Half-Yearly Financial Report 2023

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Results for the first half 2023
On July 27, 2023 the Volkswagen Group published the results for the first half of 2023.

Portrait of Oliver Blume, CEO Volkswagen Group
“We have strategically realigned and restructured the Volkswagen Group, with a clear plan and measurable milestones. In the first half of the year, the Volkswagen Group delivered reliably with very solid results. Sales in North America are picking up, we are strengthening our position in China through technological partnerships and on top of that the trend for fully electric vehicles is moving in the right direction. What is important to us is long-term, sustainable growth, with a focus on value over volume.”
Oliver Blume CEO, Volkswagen Group
Portrait of Oliver Blume, CEO Volkswagen Group
Dr. Arno Antlitz, Finance and Operations
“In the first half of the year, we achieved solid financial results and took major steps to improve our competitiveness. The focus for the second half is now on strengthening net cash flow. With the launch of performance programs at all brands and our strategic decisions in China, we will improve the competitive position of the Volkswagen Group even further.”
Arno Antlitz COO and CFO, Volkswagen Group
Dr. Arno Antlitz, Finance and Operations

Webcast

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Highlights

4.4
m. vehicles, +13% vs. H1 2022 DELIVERIES
156.3
EUR bn., +18% vs. H1 2022 SALES REVENUE
13.9
EUR bn., +13% vs. H1 2022 UNDERLYING OPERATING RESULT*
*before valuation effects of derivates outside hedge accounting

Volkswagen Group posts solid H1 results and strengthens strategic position in China

  • Strong underlying operating profit of EUR 13.9 billion, with corresponding margin at 8.9 percent; operating profit of EUR 11.3 billion, with operating margin at 7.3 percent
  • Revenue growth of 18 percent to EUR 156.3 billion, driven by significantly higher vehicle sales in Europe and North America and continued favourable mix and pricing
  • 4.4 million vehicles delivered in H1, up 13 percent year-on-year, driven by strong performance without China (+21 percent)
  • All-electric vehicle (BEV) deliveries rose around 50 percent in H1 2023, representing a 7.4 percent share of total deliveries; Group underscores European market leadership in BEV segment
  • Order bank of 1.65 million vehicles in Western Europe at the end of H1, including more than 200,000 BEVs, demonstrating stable customer demand
  • Volkswagen Group strengthens strategic position in China and targets new market and customer segments with recently announced partnerships
  • Financial outlook FY2023 confirmed; outlook for deliveries in 2023 slightly adapted from around 9.5 million to 9 to 9.5 million

Press Release Half-Yearly Financial Report 2023

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Volkswagen Group posts solid H1 results and strengthens strategic position in China

The specified fuel consumption and emission data does not refer to a single vehicle and is not part of the offer but is only intended for comparison between different types of vehicles. Additional equipment and accessories (additional components, tyre formats, etc.) can alter relevant vehicle parameters such as weight, rolling resistance and aerodynamics, affecting the vehicle's fuel consumption, power consumption, CO2 emissions and driving performance values in addition to weather and traffic conditions and individual driving behavior. Further information on official fuel consumption data and official specific CO2 emissions for new passenger cars can be found in the "Guide to fuel economy, CO2 emissions and power consumption for new passenger car models", which is available free of charge from all sales dealerships and from DAT Deutsche Automobil Treuhand GmbH, Hellmuth-Hirth-Str. 1, D-73760 Ostfildern, Germany and at www.dat.de/co2.