Volkswagen Group achieves robust annual results for 2023, with a strong fourth quarter

Christopher Hauss
Christopher Hauss
Corporate Communications Head of Strategy & Finance Communications
Christoph Oemisch
Christoph Oemisch
Corporate Communications Spokesperson Finance and Sales
  • Sales revenue up 15 percent year-on-year to EUR 322.3 billion, driven by increase in deliveries in Europe and North America
  • Order bank in Western Europe normalizes further at the beginning of the year to 1.1 million vehicles
  • Deliveries of battery-electric vehicles (BEV) up by 35 percent to 771,000 units in 2023; share of Group deliveries increased continuously throughout the year and reached 8,3 percent in 2023
  • Operating profit before special items of EUR 22.6 billion remains at previous year’s level; positive volume, price and mix effects largely offset higher product costs and negative valuation effects of EUR 3.2 billion
  • Operating profit margin slightly down compared to the previous year at 7 percent
  • Net cash flow in the Automotive Division more than doubled to EUR 10.7 billion, supported by a sharp reduction in inventories at the end of the year
  • Automotive Division’s net liquidity remained at a robust level of EUR 40.3 (43.0) billion at the end of the year, after dividend payments of around EUR 11 billion
  • Oliver Blume, CEO Volkswagen Group, said: "2023 was an important year for the Volkswagen Group in terms of our realignment. Last year, we continued to implement our 10-point program and the performance programs. The clean-up work has been completed. The main course has been set for the restructuring of the Volkswagen Group. We can build on this in 2024 and have a solid basis for an accelerated ramp-up from 2025."
  • Arno Antlitz, CFO & COO of Volkswagen Group, said: "The results for the financial year 2023 show that we have become even more robust. We have excellent products and have launched ambitious Group-wide efficiency programs. Therefore, we are confident about 2024, despite the muted economic outlook and intense competition.”
  • Board of Management and Supervisory Board propose dividend of EUR 9.00 per ordinary share and EUR 9.06 per preferred share; payout ratio at 28 percent
  • Group Outlook for 2024: Sales revenue expected to grow by up to 5 percent, supported by positive effects, in particular from the market launch of new products; operating return on sales expected to range between 7.0 and 7.5 percent; automotive net cash flow between EUR 4.5 and 6.5 billion and net liquidity between EUR 39 and 41 billion expected

Wolfsburg. Volkswagen Group achieved robust financial results in 2023. This was driven by a strong fourth quarter, with sales revenue of EUR 87 billion and an increase in operating profit of more then a quarter compared to the previous year. During the year, the Group made further progress with the implementation of its strategy and systematically pushed ahead with its restructuring. The focus was on customer-oriented products and compelling design, in addition to the strengthening of the regions, particularly China and North America. By introducing performance programs in all divisions, the Group has made notable strides towards a sustainable increase in profitability.

Key Figures

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