Europe: VW dieselgate triggers market share loss

#hashtags: #Volkswagen AG #Volkswagen

While European sales figures turned positive for the German carmaker, Volkswagen AG failed to surge as fast as its European rivals last month and saw its market share diminished following the diesel-emissions testing crisis. According to the Brussels-based European Automobile Manufacturers’ Association, or ACEA, which announced on Friday its sales figures for September, Volkswagen’s sales on the continent soared 8.3 percent and the overall auto market grew 9.8 percent. The group that includes the VW, Audi, Skoda and Seat car brands took home 23.3 percent of the continental auto sales in September, compared to 23.7 percent a year earlier and putting the weakest figures since March. VW needs to regain consumer trust following the revelation it had purposely cheated on diesel emissions tests. The Wolfsburg-based company is now getting ready to recall 8.5 million cars in Europe, one of the biggest campaigns by any automaker in the region. Automakers on average discounted their cars 11.9 percent in Germany in Septemebr, according to Autohaus PulsSchlag. Industrywide sales in Europe soared from 1.27 million during the same period last year to 1.39 million vehicles in September and the tally after the first three quarters of the year is up 8.8 percent to 10.8 million units, announced the ACEA. Groups that were above the market average included the Italian-American automaker Fiat Chrysler Automobiles and German premium makers BMW and Mercedes-Benz. Others that matched or beat the industry average were the Japanese at Nissan, Mazda and Honda or the South Koreans at Hyundai and British luxury manufacturer Jaguar Land Rover. Via Bloomberg