Volkswagen sales drop 14% as China market plunges

Volkswagen reported a 14% year-over-year decline in third-quarter vehicle sales, with the drop accelerating due to a 39% plunge in China. Despite the figures, the stock rose slightly on low expectations and positive signals in Europe, where electric vehicle sales are growing due to lower prices and higher fuel costs. EVs now account for 40% of the European order backlog. Central and Eastern Europe was the only region with sales growth, up 1%.

BYD manager Stella Lee stated the company will soon have over 10,000 employees in Europe, aiming for 40,000 by 2030. This expansion aligns with recent EU-China agreements to limit hybrid car imports. Concurrently, LVMH reported a 1% organic revenue increase, but China sales fell 5% and the leather/fashion segment dropped 5%, following a backlash against the company for winning a lawsuit against Chinese chain Molly T over logo similarity. Revenue in the US, Japan, and Europe rose between 4% and 6%.