Benzinga - by Anan Ashraf, Benzinga Editor.
German automaker Volkswagen AG (OTC:VWAGY) has delayed the introduction of its ID.7 electric sedan in the U.S. and Canada amid changing market dynamics.
What Happened: The ID.7 has been on sale in Europe since 2023 and was expected to be introduced in the U.S. later this year. The company did not specify the reasons for the delay.
The ID.7 is the sixth model in Volkswagen’s ID lineup, following the ID.3, ID.4, ID.5, ID.6, and the new ID. Buzz electric van. The vehicle is priced at around 57,000 euros ($61,820) in Germany and is expected to be priced competitively with the Tesla Model S luxury sedan, which starts at $66,490 in the U.S.
Volkswagen did not provide a fresh timeline for the introduction.
Why It Matters: Volkswagen of America reported total sales of 82,101 vehicles in the first quarter of 2024, marking a 21% jump from the 67,853 vehicles sold in the corresponding quarter of last year.
The sales were dominated by the brand’s SUVs, including the Tiguan LWB and the Atlas. The company’s ID.4 electric SUV, however, saw its sales drop 37% from last year to just 6,167 units, indicative of slowing demand for EVs in the region.
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