On Friday local time, European automotive giant Volkswagen Group updated its delivery data for the third quarter of this year. Given that Volkswagen has set the goal of "accounting for half of the revenue of electric vehicles by 2030 and completely suspending the sale of gasoline vehicles by 2035", the stock market is also paying special attention to the sales situation of Volkswagen electric vehicles.
According to data disclosed by Volkswagen Group, the company delivered a total of 6.7158 million new cars from January to September this year, a year-on-year increase of 10.9%. The number of pure electric vehicles reached 531500, with a year-on-year growth rate of 45%.
(Source: Volkswagen Group)
After the data was released, Volkswagen Group's stocks in the European and US securities markets all fell, with the US stock ADR falling by over 2%.
Why did it fall?
Although the delivery data of 530000 vehicles and a 45% growth rate seem quite good, they are still slightly lower than the Volkswagen Group's own target.
From another perspective, in the first nine months of this year, Volkswagen's pure electric vehicles accounted for 7.9% of the overall delivery quantity, while in the third quarter of this year alone, they could reach 9%. Volkswagen had earlier called out to increase the proportion of tram sales to 11% this year, but the latest expectation has been lowered to the range of 8% -10%.
Hildegard Wortmann, a sales executive at Volkswagen Group, also provided an official interpretation on Friday. She stated that the delivery of electric vehicles by Volkswagen Group showed overall good data. Despite the widespread reluctance to buy battery powered cars in the European market, Volkswagen has still won market share and continued its leadership position in the European electric vehicle market. However, due to lower than expected overall market trends, the current order volume has not met the group's ambitious goals.
Europeans' concerns about battery cars are not difficult to understand. As a region that has been hit multiple times by the geopolitical situation in the past two years, energy prices have become a pain point for the European economy. For example, since the new round of Palestinian-Israeli conflict and the Finnish LNG pipeline incident last weekend, European TTF natural gas benchmark futures have risen by over 40% in a week.
(Source: ICE)
According to official data, 64% of the sales of pure electric vehicles delivered by Volkswagen this year come from European headquarters, with China and the United States accounting for 22% and 10% respectively, while the delivery data for other markets only adds up to 4%.
For the winners of the era of internal combustion engines, the transformation process will also face the competition of new electric vehicle tycoons. Tesla has plans to double the size of its Berlin factory, with an annual production capacity of 1 million vehicles after the expansion is completed. Tesla previously announced that the Model Y was the best-selling model in Europe in the first half of this year, surpassing a group of internal combustion engine models.
In addition, in the largest and most competitive Chinese market in the global electric vehicle industry, Volkswagen not only faces its old rival Tesla, but also local brands that are highly competitive in terms of software and hardware. In July of this year, Volkswagen signed a strategic technical cooperation framework agreement with Xiaopeng Automobile. Compared to the previous era of internal combustion engines, the cooperation model of foreign capital providing brands and technology is different. This time, there has been a change in China's "new forces in car manufacturing" providing technology to traditional giants.
The latest data from Volkswagen shows that in the first nine months of this year, the delivery quantity of Volkswagen electric vehicles in the Chinese market was 117100 units, which is basically the same as 112700 units in the same period last year.
(Source: Volkswagen Group)
Ralph Brandstadt, head of Volkswagen China, has stated that the ID. 7, which went public in the second half of this year, is expected to boost sales data in the Asian market in the coming months.
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