I think there is a significant probability they will remain stable but with very slow growth at the same time.
The most likely scenarios due to the macro backdrop for the next two years that currently see are: a slow but growing car sales or a decline in sales due to a recession. I don’t see the catalyst for strong growth, because I don’t see a significant decline in rates unless a recession happens, and supply/demand has come to a better balance now, and prices remain relatively high.
That why for me a 12% growth for VW in 2025, sounds very optimistic, but I have to acknowledge that I don’t understand the company well enough to know with certainty if new models could have the potential to boost demand so much above the industry.
These are also S$P mobility projections, which show slow growth for the next few years
https://www.spglobal.com/ratings/en/research/articles/240425-global-auto-sales-forecasts-slower-ev-growth-offers-temporary-relief-to-legacy-automakers-13084917#:~:text=Key%20Takeaways,China’s%20long-term%20potential%20remains.