Volkswagen US sales plummet 25 per cent in November
A sign of things to come for troubled car manufacturer Volkswagen? The company's US sales fell 24.7 per cent in November, compared with the year before – with sales of the Golf falling 64 per cent.
The company shipped 23,882 units in November, down from 31,725 during the same month last year. In the year to date, it's shipped 318,484, down from 332,912 this time last year.
Following the dip in sales, ratings agency S&P cut the German car maker to 'BBB+' from 'A-'.
The latest reduction comes just under two months after VW's rating was lowered by S&P in the aftermath of the emissions-rigging scandal.
According to S&P: "[The] events have tarnished VW's reputation and brand perception, and will negatively affect the group's market position and competitive advantage."
VW, which has been ravaged by accusations its cars were programmed to cheat in emissions tests, said the fall in sales reflected the impact of "the recent stop-sale for all 2.0l four-cylinder TDI vehicles, as well as for the 3.0l V6".
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“Volkswagen is working tirelessly on an approved remedy for the affected TDI vehicles. During this time we would like to thank our dealers and customers for their continued patience and loyalty,” said Mark McNabb, Volkswagen of America's chief operating officer.
Meanwhile, US car manufacturers reported improved figures, with Fiat Chrysler sales rising three per cent, Ford's sales rising 0.3 per cent and General Motors' sales rising 1.5 per cent.
Last month, VW announced plans to slash its investment budget for next year by €1bn (£700m), to €12bn.
"We will strictly prioritise all planned investments and expenditures… anything that is not absolutely necessary will be cancelled or postponed," said chairman Matthias Müller.
