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Volkswagen Forecasts Flat Sales in India for 2024

Thehindubusinessline

Thehindubusinessline · 1y ago

Volkswagen Forecasts Flat Sales in India for 2024

Volkswagen expects its car sales in India to remain flat in 2024 despite plans to introduce new products. The German automotive giant projects that its total group volumes in India will be at the same level as the previous year. In 2023, Volkswagen saw a 4% growth in sales in India, reaching 101,553 units compared to 97,610 units in 2022. The company believes that India is an important future market and is exploring a supply chain agreement with Mahindra & Mahindra for sourcing parts for electric vehicles.

Related News

Volkswagen to kick off electrification journey in India later this year with ID.4 launch

Money Control

Money Control · 1y ago

Volkswagen to kick off electrification journey in India later this year with ID.4 launch

German automaker Volkswagen has unveiled the Volkswagen ID.4, its first electric vehicle (EV) in India. The EV is expected to be launched in late 2024 and will initially be available in a single configuration. The ID.4 offers multiple powertrain options globally and has a range of up to 480km on a full charge. Volkswagen aims to drive mass electrification in India and sees the country as a key market. The company plans to strengthen its portfolio and increase sales by 10-15% this year. It also intends to expand its sales and service network in Tier II and Tier III cities.

European auto companies fail to rev up sales in India

Economic Times

Economic Times · 2m ago

European auto companies fail to rev up sales in India

European car brands Renault, Volkswagen, and Skoda are struggling in India, experiencing declining sales in recent years. According to JATO Dynamics, Renault's sales fell from 78,926 units in 2022-2023 to 37,900 in 2024-2025. Skoda and Volkswagen also faced declines, partly due to initial focus on sedans over SUVs and limited model updates. India's tax structure favors smaller vehicles, challenging European brands' competitiveness, which traditionally offer larger models.

Our EV dreams are real, but India isn’t ready yet: Škoda Volkswagen’s Jan Bureš

Livemint

Livemint · 1m ago

Our EV dreams are real, but India isn’t ready yet: Škoda Volkswagen’s Jan Bureš

Škoda Volkswagen India anticipates around 18% EV penetration in India by 2030, a decrease from the previous 30% projection, due to inadequate infrastructure and lower consumer interest. Jan Bureš, executive director – sales, marketing & digital at Škoda Auto Volkswagen India, acknowledges challenges in aligning with the evolving, tech-savvy Indian market. The company is re-evaluating its strategies, noting past miscalculations in feature demand and a cautious stance on hybrid vehicles.

Counterpoint Research cuts 2025 global smartphone shipment growth amid tariff uncertainty

Economic Times

Economic Times · 2m ago

Counterpoint Research cuts 2025 global smartphone shipment growth amid tariff uncertainty

Counterpoint Research has reduced its 2025 global smartphone shipment growth forecast from 4.2% to 1.9%, due to uncertainties around U.S. tariffs. Although a 90-day tariff suspension was enacted, the situation poses challenges for manufacturers already experiencing sluggish sales amid geopolitical tensions. The firm also adjusted China’s year-on-year shipment growth to nearly flat, and forecasts slower shipments for Apple and Samsung as costs are transferred to consumers, impacting global supply chains and market dynamics.

Procter & Gamble sees demand recovery on good monsoon and as inflation softens | Mint

Livemint

Livemint · 11m ago

Procter & Gamble sees demand recovery on good monsoon and as inflation softens | Mint

Procter & Gamble Hygiene and Health Care (PGHH) has reported positive trends in demand due to plentiful monsoon rains and softening inflation. The company highlighted declining rural wages and rising unemployment as short-term concerns for consumption. PGHH will focus on its integrated growth strategy, prioritizing daily-use products and expanding product reach. The fast-moving consumer goods (FMCG) industry in India saw a slowdown in volume growth in the June quarter, with packaged foods experiencing declining sales. PGHH's sales for the year ended June 2024 increased by 7%, while net profit remained flat.

Volkswagen India unit faces $1.4 billion tax evasion notice for Audi, VW and Skoda car parts: Report | Company Business News

Livemint

Livemint · 9m ago

Volkswagen India unit faces $1.4 billion tax evasion notice for Audi, VW and Skoda car parts: Report | Company Business News

India has accused German automaker Volkswagen of evading $1.4 billion in taxes by misclassifying imported car components for brands like Audi, VW, and Skoda. The notice alleges that Volkswagen falsely declared the imported parts as individual components, resulting in a lower import tax rate of 5-15% instead of the applicable 30-35% for fully assembled cars. Since 2012, the company should have paid around $2.35 billion in taxes but paid only $981 million, according to the investigation. If found guilty, Volkswagen could face penalties and interest amounting to $2.8 billion.

Dutch chipmaker ASML CEO says he expects demand from China to remain strong

Economic Times

Economic Times · 1y ago

Dutch chipmaker ASML CEO says he expects demand from China to remain strong

The chief executive of Dutch semiconductor equipment maker ASML Holding NV, Peter Wennink, expects strong demand from Chinese chipmakers despite export restrictions imposed by the US and Dutch governments. Wennink believes that there will be a significant amount of demand for mature technology from China this year. He mentioned that the export restrictions impact around 15% of ASML's sales to China, which is the company's third-largest market. ASML warned that 2024 sales may be flat.

Apple’s iPhone 16 Pro demand strong, base models lag in sales: Ming-Chi Kuo

Livemint

Livemint · 10m ago

Apple’s iPhone 16 Pro demand strong, base models lag in sales: Ming-Chi Kuo

- Apple launched the iPhone 16 lineup with impressive features at its Glowtime event. - iPhone 16 Pro models are meeting Apple's sales forecasts and experiencing shorter shipping times. - Sales of the base models, iPhone 16 and iPhone 16 Plus, have been lackluster, leading to reduced component orders. - Apple's next priority is to cater to demand in the US and launch Apple Intelligence with AI enhancements. - Production of iPhone 16 is expected to be between 88 and 89 million units in Q4 2024, slightly lower than iPhone 15 series.

Monsoon rains dent state retailers' diesel sales, data shows

Money Control

Money Control · 11m ago

Monsoon rains dent state retailers' diesel sales, data shows

Indian state retailers experienced a decline in diesel sales in the first half of September compared to August due to monsoon rains affecting industrial activity and mobility. Sales of gasoline remained flat, but were down compared to last year, while liquefied petroleum gas sales increased from the previous month, but were still lower than last year. Aviation fuel sales also decreased compared to the previous month. Overall, fuel demand in India typically falls during the monsoon season.

Volkswagen and Mahindra sign supply agreement; Here's what you need to know

IndianStartupNews

IndianStartupNews · 1y ago

Volkswagen and Mahindra sign supply agreement; Here's what you need to know

Volkswagen and Mahindra have signed a supply agreement for components of Volkswagen's MEB matrix, aimed at accelerating e-mobility in India. Mahindra will be the first external partner to utilize Volkswagen's unified cell concept and will launch five all-electric SUVs in India starting from December 2024. With over five million new vehicles annually, India is experiencing an electric revolution in the passenger car segment. The partnership will leverage the MEB platform across various brands and strengthen the e-mobility footprint of both companies.

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