Volkswagen Group started 2023 positively despite the still very difficult global context. Really, turnover increased by 22% in the first quarter of 2023, worth 76 billion euros. This result is possible primarily due to the recovery of sales in Europe and North America and better price positioning.
Gross operating income the estimated impact of commodity hedging transactions increased by 35% to €7.1 billion. The corresponding margin rose to 9.3%. Operating profit decreased compared to the same period last year from 8.3 to 5.7 billion euros. In the first three months of the year, the operating margin on sales was 7.5%. Automotive department generated net cash flow of €2.2 billion in the first quarter of 2023.
Net liquidity in the automotive division declined to EUR 38.4 billion, which the Group had expected, taking into account the special dividend payment associated with the Porsche IPO. The Group continued to implement its EV strategy, increasing deliveries in the first quarter by 42% (141,000 vehicles), representing approximately 7% of total vehicle deliveries.
General deliveries they continued to follow the positive trend, adding +7.5% compared to the first quarter of the previous year. In March, the world saw a noticeable increase: +23.9% compared to the same month in 2022.
Shipments to China fell by 14.5% in the first three months of the year, but the Group is confident that, thanks to product lineups and market technology, performance in the region will recover during 2023. With an order book of 1.8 million vehicles in Western Europe, of which 260,000 are electric vehicles, demand for Volkswagen Group vehicles remains strong.
Based on these first quarter results, the Volkswagen Group reaffirms its outlook for 2023.
Source: HD Motori
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