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European car sales race ahead, but VW stuck in slow gear
The scandal could easily cost the company tens of billions of euros in fix costs and fines, and there has been concern that it could crimp future sales.
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Last week, it reported global sales were 2.2 percent lower than in November the previous year.
VW, Europe’s biggest carmaker by sales but damaged by revelations it cheated U.S. tests, lost over a percentage point of market share, falling to just over 12 percent.
The Volkswagen group, which includes a range of brands from Lamborghini to Skoda, saw its market share slide from 26.6 percent in November 2014 to 24.3 percent this year.
November sales data show that VW hasn’t cast a cloud over other German carmakers.
The admission has seen the automaker’s share price tumble over 20 percent in the last three months, as well as forcing out its long-time chief executive and sparking investigations and lawsuits across the world.
Vehicle registrations advanced 13.7 percent in November from previous year, marking the 27th consecutive month of growth. For the first 11 months of the year, sales rose by 29.8 percent.
Moreover, in the January-November period VW Group sold 6.2% more cars than in the same period a year earlier, to 3,130,139 units, with all of its brands increasing sales.
Renault had sales up 15.1% and its French rival PSA Peugeot Citroen rose 12.8% with a buoyant Peugeot brand partially offset by weaker performance at its Citroen business. “All major passenger auto markets rose strongly during the month, significantly contributing to the positive outcome of the European Union perimeter”.
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Spain, one of the countries worst hit in Europe by the crisis, saw its sales rise 25.4 percent in November.