The Volkswagen Group (which includes Volkswagen, Audi, Porsche, Skoda, SEAT and more) reports quite strong business results in the first quarter of 2021.
Let's first take a look at general numbers and then focus on the plug-in electric car sales.
The group has increased its vehicle deliveries by 21.2% year-over-year to 2.4 million (compared to 2.0 million in Q1 2020). That's 12.4% of global car sales.
That allowed it to increase the revenues to €62.4 billion (up 13.2% year-over-year), but more importantly, the operating profits improved to €4.8 billion, which is 7.7% gross margin. The income after tax will be €3.4 billion (5.4% of revenues).
We must admit that it's not a bad start to the year, especially considering the semiconductor shortages.
Herbert Diess, CEO of the Volkswagen Group:
“We started the year with great momentum and are on a strong operational course. This is clearly reflected in our positive quarterly figures. At the same time, we remain fully committed to our transformation into a climate-neutral and software-driven mobility group. Our successful e-offensive continues to gain momentum and we have significantly expanded it with attractive new models. We are also making good progress with the key topic of digitalization and have reached important milestones. There is still much more we can achieve in the remainder of the year.”
The Volkswagen Group outlines four major areas of business: hardware, software, battery and charging as well as mobility and services:
The software business is in its early investment phase, but over time it is expected to generate some income through licenses:
Volkswagen Group plug-in car sales
In Q1 2021, the Volkswagen Group delivered some 133,000 plug-in electric vehicles globally:
- BEVs: about 59,948 (up 78.4% year-over-year) and 2.50% of the total volume
- PHEVs: about 73,374 (up 178% year-over-year) and 3.05% of the total volume
- Total: about 133,322 (up 122% year-over-year) and 5.56% of the total volume
For comparison, in 2020 the group sold over 422,000 plug-ins.
All-electric car sales by market
- Europe: 42,421 (71%)
- North America: 7,588 (13%)
- China: 6,244 (10%)
- others: 3,695 (6%)
- Total: 59,948
All-electric car sales by brand
- Volkswagen (cars): 30,735 (51%)
- Audi: 14,583 (24%)
- Porsche: 9,072 (15%)
- Skoda: 2,455 (4%)
- SEAT: 2,217 (4%)
- Volkswagen (commercial vehicles): 687 (1%)
- other: 199 (near 0%)
- Total: 59,948
The MEB-based EV wave is coming:
The top selling plug-in models were:
- BEVs: Volkswagen e-up!, Volkswagen ID.3 and Volkswagen ID.4, Audi e-tron, Audi e-tron Sportback and Porsche Taycan
- PHEVs: Volkswagen Golf hatchback, Volkswagen Passat Estate, Audi A3 Sport-back and Audi Q5, Skoda Octavia Combi, SEAT Leon Sportstourer and Porsche Cayenne