Volkswagen Financial Services report solid third quarter 2023 amidst challenging environment

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  • New contracts rise by almost 11 percent to over six million units
  • Contract portfolio stable at over 22 million units
  • Earnings forecast for 2023 remains unchanged
  • Operating profit after nine months falls to EUR 2.54 billion (-42.5 percent)
  • Volkswagen Bank continues to grow

Braunschweig. Volkswagen Financial Services have continued the current fiscal year with a solid third quarter. For example, the new contract acquisi-tions worldwide increased by 10.8 percent during the months from January to Sep-tember 2023. The portfolio of current contracts remained stable at just over 22 million. "We continue to see the normalization of the financial services business in terms of earnings that has been apparent since the beginning of the year and feel confirmed in our assessment for 2023," said Dr. Christian Dahlheim, Chairman of the Management Board of Volkswagen Financial Services AG. He added: "We are pleased with the de-velopment of new contracts, which exceeded six million units in the first nine months of the fiscal year. This reflects the improved vehicle availability." Frank Fiedler, CFO of Volkswagen Financial Services AG, noted: "All our forecasts regarding business per-formance are being confirmed. We are therefore sticking to our earnings target, de-spite the numerous global political and macroeconomic uncertainties."

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