Škoda and Seat Growth Softens VW Group Delivery Decrease

After delivering almost 11 million vehicles across all its brands in 2019, Volkswagen Group was hit by a pandemic-induced chip shortage and the war in Ukraine, much like all other car manufacturers. While it looked like the company would bounce back with 9.2 million deliveries in 2023, this figure dropped by 2.3 percent to slightly above nine million in 2024. Its core brands Volkswagen and Audi sit at their respective second-lowest since the start of the coronavirus pandemic. However, other brands have been able to pick up the pace.

Škoda, for example, grew its deliveries by roughly seven percent or 60,000 units to around 927,000, while the combined Seat-Cupra brand shifted 558,200 cars for a year-over-year growth of 7.5 percent. Volkswagen's higher-value Progressive and Luxury groups, including Bentley, Lamborghini, Porsche and the aforementioned Audi, saw deliveries decrease by 11.8 and 3.0 percent, respectively.

Despite a decrease in deliveries, Volkswagen Group still comes in first for twelve-month trailing revenue with $355 billion and second after Toyota with twelve-month trailing earnings of around $20 billion, according to Companies Market Cap. Full-year results for 2024 are expected in March.