Volkswagen Group
German automotive giant Volkswagen has downgraded its forecasts for the second time in less than three months, slashing expectations for revenue, profit, and cash flow amidst weaker-than-expected demand and ongoing questions about its EV and China strategy.
The company cited “challenging market environment and developments that have fallen short of original expectations”, and said the issue is being felt in its passenger car, commercial vehicles and components business.
Total deliveries fell by 0.6 per cent over the first six months of 2024 to 4,348,000, including a total of just 317,200 battery electric vehicles (BEVs), which itself was down 1.4 per cent on the same period a year earlier.
VW is not the only European car maker struggling with the transition to EVs, with Mercedes and BMW also issuing downgraded forecasts, Stellantis suffering a major slump in shares, and the EU urged to protect their car makers with additional tariffs on Chinese electric cars.
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.
We own two Tesla cars but the price on the MG4 was irresistible for our…
Only one in five motorists looking to buy a new car over the next five…
BYD hits another sales record in September, but this time it has been driven by…
Another new electric SUV to land in Australia in 2024, thanks to Changan Deepal partnership…
The electric vehicle joint venture formed by two Japanese multinational giants will adopt Tesla’s North…
The world's biggest electric ferry is being built in Australia and will feature battery modules…
View Comments
Serves them right, they sacked Herbert Diess who was steering VW in the right direction.
Yes and no. He made some some bad choices with software and the ID-3 & 4 are pretty mediocre. But you are right He was all in on EVs and could well have turned things around by now.
Thoughts and Paryers for Legacy Auto right now.
Many, many paryers! ;-)