Volkswagen Group makes solid start to fiscal year 2023 with strong increase in revenues and underlying operating profit

Christopher Hauss
Christopher Hauss
Corporate Communications Head of Strategy & Finance Communications
Christoph Oemisch
Christoph Oemisch
Brand - Sales and Marketing Spokesperson Sales and Marketing Germany
  • Strong sales revenue growth in Q1 primarily driven by volume recovery in EU and NAR, up 22 percent to EUR 76 billion
  • Strong increase in operating profit by 35 percent to EUR 7.1 billion before valuation effects, mainly from commodity hedging; operating return on sales before valuation effects of around 9 percent
  • Operating profit of EUR 5.7 billion, operating margin stands at 7.5%
  •  Automotive net cash flow at EUR 2.2 billion at end of Q1 2023
  •  BEV deliveries rose 42 percent to 141,000 in Q1 (7 percent share of total deliveries)
  •  The Group continues to see strong demand, with an order backlog of
  • 1.8 million vehicles in Western Europe alone, including 260,000 BEVs
  •  Guided by the Ten Point-Plan, the Group continues to systematically invest in digitization and electrification of the company, both in Europe and in global growth regions, North America and China
  • Arno Antlitz, CFO & COO, said: “Volkswagen Group has made an encouraging start to 2023. We saw strong growth in revenues and operating profit before the non-cash valuation effects from commodity hedging. With this solid performance and an order book of 1.8 million vehicles at the end of Q1, we confirm our financial outlook for 2023.”

Wolfsburg. The Volkswagen Group made a solid start to fiscal year 2023. Despite the challenging global environment, operating profit before negative valuation effects, mainly from commodity hedging activities saw a strong increase in the first quarter.

The specified fuel consumption and emission data are determined in accordance with the measurement procedures prescribed by law. 1 January 2022, the WLTP test cycle completely replaced the NEDC test cycle and therefore no NEDC values are available for new type approved vehicles after that date. This information 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. Due to more realistic testing conditions, fuel consumption and CO2 emissions measured according to WLTP will in many cases be higher than the values measured according to NEDC. As a result, the taxation of vehicles may change accordingly as of 1 September 2018. For further information on the differences between WLTP and NEDC, please visit 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