Volkswagen Cuts Guidance Despite 48% Rise in EV Deliveries Amid Logistics Woes

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  • EVs now form 7.4% of Volkswagen’s total deliveries, up from 5.6% in H1 2022.
  • Volkswagen has forged strategic alliances in China, including partnerships with SAIC

The Volkswagen Group unveiled its first-half 2023 figures, revealing a 48% spike in electric vehicle deliveries, equivalent to roughly 322K units. However, the auto giant is revising its annual delivery projections downward, attributing this shift to persistent logistics challenges.

Under the vast Volkswagen umbrella, which includes brands like VW, Audi, Skoda, and Porsche, EVs made up 7.4% of their total deliveries, which was 5.6% in H1 2022. In China, where Volkswagen traditionally enjoys a commanding market presence, the firm registered a YOY growth of 18% in EV deliveries. Despite this growth, Volkswagen found itself trailing China’s BYD in passenger car sales for the first half.

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Citing the criticality of the Chinese market, which contributes to nearly 40% of Volkswagen’s revenues, the company has been ardently forming alliances in the region. Audi has partnered with SAIC Motors to innovate and churn out new EV models. A substantial $700M investment also sees Volkswagen acquiring a nearly 5% stake in XPeng Motors. With plans to introduce two models via this strategic tie-up by 2026, Volkswagen hopes to leverage its robust tech platform and connectivity.

Forecasting the latter half of 2023, Volkswagen anticipates an uptick in BEV sales due to seasonal inclinations and shorter delivery times. Their ambition is for EVs to constitute between 8% and 10% of their annual delivery pie. However, the overall delivery guidance is expected to dip by nearly 500K units this year, transitioning from semiconductor scarcities to transport and logistics hindrances. Notwithstanding these operational challenges, Volkswagen remains steadfast in its financial predictions for the concluding year.

 

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