2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
The VW group should withdraw from the US market with its core brand. There have been rather significant losses in the past years, according to Frank Schwope from Nord LB.
After the emissions scandal, a car expert is talking about the Volkswagen brand's withdrawal from the US market. "A complete exit of the Volkswagen passenger car brand in the USA should be considered," wrote Nord LB analyst Frank Schwope on Thursday.
Since the group has not published any profit figures for North America after years of losses since 2007, it can be assumed that in the past 15 years "more (significant) losses than profits have occurred in the USA."
Osterloh spoke of a disaster year
According to Schwope, however, the Audi and Porsche brands should also make significant profits in the USA. A VW spokesman in Wolfsburg said that the group does not publish any profit figures for individual country markets. According to reports, the weakness on the US market was one reason why VW patriarch Ferdinand Piëch had "distanced himself" from ex-VW boss Martin Winterkorn at the beginning of the year and thus instigated a power struggle at Europe's largest car manufacturer.
Works council chief Bernd Osterloh called the US business a "catastrophe event" last year. (dpa)
Volkswagen had to expect a significant drop in sales in May. The particularly weak markets were in Europe and China
The core brand VW Passenger Cars suffered a slight drop in sales in August. The carmaker suffered mainly from weak sales in Europe and China
VW was able to achieve a slight increase in sales thanks to an upturn in sales in China in June. The core brand was able to sell 542,300 cars worldwide
The US auto market lost momentum in April. Nevertheless, thanks to an SUV offensive, Volkswagen was again able to sell significantly more. A total of 28,794 new cars of the core brand VW were sold
Regardless of the emissions scandal, the core brand VW grew slightly in the USA in September. Sales rose by 0.6 percent to over 26,000 units