Volkswagen (VOW3 GY) 2025 deliveries, Brand. Global 4.73mln, -1.4% Y/Y in challenging market conditions. Europe +5.1%, China -8.4%, North America +18.5%. Expects the market environment to remain challenging into 2026.

• EV demand is holding up.
• Will be bringing out more than 10 electric models in China in 2026.

Volkswagen's projected delivery numbers for 2025 indicate a slight decline amidst tough market conditions, with notable regional differences. While growth in Europe and North America is a positive sign, the decline in China raises concerns, particularly given the expectation of continued market challenges into 2026. The sustained demand for electric vehicles and upcoming model launches in China may provide a counterbalance, but the overall outlook seems cautious.