- Volkswagen AG
- 10 July 2024 11:50:43
Source: Sharecast
The company delivered 4.35m vehicles worldwide in the six months to 30 June, down 0.6% on the 4.37m reported the year before.
Growth in North America (+8%), South America (+15%), Western Europe (+2%) and Middle East/Africa (+2%) was unable to offset declines in China (-7%), the wider Asia-Pacific region (-16%) and Central and Eastern Europe (-1%).
"As announced, we have deliberately prioritised sustainable value creation over higher volumes in the highly competitive environment in China in order to achieve our long-term strategic goals," said Hildegard Wortmann, a member of VW's extended executive committee for sales.
Across 2024 as a whole, VW still expects a "slight increase" in global deliveries, helped by the launch and ramp-up of new models in the second half.
Late on Tuesday, the company said it was reducing its guidance for operating return on sales to 6.5-7.0%, down 50 basis points on previous forecasts, due to the potential closure of an Audi plant in Brussels. The impact is expected to lead to a "total burden on the operating result" of €2.6bn this year.
Across the manufacturer's 'Brand Group Core' division – which includes VW passenger cars, Škoda, SEAT/CUPRA and VW commercial vehicles – worldwide sales were up 2.3% at 3.19m in the first half.
However, the 'Brand Group Progressive' categories – comprised of premium brands Audi, Bentley and Lamborghini – saw deliveries fall by a combined 8.2% to 844,000, while the luxury Porsche division dropped sales by 6.8% to 155,900. The trucks and TRATON department also reported a weaker period, with deliveries falling 4.8% to 160,100 overall.