Volkswagen EV Sales Drop 10% In Q3 Due To Slowdown In US And EU, But China Shines As A Bright Spot With 5% Growth

German automaker Volkswagen Group VWAGY delivered 189,400 all-electric vehicles in the three months through the end of September, marking a drop of about 10% from the corresponding period last year, the company said on Friday.

What Happened: The company witnessed most decline in EV sales in the U.S., followed by Europe. While EV deliveries in the U.S. fell by nearly 42% to 11,900 in the third quarter, deliveries in Europe dropped 12%.

However, in China, EV deliveries rose 5.2% to 57,500 units.

The group’s best-selling all-electric vehicles in the period were Volkswagen ID.4/ ID.5 and the ID.3, the company said, with the Audi Q4 e-tron following close at heel.

Overall, Volkswagen delivered about 2.2 million vehicles globally in the last quarter across fuel types, marking a drop of about 7% from Q3 last year, owing to a significant drop in sales in Western Europe and China, its primary markets.

Why It Matters: Volkswagen now expects deliveries of new models such as the VW ID.7 Tourer, Audi Q6 e-tron, and Porsche Macan Electric to spurr numbers in the last quarter.

“In the coming months, numerous attractive new models across all brands will strengthen our market position worldwide. In addition, however, a better cost base, particularly in Germany, is essential to remain successful in this environment in the future," said Marco Schubert, Member of Volkswagen Group's Extended Executive Committee for Sales.

Late last month, Volkswagen cut its annual outlook citing a challenging market environment to global deliveries of around 9 million, down from the 9.24 million delivered last year. The company had previously said that it expects a rise of up to 3%.

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Photo courtesy: Volkswagen