German automotive giant Volkswagen (VOW3) has reported that its deliveries fell by 1.1% in February to 605,500 vehicles worldwide.
Volkswagen, whose subsidiaries include brands such as Audi, Bentley, and Porsche, among others, blamed the February decline on a sharp sales decrease in China.
China is currently enduring an economic slowdown and vehicle sales in the nation of 1.4 billion people have slowed sharply over the past year.
Volkswagen noted that its deliveries rose by 5.6% in Europe and 1.6% in North America during February.
However, those sales gains were offset by a 16.7% decrease in China.
Volkswagen added that its overall deliveries increased 6.1% year-over-year in the first two months of 2024 to 1.30 million vehicles.
The stock of Volkswagen has declined 7% over the past 12 months and currently trades at euros 114.60 (Cdn $168.90) per share.
