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

Christopher Hauss
Christopher Hauss
Corporate Communications Head of Strategy & Finance Communications
Christoph Oemisch
Christoph Oemisch
Corporate Communications Spokesperson, Finance and Sales
  • 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
  • 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.”
  • Arno Antlitz, CFO & COO of Volkswagen Group: “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.”

Wolfsburg. Volkswagen Group posted solid H1 results for 2023, with rising sales revenue and strong underlying operating profit. This is in line with the Group’s “value over volume” strategy, announced at the recent Capital Markets Day. The Group's BEV strategy is also making further progress, with deliveries in the first half of the year increasing by around 50 percent year-on-year. In Europe, the Group increased its BEV deliveries by as much as 68 percent, underscoring its position as market leader in Europe. As the year progresses, significantly shorter delivery times, the remaining high order bank of 1.65 million vehicles and stable demand should provide further tailwinds. The solid net liquidity of EUR 33.6 billion in the Automotive Division also gives the Group the necessary strength and flexibility to continue investing in key regions and growth areas.

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