Volkswagen Group deliveries fell 7.1% y/y to 2.2 million vehicles in Q3
- Volkswagen Group deliveries fell 7.1% y/y to 2.2 million vehicles in Q3, driven mostly by Audi (-16.0%), Brand Group Core (-5.2%) and Porsche (-7.2%), Q2 deliveries were down 3.8% y/y to 2.2 million units.
- Year to date, deliveries at the group level are down 2.8% y/y to 6.5 million vehicles, hence 2.5 million vehicles in Q4 are needed to hit the 9 million units recently guided by the management.
- In Q3, China deliveries slipped 10.2% y/y to 711,500 units, North America deliveries grew 7.4% y/y to 273,800 units while Western Europe deliveries were down 7% y/y to 743,600 units.
Assessment
Other than at the Brand Group Core, deliveries in other brands are in the right trajectory to meeting my estimates. Deliveries at the Brand Group Core got worse in Q3 probably due to growing competition and economic challenges in China. As such, I am lowering my 2024 deliveries estimate at the Brand Group Core by 150,000 units. Here are my updated deliveries projections:
