Volkswagen Deliveries Fall 1.4%; China Competition Weighs

This overall decline occurred despite a robust 20% increase in deliveries across North and South America, while Europe, the brand's second-largest market, saw a 1.7% contraction. VW executive Martin Sander confirmed 2024 was a challenging year globally, citing a weak economy, political hurdles, and fierce competition, especially in China.

In response to these pressures and to achieve significant cost savings, Volkswagen agreed in December to cut 35,000 jobs in Germany by 2030, aiming to save approximately 4 billion euros ($4.1 billion) annually. This struggle is not unique to Volkswagen, as other European automakers like BMW and Stellantis also face similar challenges from Chinese competition and weak demand in the region.