Hyperdrive
Volkswagen Sees Sales Slowing as Car Industry Struggles
- Sales growth in 2024 to slow to 5% from 15%, carmaker says
- VW to trim 5-year spending plan through 2029 by €10 billion
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Volkswagen AG shares fell after the carmaker said sales growth will slow this year as the auto industry grapples with slumping demand for electric vehicles and intensifying competition.
New products will help Volkswagen exceed the €322 billion ($348 billion) it reported for 2023 by as much as 5%, the carmaker said Friday in a pre-release of its results. That’s a drop from 15% sales growth last year.