If you read Volkswagen’s global sales report for May, you get the impression that this was yet another great month. Global sales are up 7.8 percent in May. Things don’t look so rosy when you analyze the numbers a bit further.
As in last month, the blue numbers are calculated from archival data, the black numbers are as reported by Volkswagen AG. We have to do it this way, because Volkswagen does not deliver monthly data, except for the total global sales.
|5M’12||5M’11||YoY||May ’12||May ’11||YoY|
|WEUR ex D||825,800||881,900||-6.4%||164,400||178,900||-8.1%|
We see that growth in Europe came to a halt. This is Europe as defined by Volkswagen. We won’t be surprised if Europe as defined as the EU will carry a minus when ACEA reports the numbers in a few days. Germany is down 1.7 percent. Western Europe ex Germany is down 8.1 percent. Eastern Europe, up 22.3 percent, is the only European bright spot.
“We continue to focus very closely on the growing uncertainties in the eurozone”,Volkswagen Group sales chief Christian Klingler said today. With approximately half of Volkswagen’s global business in Europe, and with South American sputtering, Volkswagen relies mostly on China and to a lesser degree on the U.S.A. for growth.