Volkswagen Group, one of the world's largest automakers, has announced a remarkable growth in revenue and operating profit in the first quarter of 2023. The company credited the impressive results to its successful electrification strategy, improved cost efficiency, and favorable market conditions.
Key Figures
According to the company's press release, Volkswagen Group's revenue in the first quarter of 2023 was €67.3 billion ($76.8 billion), up 14.6% from €58.7 billion ($66.9 billion) in the same period of 2022. The operating profit before special items was €5.6 billion ($6.4 billion), up 75.7% from €3.2 billion ($3.6 billion) in the first quarter of 2022. The operating return on sales before special items was 8.3%, up from 5.4% in the previous year.
The special items in the first quarter of 2023 were related to the diesel issue and amounted to €0.4 billion ($0.5 billion), compared to €0.6 billion ($0.7 billion) in the first quarter of 2022. The operating profit after special items was €5.2 billion ($5.9 billion), up 86.7% from €2.8 billion ($3.2 billion) in the first quarter of 2022.
The net cash flow in the automotive division was €3.1 billion (3.5 billion), up from €−1.5 billion in the first quarter of 2022. The net liquidity in the automotive division was €29.6 billion ($33.8 billion), up from €26.8 billion ($30.6 billion) at the end of 2022.
