Volkswagen Group is on track to achieve its target of selling 10 million vehicles this year based on sales figures for the first three quarters.
The company delivered 7.4 million cars from January to September this year VW reported growth in all its brands in the first nine months, led by a 10 percent rise at Audi.
Sales at VW brand rose 3 percent, while Porsche posted a 13 percent rise in deliveries.
Czech unit Skoda sold 13 percent more vehicles, while Seat’s volume was up 10.5 percent.
Higher sales in China and Europe are helping to offset weaker volume in the US and South America for the group, which owns the Audi, Porsche and Bentley luxury brands, as well as the VW, Skoda and Seat volume marques.
“Despite the continuing big challenges in the markets, we have the opportunity now to reach the 10 million mark in deliveries this year, four years earlier than originally planned,” Christian Klingler, VW Group’s sales boss, said in the statement.
VW is on target for sales of 10 million cars
VW is on target for sales of 10 million cars
Price cuts drive sales of Saudi-owned electric car
- Lucid delivers more vehicles than expected as it prepares to launch luxury new Gravity SUV
RIYADH: The majority Saudi-owned electric car maker Lucid delivered more vehicles than expected in the past three months as price cuts helped boost demand.
The company delivered 2,394 cars from April to June 30, above analysts’ predictions of 1,940.
Lucid produced 3,838 vehicles in the first six months of 2024 and needs to make more than 5,162 cars by end of the year to meet its annual output forecast of 9,000. It made 8,428 cars in 2023.
“I think at this point everything is shaping for them to achieve that,” said Andres Sheppard, senior equity analyst at Cantor Fitzgerald. Lucid will produce and deliver more cars in the second half of the year because of the usual seasonal effects on the industry, he said.
Demand for electric vehicles has grown more slowly than expected pace in the past year, under pressure from high borrowing costs, economic uncertainties and consumer preference for hybrid alternatives.
Lucid and the market leader Tesla have responded by slashing prices and offering incentives such as cheaper financing options. Lucid, which is 60-per-cent owned by the Public Investment Fund, the Kingdom’s sovereign wealth fund, cut the price of its flagship Air model by 10 percent in February.
Its new Gravity SUV model, a rival for Tesla's Model X, goes into production this year and will cost about $80,000.
