In its full-year (FY) 2022 results, Volkswagen claimed a 4% market share in the United States– the estimate included VW’s ICE vehicles. The German automaker predicts that the ID.Buzz and ID.7 will help increase its market share in the United States to 10% by 2030.
The German automaker reported that its battery electric vehicle (BEV) deliveries in the United States were up 18.8% to 44,200 units in 2022, ranking it #4 in the all-electric segment.
“The Group currently has a 4% market share in the total market, including ICE vehicles, which it aims to increase to 10 percent by 2030. In large part, this will be driven by the expansion of the broadest US product range, including the debuts of the ID.7 and ID. Buzz in 2024,” noted VW.
The European legacy automaker knows it hit gold with the ID.Buzz electric van. Volkswagen’s commercial vehicles have increased in earnings over the past two years, partly thanks to the ID.Buzz. For FY 2022, VW reported an increase in earnings of about half a billion euros, resulting in Volkswagen Commercial Vehicles (VWCV) finishing the year with an operating profit of €529 million ($572 million).
VWCV has already announced plans to increase the production of the ID.Buzz, building 44,000 units in Hanover alone. A long-range ID.Buzz is expected to launch in the United States next year.
The Volkswagen ID.7 made its first world premiere appearance at CES 2023 (Consumer Electronics Show). The ID.7 will be launched in three markets: China, Europe, and North America.
“With the new ID.7, we are extending our electric model range into the upper segments. The sedan will offer top-class technology and quality. The ID.7 is one of ten new electric models that we are planning to launch by 2026. Our goal? To deliver suitable products for our customers in every single segment,” said Thomas Schäfer, CEO of Volkswagen Passenger Cars.
Besides the ID.Buzz and the ID.7, Volkswagen also plans to launch a $40,000 electric SUV under the Scout brand for the North American market. The all-electric Scout SUV will be built in a new $2 billion factory in South Carolina.
The electric vehicle market has provided an opening for legacy automakers to reestablish their positions in the global auto industry. Volkswagen seems keenly aware of the advantages electric vehicle production would bring to its position and profits.
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