Volkswagen Q1 Deliveries Increase 3% Amid EV Challenges: Details

Volkswagen AG VWAGY reported a 3% year-on-year increase in first-quarter FY24 deliveries to 2.10 million vehicles.

The growth was driven by an 8% increase in China, a 14% jump in South America, and a 5% climb in North America.

Deliveries of vehicles with combustion engines increased by 4% to 1.97 million units.

All-electric vehicles (BEV) deliveries declined by over 3% to 136,400, with China posting a 91% jump and Europe registering a 24% decrease.

The BEV order bank currently stands at around 160,000 vehicles, with a 154% increase in orders Y/Y.

Audi car deliveries fell 4.5% to 396,900 vehicles, and Porsche declined 3.9% to 77,600 in the first quarter.

“Our diversified product portfolio gives us the necessary flexibility to compensate for fluctuations in demand in certain segments – as is currently the case with all-electric vehicles – in others,” said Hildegard Wortmann, Member of the Group’s Extended Executive Committee for Sales.

Piece Action: VWAGY shares closed lower by 0.44% at $15.98 on Tuesday.

Photo by Ivan Radic via Flickr