Mathilde Carlier
Research Expert covering transportation and logistics
Volkswagen Passenger Cars - Statistics & facts
The ongoing competition between the Volkswagen Group and Toyota Motor Corporation takes place in various subsectors of the global automotive industry, from the luxury market to the mid-size car sector. In 2023, Toyota Motor Corporation’s eponymous brand was the global best-selling car make. Volkswagen, the VW Group’s own eponymous brand, was second in this ranking, holding six percent of the worldwide market but placing first in the European Union. The German car brand was the most popular marque of its parent company, selling over 1.7 million more vehicles than all the makes under the Audi Progressive Brand Group umbrella.
Volkswagen is one of the core makes of the Volkswagen Group and accounts for some of its most popular models and the largest share of revenue. However, global competition with the Toyota Motor Corporation’s eponymous brand impacted Volkswagen’s success, particularly in the sport-utility segment, which is the largest car segment worldwide.
A financial performance on the road to recovery
In 2023, Volkswagen Passenger Cars accounted for 26.8 percent of the Volkswagen Group’s sales revenue. This was the largest share among all the Group’s vehicle-selling subsidiaries, boosted by Volkswagen’s high global and European popularity. However, while the brand improved its financial performance between 2022 and 2023, its results remained below those recorded in 2019, before the onset of the COVID-19 pandemic. In 2023, the brand had an operating return on sales of 4.1 percent, compared to 4.3 percent in 2019. It is, however, important to contextualize the make’s financial results in the context of their sales and production volumes. While Volkswagen’s revenue was down 2.3 percent compared to 2019, the marque produced nearly 4,900 vehicles in 2023, representing a 21.4 percent decrease compared to its 2019 output.Leading a competitive global market
Volkswagen’s most popular models were the Tiguan, a compact sport-utility vehicle, and the Passat, a medium car. These were the two largest segments for the brand, but it faced steep competition from other global brands in both of these markets. The Tesla Model Y was the world’s best-selling SUV model in 2023, followed by the Toyota RAV4. The Tiguan, Volkswagen’s most popular model, fell short of the 2023 top five, ranking sixth on the global market. However, Volkswagen remained the leader on the medium car market, with Toyota ranking second. This competition between the two automotive giants is also reflected in their parent companies. As of May 2024, the Volkswagen Group had the highest revenue among global automakers, some 36.7 billion U.S. dollars above the Toyota Motor Corporation.Volkswagen is one of the core makes of the Volkswagen Group and accounts for some of its most popular models and the largest share of revenue. However, global competition with the Toyota Motor Corporation’s eponymous brand impacted Volkswagen’s success, particularly in the sport-utility segment, which is the largest car segment worldwide.
