Key Takeaways:
- Volkswagen's global Q2 deliveries fell 8.6% year-over-year
- China sales plunged 36.6%, more than offsetting gains elsewhere
- North America and Western Europe posted growth of 7.7% and 1.8%
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Volkswagen Q2 deliveries fall 8.6% as China demand slumps
Volkswagen reported an 8.6% decline in global deliveries in the second quarter, dragged by a 36.6% plunge in the Chinese market.
The German automaker's China sales fell as local brands led by BYD Co. continued to gain market share, the company said in a statement Friday. The decline in China, Volkswagen's largest single market, more than offset gains in North America and Western Europe.
Deliveries in North America rose 7.7% in the quarter, while Western Europe posted a 1.8% increase, the company said. The regional divergence shows the challenges facing traditional automakers in China, where domestic competitors have rapidly expanded their lineup of affordable electric and hybrid vehicles. Volkswagen's global delivery total for the quarter was not disclosed in absolute terms.
The results add to a difficult period for European automakers exposed to China. BMW AG earlier Friday reported a 30% drop in second-quarter China sales, while Audi AG posted a decline in half-year deliveries as competition intensified and US tariffs added to headwinds. Volkswagen's performance in China will be closely watched ahead of its full first-half earnings report, expected in the coming weeks. The company has been investing heavily in local partnerships and new models to stem market share losses in the world's largest auto market, where it once commanded a dominant position.
This article is for informational purposes only and does not constitute investment advice.
