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Volkswagen increased revenue by 15.5% in 2023, expects growth of 5% this year

Europe / Engineering
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Vehicle deliveries last year increased by 11.8% and reached 9.24 million, including electric vehicles - by 35%, to 771 thousand. In Europe, total sales increased by 20%, in North America - by 18 %, in China - by 2%.

Volkswagen increased revenue by 15.5% in 2023, expects growth of 5% this year

At the end of 2023, the German automaker Volkswagen Group increased revenue by 15.5% to 322.284 billion euros, which was due to increased supplies in Europe and North America, according to reports.

At the same time, the company expects revenue increase this year by up to 5%.

VW's adjusted operating profit rose 0.3% to 22.576 billion euros. Meanwhile, operating margin fell to 7% from 7.9%.

Revenue and adjusted earnings beat the FactSet consensus among analysts.

Vehicle deliveries rose 11.0% last year. 8% and reached 9.24 million, including electric vehicles - by 35%, to 771 thousand. In Europe, total sales increased by 20%, in North America - by 18%, in China - by 2%.

VW will increase dividends for 2023 to 9 euros per ordinary share and 9.06 euros per preferred share, which is 0.3 euros higher than their size a year earlier.

The company forecasts operating profitability in 2024 year in the range of 7-7.5%.

VW stock quotes decreased by 3.9% during trading on Friday. The carmaker's market value fell 23.2% over the past 12 months (to 68.9 billion euros), while the DAX stock index gained 14%.

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