I=8
- Volkswagen deliveries rose by 22.6% year-over-year to 824,300 vehicles in November, exceeding my forecast of 752,035 vehicles (+11.9% y/y).
- All the major markets saw positive growth with China deliveries growing by 32.4% year-over-year to 296,100 vehicles.
- Deliveries from January to November now stands at 8,305,200 vehicles.
Assessment
Assuming the 12.83% y/y average growth rate in the first 11 months of 2023 will continue in December, Volkswagen will deliver 950,367 and 9,255,5677 units (guidance 9-9.5million) in December and 2023, respectively. Assuming no growth in December, Volkswagen will deliver 9,147,500 units in 2023. It’s good that Volkswagen’s China deliveries grew more than the overall car sales (25%) in China during the month.