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 results were driven by strong profitability, in particular across the Premium and Sport & Luxury segments as well as Financial Services. The Premium brand group achieved a 14,1% margin and
Sport & Luxury a 19,4% margin, underlining the Group’s continued pricing discipline and good cost progress. However, overall the operating result was weighed down by non-recurring costs totaling around EUR 1.6bn related to revaluation effects due to the Group’s suspended activities in Russia and costs associated with the Porsche IPO. Furthermore, Volkswagen is focusing its development activities for autonomous and highly automated driving. Subsequently, the financial result was burdened by a EUR 1.9bn non-cash impairment charge following the Group’s withdrawal from its investment in Argo AI.
Oliver Blume, CEO Volkswagen Group, said: “In the third quarter, Volkswagen made some significant strides towards generating greater sustainable value for shareholders. The successful Porsche IPO has demonstrated the continued strength of our brands and the opportunity of realising their full potential. With regard to the 10 points of my strategic agenda, I’m pleased to see that we made progress in two key areas already, China and the U.S. In China we teamed up with Horizon Robotics, and in the U.S. we started production of the ID.4. Also, we took another step towards securing the supply of cathode materials needed for our ambitious EV ramp-up plans by launching a joint venture with Umicore. It has been a great team effort which will need to continue to take our Group to the next level.”
Arno Antlitz, CFO Volkswagen Group, said: “This quarter has once again demonstrated Volkswagen’s financial resilience in a challenging environment was another step towards meeting our full year targets. Results were driven by especially strong performances from our Premium and Sport & Luxury brands as well as Financial Services.”
BEV ramp-up
Volkswagen Group continued to make progress in its BEV ramp-up. All-electric vehicles reached a 6.8% share of total deliveries in Q3, sequentially increasing over the year, with China remaining the biggest driver in BEV deliveries. In the year to date, 366,400 BEVs…
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