Wednesday, May 22, 2024

Denmark's once most popular car brand dives

Volkswagen has had a tough start to 2024. The accounts for the first quarter show that the group's revenue has plummeted.

Volkswagen had probably wished for a better start to 2024 than the one shown in the accounts for the first quarter.

Fortunately, sales have only fallen by one percent to 75.5 billion euros when compared to the same period last year.

That's what Auto Bild writes.

But if you look at the turnover, it immediately looks somewhat worse. Slowdowns and challenges in the Chinese market in particular have sent revenue down by as much as 20 percent.

READ ALSO: New spare parts are now being made again for dead car brands

Earnings after tax have fallen by almost 22 percent to 3.71 billion euros. And although it both looks and sounds like a solid beating, it is no worse than the management in Wolfsburg had expected.

The Volkswagen Group itself points out that the poorer results are due to lower sales, a less favorable market across the group's brands and increased fixed costs.

However, Volkswagen's finance director Arno Antlitz immediately sees the future somewhat brighter. Also the closest one. This is due, among other things, to the fact that the car group has received more orders in the past few months, it says.

At home, however, the Semler group, which imports Volkswagen cars, would probably like the sales figures to look just a little nicer.

The once popular brand, Volkswagen was until 2022 Denmark's best-selling car brand 12 years in a row, must see itself beaten by as many as three competitors.

Both Peugeot, Tesla and Toyota now sell more cars than Volkswagen in Denmark. The Japanese sell the most. In the course of the first quarter, Toyota settled on 10.5 percent of the new car market, but the Germans had to settle for 7.5 percent.

Read more exciting news from and about the world of cars right here!

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