWG.DE) deliveries in the third quarter were just slightly below last year’s with 6.6% growth in sales in September, and Mercedes-Benz deliveries were up 20% in the third quarter.

Overall, Volkswagen’s deliveries were down in every major region this year, with Europe hardest hit, followed by the Middle East and Africa.

China saw the lowest drop at 7.5% and a strong recovery in September with deliveries a third higher than the same month last year.

All-electric cars made up 6% of all deliveries, totalling 366,400 vehicles.

Around two thirds of all-electric deliveries were in Europe with the remaining third primarily in China, where Volkswagen is fighting domestic competitors and Tesla (TSLA.O) for a bigger share of the domestic electric car market.

Austin Collins

Austin Collins

Austin Collins is our Europe, Asia, & Middle East Correspondent. He covers news related to Stock Market. In past he has worked for many prestigious news & media organizations. He is based in Dubai