Volkswagen Group VWAGY said on Monday it sold 2,755 ID.4 electric crossovers in the first quarter of 2022, a decline of 38.3% on a sequential basis.
What Happened: The German automaker had shipped 4,463 ID.4s to the U.S. in the fourth quarter of 2021.
Volkswagen began exporting the ID.4 that it currently makes in Zwickau, Germany to the U.S. in February 2021. The automaker had shipped 474 units in the first quarter of last year.
The ID.4 plant is currently facing wiring harnessing shortages and had to reportedly halt production in February for four days due to Russia’s invasion of Ukraine.
Volkswagen said overall U.S. sales in the first quarter were down 28.5% to 64,993 vehicles on a year-on-year basis. On a sequential basis, the decline was 22.9%.
VW Vs Legacy Rivals?: General Motors Co GM said last week it sold only 457 electric vehicles — 358 Bolt EVs and Bolt EUVs and 99 Hummer EV pickups — so far this year.
Ford Motor Co F said it sold 6,734 Mustang Mach-Es in the first quarter. The Dearborn, Michigan-based Ford’s Mach-E competes with Tesla Inc’s TSLA Model Y.
Why It Matters: Volkswagen plans to begin the local production of the ID.4 in Chattanooga in the coming months.
The automaker plans to launch 25 new EV models in North America through 2030 and is spending $7.1 billion over the next five years on EV projects in North America, as it seeks to catch up with industry leader Tesla on its home turf.
Price Action: VWAGY stock closed 0.56% lower at $25.08 a share on Monday.
Photo courtesy: Volkswagen
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
