Volkswagen Group’s Global Electric Vehicle Sales Declined in Q1 2024

Volkswagen Group Global EV Sales Slid In Q1 2024

The Volkswagen Group, consisting of brands like Volkswagen, Audi, Porsche, Skoda, Seat, and Cupra, has reported global vehicle sales of 2,104,300 in the first quarter of 2024, showing a 3.1% increase compared to the previous year.

However, the group saw a slight decrease in all-electric vehicle sales during this period. In Q1, the Volkswagen Group sold approximately 136,400 all-Electric vehicles, which was 3.3% lower than the same quarter last year. The share of EVs in the total sales volume dropped from 6.9% to 6.5%.

Despite the decline, the group remains optimistic as incoming EV orders in Western Europe more than doubled in Q1, showing a promising future for sales. The EV order bank currently stands at around 160,000 vehicles as of early April.

In 2023, the Volkswagen Group achieved a milestone by selling over 771,000 all-electric vehicles globally, marking a 35% increase from the previous year. The goal for 2024 is to continue this growth trajectory, although the current challenges are expected to make it more difficult.

Looking at regional trends, Europe remains the largest market for EVs for the Volkswagen Group, accounting for over half of all sales. However, in Q1, the volume in Europe decreased by almost one-fourth. On the other hand, China experienced a significant 91% year-over-year increase in sales.

Among the brands under the Volkswagen Group, Volkswagen had the highest all-electric vehicle sales with 68,200 units in Q1, despite a slight decline from the previous year. Porsche and Seat/Cupra experienced the largest declines at 54% and 24%, respectively.

The best-selling models in the group were the Volkswagen ID.4 and ID.3, continuing their dominance in the market. The group plans to introduce new all-electric models in 2024, including the Volkswagen ID.7 Tourer, Volkswagen ID. Buzz, Cupra Tavascan, and others based on the Premium Platform Electric (PPE) system.

Overall, the Volkswagen Group is facing challenges in the all-electric vehicle segment in 2024, with the need to ramp up sales in key markets and introducing new models to drive growth.