Volkswagen Group 2023 Sales Rose 12%, Hitting Target Despite Little China Growth

By David Sachs

Volkswagen's group sales rose last year and the German carmaker hit its annual delivery target despite losing ground in China.

The company sold about 9.2 million vehicles worldwide last year, 12% more than in 2022, it said Tuesday. Volkswagen had aimed for between 9 million and 9.5 million deliveries.

Last year, battery-electric vehicle sales rose 35% to 770,000, Volkswagen said. They comprised 8.3% of all deliveries compared with 6.9% in 2022.

Total vehicle sales rose in every region, but least of all in China, where deliveries rose 1.6% to about 3.2 million, the company said. Volkswagen, once the leader in the world's largest car market, has lost ground to electric-car makers BYD and Tesla.

"While the situation will remain demanding over the next two years, we are further developing our technological capabilities and setting up our business for the future," said Volkswagen Group China CEO Ralf Brandstaetter.

The carmaker highlighted China sales of its luxury Audi brand, which rose 13.5% to about 728,600.

Volkswagen's group deliveries jumped 18% in North America, 21% in Western Europe, and 14% in Central and Eastern Europe. Deliveries in the Middle East and Africa region rose 29% while the South America and Asia-Pacific regions--excluding China and Hong Kong--saw growth of 9% each, Volkswagen said.

Write to David Sachs at [e-mail]

(END) Dow Jones Newswires

January 09, 2024 08:52 ET (13:52 GMT)

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