According to Reuters, VW anticipates a decline in car sales growth in 2024 due to a bleak economic outlook and escalating competition. The German automaker anticipates a dramatic decline in passenger vehicle sales this year, with growth of only 3% compared to 2023. Arno Anlitz, head of Volkswagen’s finance department, disclosed that the OEM’s 2023 customer deliveries increased by 12% to 92.4 lakh units.
During the automaker’s 2023 results presentation, Anlitz reportedly stated that the company’s overall economic circumstances continue to be difficult. He did, however, also add that the carmaker remains optimistic about 2024 despite the weak economic forecast and escalating rivalry in the world passenger car market. It’s interesting to note that Volkswagen is not the only carmaker predicting a difficult year to come. Stellantis disclosed its 2023 sales results last month, along with a tumultuous 2024 forecast.
Volkswagen is placing a lot of money on new models, including fully electric cars, in an effort to increase sales in the upcoming months. The Volkswagen ID.7 EV was just introduced, and in 2024, a record 30 new models are planned. The company said that it had a distinctly good trend going into the new year. In an effort to counter the bleak picture, the automaker is also placing significant bets on the Porsche Macan EV and Audi Q6 E-Tron models in addition to introducing hybrid technology into cars with internal combustion engines.
It’s interesting to note that Volkswagen AG’s new EV releases coincide with a slowdown in the growth of the market for electric vehicles, which even forced Mercedes-Benz to decide to postpone its electrification target by five years. Mercedes-Benz, on the other hand, declared that it will concentrate on redesigning its internal combustion engine models until it places a renewed priority on electric vehicles. Oliver Blume, the CEO of Volkswagen, discussed the slowdown in the demand for electric vehicles and noted that the firm is adaptable enough to adjust to changes in various markets based on customer desire.
