Volkswagen Q1 deliveries rose 1.4% y/y, better than management’s estimate
- Volkswagen Q1 2025 deliveries rose 1.4% y/y to 2.13 million units.
- Management guided 2025 deliveries to be flat y/y and had said Q1 will be a weaker quarter.
- Its share of all-electric vehicles in Western Europe doubled to 19% while all drive type incoming orders rose 29% to around 1 million vehicles.
Assessment
It’s good to see the share of BEVs in Western Europe picking up considerably. At this rate, Volkswagen could meet- or slightly miss (as guided by management) its 2025 CO2 target. Based on my estimates, Volkswagen Group would need to attain a BEV share of 24.2% in 2025 to meet its CO2 target.