Volkswagen AG to launch 30 new cars globally in 2024 to battle slowdown hurdle

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Volkswagen AG is planning to launch a product offensive of 30 new cars including both electric and ICE vehicles, in an attempt to offset the gloomy gr

Volkswagen AG is planning to launch a product offensive of 30 new cars including both electric and ICE vehicles, in an attempt to offset the gloomy growth outlook. (REUTERS)

Volkswagen expects a slump in its car sales growth in 2024, amid a gloomy economic outlook and growing competition, reported Reuters. The German automobile giant expects its passenger vehicle sales in this year to grow just three per cent, sharply down from 2023. Volkswagen’s finance chief Arno Anlitz has revealed that the OEM’s deliveries to customers rose 12 per cent to 92.4 lakh units in 2023.

While presenting the automaker’s 2023 results, Anlitz reportedly said that the general economic situation for the company remains challenging. However, he also added that the automaker is confident about 2024, despite the muted economic outlook and intensifying competition in the global passenger vehicle market. Interestingly, Volkswagen is not the only automaker that has predicted a challenging year ahead. Last month, Stellantis also predicted a turbulent 2024 while revealing its sales performance for 2023.

Watch: Volkswagen Virtus: First Drive Review

In order to boost its sales in the coming months, Volkswagen is betting big on new models including fully electric vehicles. It recently launched the Volkswagen ID.7 EV and plans a record 30 new models in 2024. The brand stated that it started the new year with a clearly positive trend. The auto manufacturing group is also betting big on the Porsche Macan EV and Audi Q6 E-Tron models along with the infusion of hybrid technology in internal combustion engine-powered cars in an attempt to offset the gloomy outlook.

Interestingly, Volkswagen AG’s new EV launches come at a time when the demand growth for electric cars has been slowing down, which even pushed Mercedes-Benz to adopt the strategy of delaying its electrification goal by five years. Instead, Mercedes-Benz stated that it will focus on revamping its internal combustion engine models till it reemphasises on electric vehicles. Speaking of the slowdown in demand for electric cars, Volkswagen CEO Oliver Blume said that the company is flexible enough to adapt to changes in different markets, depending on consumer demand.

First Published Date: 14 Mar 2024, 09:28 AM IST

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