Volkswagen AG (VLKAF.PK,VKW.L) on Wednesday reported higher unit sales in its Passenger Cars brand for the month of March and its first quarter, boosted by strong growth mainly in China and Russia.
According to the German auto giant, "Deliveries by the Volkswagen Passenger Cars brand increased yet further in March on the back of an already high level. While the situation on the markets in Europe remains difficult, we reported significant growth in North America and Asia."
During March, passenger Cars segment delivered more than half a million vehicles to customers in a single month for the first time, with sales totaling 536,600 vehicles, a 14.6 percent increase from 468,100 vehicles last year.
For the first quarter, passenger car sales grew 10.5 percent to 1.36 million vehicles from last year's 1.23 million vehicles.
In the European market, car sales grew 5.1 percent to 441,800 units as a substantial 61.8 percent growth in deliveries in Central and Eastern Europe helped offset a negative markets situation in Southern Europe and a 3.7 percent drop in Western Europe - excluding Germany. In the home market of Germany, deliveries grew 5.3 percent to 149,000 vehicles. The company pointed out that the "already high level of deliveries in Russia" continued to develop well, with deliveries increasing by 113 percent.
In the Asia / Pacific region, the brand posted a 13.7 percent rise in deliveries to over 540,600 units. Of these, 483,400 vehicles were delivered on the region's largest single market of China, including Hong Kong, a growth of 12.5 percent.
In the North America, first-quarter deliveries climbed 27.6 percent to 135,700 vehicles, with a 40.8 percent rise in the United States. Sales in the South America grew 3.9 percent.
On Tuesday, Volkswagen's luxury brand Audi AG reported a 10.8 percent increase in first-quarter deliveries to 346,100 units, thanks to customers in the USA and China.
While announcing the final results in March, the company had noted that it will remain vigilant over the coming months in spite of the clear upward trend in the first two months of the year 2012 and are keeping a very close eye on the markets - especially in Western Europe.
In its last year, the Passenger Cars segment had exceeded sales of five million mark for the first time, with a 13.1 percent increase from last year.
Volkswagen shares are currently trading at 127.65 euros on Frankfurt's Xetra, up 2.55 euros or 2.04 percent.
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by RTT Staff Writer
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