🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

UPDATE 1-Volkswagen bucks global car slump, posts May gain

Published 06/12/2009, 06:46 AM
Updated 06/12/2009, 06:48 AM

* Incentives to scrap cars help raise German volume 36 pct

* Group sells 45 percent more vehicles in China last month

* Jan-May volumes down 7 pct vs 20 pct drop in global market

* Still no signs of recovery seen outside of China

(Adds details, background)

FRANKFURT, June 12 (Reuters) - A rejuvenated model range led by its new Golf VI hatchback helped Volkswagen outperform its competitors in May and grab more share of the world's car market, Europe's largest automaker said on Friday. Led by massive gains in Germany and China -- its two biggest markets -- group vehicle sales rose over last year's comparable month for the first time in 2009, gaining 1.5 percent to 556,700 units.

The group's core VW brand contributed substantially with a 10 percent gain in deliveries in May thanks to strong demand for its popular Tiguan SUV and Golf hatchback, as well as models sold in China like the Lavida and Passat Lingyu.

"We have to some extent been able to uncouple ourselves from an overall market that remains very weak thanks to our strong, young product range plus the additional sales advantage that comes from the comparatively high residual value of our used cars," Volkswagen sales chief Detlef Wittig said in a statement.

"However, with the exception of China, global passenger car markets are not showing any signs of recovery. It is not clear whether the markets have hit rock bottom yet."

Government scrapping incentives in Germany have artificially boosted the market for low-priced models, helping VW's group deliveries in Germany rise 36 percent.

The group's Czech brand Skoda saw sales drop 7.3 percent in May due to an overall slump in key Central and Eastern European markets, while Seat posted a 10 percent decline in volume last month as the marque's home market of Spain continued to suffer.

While the global market fell by about 20 percent in the first five months, Volkswagen group sales fell by just 7.0 percent to 2.49 million vehicles.

To read about the performance at VW's Audi brand, double click on

(Reporting by Christiaan Hetzner)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.