#Finance

Volkswagen Group posted solid financial results in the third quarter in a difficult global environment. Total vehicle deliveries to customers were up in Q3, with overall operating result increasing from EUR 2.6bn in a supply-constricted Q3 2021 to EUR 4.3bn. The Group’s financial performance in Q3 demonstrates how measures to strengthen supply chains have successfully helped to mitigate a challenging global landscape.

The Volkswagen Group continued to drive forward its successful global electric offensive. The deliveries of all-electric vehicles were up 25 percent in the first nine months year-on-year. Despite ongoing supply constraints, 366,400 BEVs have been handed over to customers until the end of September, up from 293,000 in the prior-year period. The BEV share of total deliveries climbed to 6.0 percent in that timeframe, up from 4.2 percent in the same period of 2021. China remains the biggest driver with 112,700 BEVs – more than twice as many as at the end of Q3 2021.

Volkswagen Group posted robust operating results in the first half, enabling important investments in future profit pools and new platforms. The Group continued to make great strategic progress in Q2, registering crucial developments across its tech-platforms – mobility services, batteries and software.

The Volkswagen Group increased its deliveries of all-electric vehicles by 27 percent in the first six months year-on-year and thus successfully continued its global electric offensive. Despite supply bottlenecks, a temporary stop of production in Europe and Covid-related lockdowns in China, 217,100 BEVs have been handed over to customers in the first half year, up from 170,900 in the prior-year period. The BEV share of total deliveries reached a level of 5.6 percent, up from 3.4 percent in the first half of 2021. The biggest growth driver was China with 63,500 BEVs – a more than three-fold increase versus the prior-year period.

At the virtual Annual General Meeting of Volkswagen AG, the shareholders voted by a majority of 99.9982% percent to approve the recommendation of the Board of Management and the Supervisory Board to increase the dividend for fiscal year 2021 compared with the previous years to 7.50 EUR per ordinary share and 7.56 EUR per preferred share. Approximately 3.8 (2.4) billion EUR will therefore be distributed to shareholders for the last fiscal year. The resolution on the formal approval of the members of the Board of Management and the Supervisory Board who held office in fiscal year 2021 was passed.

The Volkswagen Group is making good progress with its transformation into a sustainable, software-centric mobility provider, despite a challenging environment. Speaking at the virtual Annual General Meeting, CEO Diess said: “We delivered in 2021. Backed by good crisis management, we are financially robust and have strengthened our resilience. At the same time, we have made major progress in implementing our NEW AUTO strategy. We will continue to forge ahead with our realignment in 2022, despite the geopolitical and economic challenges. Our teams are keen to change the world of mobility.”

Volkswagen Group posted strong financial results during the first quarter, despite a difficult global environment. The main drivers were an improved sales mix, better pricing, continued cost discipline and the flexibility provided by the Group’s global set-up. As such, Volkswagen mitigated the impact from worldwide shortages of semiconductors and wire harnesses by reallocating resources between its main markets in Europe, China, and the Americas. This resulted in sales revenue of EUR 62.7 billion (+0.6 percent) and a robust operating profit before special items of EUR 8.5 billion including positive effects mainly from commodity hedging activities. Even excluding these effects, the underlying operating profit of around EUR 5 billion lies significantly above previous year and underlines the robustness of the business. Based on the figures and the expected better semiconductor supply in the second half of the year, the Group confirms its outlook for 2022. However, it is not yet possible to conclusively assess in particular the specific effects of the latest developments in the Russia-Ukraine conflict or effects of the Covid-19 pandemic on the Volkswagen Group’s business, on the global economy and growth in the industry in fiscal year 2022.

The Volkswagen Group successfully continued its global electric offensive in the first quarter, lifting deliveries of all-electric vehicles by 65 percent year-on-year. Despite supply bottlenecks for semiconductors and wire harnesses, 99,100 BEVs have been handed over to customers by the end of March, up from 60,000 in the opening quarter of the previous year. The biggest increase was seen in China, where 28,800 customers took delivery of a BEV manufactured by a Group brand – a more than four-fold increase versus the prior-year period.