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Published 1 month ago

Cars Volkswagen Published by J. Doe

Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year

The demand for Volkswagen vehicles remains strong and orders reached a historically high level in the third quarter. Volkswagen Board Member for Sales Klaus Zellmer: “We currently have orders for almost half a million cars from Europe alone.” After nine months, total deliveries by Volkswagen had increased year on year in all regions except China. In the first nine months, a new record for global deliveries of electric vehicles was set with 167,800 BEVs (+169%) and 86,900 PHEVs (+98%). Volkswagen is the market leader for all-electric vehicles in Europe and is meeting its targets in the USA.

In China, too, Volkswagen’s electric offensive is on track, with sales of the ID.

Outlook for 2021

In order to become more resilient to market fluctuations, Volkswagen is seeking to trim its fixed costs by 5 percent before 2023, increase factory productivity by 5 percent per year, optimize material costs by 7 percent and bring all regions into the black in the long term. Despite the semiconductor shortage, Volkswagen expects to reach break-even in the North America and South America regions this year.

Original article

Oct 29, 2021 at 08:19

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