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Volkswagen Group’ hot new IPO sees sales fall in Q3

Credit: Volkswagen

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Volkswagen Group announced Q3 sales results, but their recent IPO Porsche brand saw a dramatic drop in sales during the quarter.

Volkswagen Group published sales results for Q3; overall, they have good news for investors. Entry-level brands like Volkswagen, SEAT, and SKODA all saw sales growth in Q3 YOY, which is shown in the overall Volkswagen Group’s growing YOY. However, it is a mixed bag for Volkswagen Group’s luxury offerings; Audi grew sales while Porsche saw a dramatic sales drop.

By percentage, SEAT was Volkswagen Group’s fastest growing brand, growing sales by 247.9% YOY, followed by Volkswagen passenger cars growing by 21.7% YOY, and finally, SKODA, which saw a conservative growth of 1.7% YOY.

Volkswagen’s electric offerings were some of the strongest performers, selling 366,400 since January. A growth of roughly 25% compared to the same period last year. China was the most considerable EV sales success, representing nearly half of all EV sales, a total of 112,700 units.

It’s a less happy story for Volkswagen Group’s luxury offerings and commercial sector. Audi bucked its previous sales losses and grew sales by 34.8%, but Volkswagen’s now publicly traded Porsche brand saw sales contract by 29.7%. Porsche’s higher price tag could influence this, but Audi now leads Porsche with more EV offerings for customers around the globe.

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Commercial vehicle sales tell a similar story. Volkswagen commercial vehicles saw sales decrease by 45.4% YOY, but this loss was counteracted by growth in MAN, Scania, and Navistar sales which grew by 137%. While electric vehicles are far less prevalent in the commercial space currently, Volkswagen has fallen behind brands like Volvo Trucks, Nikola Motors, Mercedes, and Ford in offering EVs to even medium-small businesses.

Looking at market-specific numbers also tells an exciting story. As expected, European demand was far lower than other regions, only growing sales by 1.6%. However, the most extensive growth areas were in China, the U.S., and the “rest of the world.” In China, Volkswagen grew sales by 70.8% YOY, in the U.S. by 35.8%, and in the “rest of the world” by 87%.

Much like many other European automakers, Volkswagen now faces new challenges regarding energy prices, energy security, and supply shortages. Effected mainly by the current Russian invasion, the auto group’s future is likely more closely tied to that of the European economy.

What do you think of the article? Do you have any comments, questions, or concerns? Shoot me an email at william@teslarati.com. You can also reach me on Twitter @WilliamWritin. If you have news tips, email us at tips@teslarati.com!

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Will is an auto enthusiast, a gear head, and an EV enthusiast above all. From racing, to industry data, to the most advanced EV tech on earth, he now covers it at Teslarati.

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Rivian and Amazon announce huge milestone with EDV

The companies announced today that they had officially launched the EDV in Canada for Amazon, as the first 50 units are out and about in Vancouver, and the company said it was “marking an exciting milestone in our five-year history of operations in Canada.”

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Credit: Rivian

Rivian and Amazon have announced a huge milestone with their Electric Delivery Vehicle (EDV), the van that the two companies developed for the e-commerce giant to sustainably deliver packages to customers.

The EDV was first unveiled back in September 2019, when Amazon announced a massive investment in Rivian and placed an order for 100,000 electric vans, aiming to deploy them by 2030 as part of the company’s sustainability goals.

Production started in 2021 in Normal, Illinois, and entered Amazon’s fleet of active delivery vehicles over the Summer of 2022. Amazon kept the initial vehicles in major metropolitan areas and eventually started rolling them out to more delivery hubs across the United States.

In December 2024, the companies announced they had successfully deployed 20,000 EDVs across the U.S. In the first half of this year, 10,000 additional vans were delivered, and Amazon’s fleet had grown to 30,000 EDVs by mid-2025.

Amazon’s fleet of EDVs continues to grow rapidly and has expanded to over 100 cities in the United States. However, it has just reached a new milestone, and it has nothing to do with the size of its fleet.

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The companies announced today that they had officially launched the EDV in Canada for Amazon, as the first 50 units are out and about in Vancouver, and the company said it was “marking an exciting milestone in our five-year history of operations in Canada.”

The EDV is a model that is exclusive to Amazon, but Rivian sells the RCV, or Rivian Commercial Van, openly. It detailed some of the pricing and trim options back in January when it confirmed it had secured orders from various companies, including AT&T.

The RCV starts at $83,000, and is one of the few electric vans on the market that is suitable for package delivery in a commercial setting because of its build and interior features.

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Rivian prepares to launch the EDV outside of Amazon as the RCV – Here’s when

However, it also seems to be a great option as a service vehicle for companies, which is likely why AT&T is going to utilize it.

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Tesla’s biggest rival in China reported a big profit decline once again

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(Credit: BYD)

Tesla’s biggest rival in China reported a big decline in its profitability for the second straight quarter, and a loss of one-third compared to the same quarter last year.

BYD overtook Tesla as the best-selling EV maker in China in the fourth quarter of 2023, finally surpassing the company in terms of sales in the region.

Is Tesla really losing to BYD, or just playing a different game?

The Chinese market is one of the most competitive in the world, especially for EVs, as the industry is healthy with young and scrappy companies looking to sell the best possible tech in their vehicles.

BYD reported its earnings on Thursday and said that its profit had slumped by 33 percent compared to the same quarter last year. For this year’s third quarter, BYD reported a net profit of 7.8 billion yuan ($1.1 billion), a 32.6 percent decrease compared to the same period in 2024.

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Its revenue was 195 billion yuan ($27.4 billion), which was only a 3 percent decrease compared to Q3 2024.

The drop in profits and revenue can mostly be attributed to the ongoing growth of competition in the Chinese market. The increased competition in China has pushed companies to turn to overseas markets in response, according to CnEVPost.

BYD is one of those companies, and it is attempting to push sales upward by entering new markets, especially in Europe, where the company sold more than 13,000 units in EU countries in September alone.

This was a 272 percent increase year over year, a major piece of evidence that it has a lot of potential in foreign markets.

The drop in financial figures is likely a short-term issue for BYD, as it has already established itself as a formidable competitor to many companies in many markets. In Q1, it reported an increase in profit by 100 percent compared to the same time span the year prior.

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As it works to expand to even more markets in the world, it will continue to build upon its already-solid reputation.

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GM takes latest step to avoid disaster as EV efforts get derailed

There was an even larger step taken this morning, as the Detroit Free Press reported that GM was idling its Factory Zero plant in Michigan until late November, placing about 1,200 workers on indefinite layoff status.

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Credit: GM

General Motors has taken its latest step to avoid financial disaster as its electric vehicle efforts have been widely derailed.

GM’s electric vehicle manufacturing efforts started off hot, and CEO Mary Barra seemed to have a real hold on how the industry and consumers were starting to evolve toward sustainable powertrains. Even former President Joe Biden commended her as being a major force in the global transition to EVs.

However, the company’s plans have not gone as they’ve drawn them up. GM has reported some underwhelming delivery figures in recent quarters, and with the loss of the $7,500 tax credit, the company is planning for what is likely a substantial setback in its entire EV division.

Earlier this month, the company reported it would include a $1.6 billion charge in its quarterly earnings results from EV investments. It was the first true sign that things with GM’s EV projects were going to slow down.

There was an even larger step taken this morning, as the Detroit Free Press reported that GM was idling its Factory Zero plant in Michigan until late November, placing about 1,200 workers on indefinite layoff status.

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This is in addition to the 280 employees it has already laid off after production cuts that happened earlier this year at the Detroit-Hamtramck plant.

After November 24, GM will bring back 3,200 people to work until January 5 to operate both shifts. On January 5, GM is expected to keep 1,200 workers on indefinite layoff.

GM is not the only legacy automaker to make a move like this, as Ford has also started to make a move that reflects a cautious tone regarding how far and how committed it can be to its EV efforts.

After the tax credit was lost, it seemed to be a game of who would be able to float their efforts longest without the government’s help. Tesla CEO Elon Musk long said that the loss of these subsidies would help the company and hurt its competitors, and so far, that is what we are seeing.

Elon Musk was right all along about Tesla’s rivals and EV subsidies

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However, Tesla still has some things to figure out, including how its delivery numbers will be without the tax credit. Its best quarter came in Q3 as the credit was expiring, but Tesla did roll out some more affordable models after the turn of the quarter.

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