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Volkswagen increases its profit by 13.1% in 2023, to 17,928 million euros

MADRID, 13 Mar.

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Volkswagen increases its profit by 13.1% in 2023, to 17,928 million euros


The German automobile group Volkswagen obtained a profit after taxes of 17,928 million euros in 2023, which represents an increase of 13.1% compared to 15,852 million euros in 2022, according to data published this Wednesday by the company.

Volkswagen's turnover reached 322,284 million in 2023, 15.5% more than in 2022, after selling 9.24 million vehicles worldwide, which represented an increase of 11.8% compared to the year former.

For its part, the profit attributed to investors increased by 7.6% in 2023, to 16,013 million euros, while Volkswagen's operating profit, before extraordinary items, grew by 2.1% last year, to 22,576 million euros, and the operating margin stood at 7%, nine tenths less than in 2022.

Sales were boosted by growth in deliveries in Europe and North America, 19.3% and 24.2%, respectively, while revenue increased 21.6% in Europe, to 187,949 million, and 13.4% in North America, up to 59,910 million. Likewise, revenues from Asia-Pacific decreased by 2.6%, to 50,109 million, while in South America they increased by 10.7%, to 17,139 million.

In addition, deliveries of battery electric vehicles (BEV) soared by 35%, to 771,000 units in 2023, representing a share of the total of 8.3%, driven by growth in all regions.

Meanwhile, the company has highlighted that all the group's brands achieved good results last year, driven by the Brand Group Core division (Volkswagen, Volkswagen Commercial Vehicles, Skoda, Seat/Cupra), which experienced growth in its operating results. of 79.8%, up to 7,273 million.

The Brand Group Progressive division (Audi, Lamborghini, Bentley, Ducati) reduced its operating profit by 17.6%, to 6,280 million, marked by the effects of raw material hedging, while the Sport Luxury division (Porsche) recorded a growth of 8%, up to 6,938 million euros.

Likewise, the operating profit of the Financial Services Division was 3,253 million, 41.7% less than in 2022. The company's battery business represents operating losses of 417 million euros, compared to losses of 121 million from a year ago. According to the company, this is due to the increase in investments, which are "essential" for the successful increase in vehicle production.

The board of directors and the supervisory board of Volkswagen will propose to the annual general meeting the payment of a dividend of 9.00 euros per ordinary share and 9.06 euros per preferred share, which represents an increase of 0.30 euros in both cases and a payment rate of 28%.

"In a difficult environment, the Volkswagen Group achieved strong results in 2023. That is what we want to build on this year. To ensure that we continue to be successful sustainably, in 2024 we will focus on increasing the number of new vehicles, reducing costs, greater use of synergies within the group and a stronger regional positioning, also through profitable growth in North America," highlighted Arno Antlitz, CFO and COO of the company.


The German car manufacturer, which plans to launch 30 new models throughout this year, has pointed out that its profitability improvement program will bring it more than 10 billion euros until the end of 2024.

The group expects its turnover to grow this year by up to 5% and that the operating margin on sales will be between 7% and 7.5%.