Volkswagen, Skoda, SEAT/CUPRA, and Volkswagen Commercial Vehicles report positive Q1 performance

(IN BRIEF) Volkswagen Group’s volume brands, Volkswagen, Škoda, SEAT/CUPRA, and Volkswagen Commercial Vehicles, have published a quarterly report for the first time, showing their positive performance in the first quarter of 2023. The report reflects a doubling of operating profit before special items, a sharp increase in the operating return on sales, a 36% increase in consolidated sales revenue, and a 250% increase in net cash flow. In addition, unit sales increased by 30% to 1.19 million vehicles, with 97,100 full-electric vehicles delivered, up 49% from the prior-year quarter. The report highlights the significance of the Brand Group Volume in the ongoing transformation of the Volkswagen Group.

(PRESS RELEASE) WOLFSBURG, 8-May-2023 — /EuropaWire/ — Volkswagen Group (ETR: VOW3), one of the world’s leading manufacturers of automobiles and commercial vehicles, announces that its volume brands, which include Volkswagen, Škoda, SEAT/CUPRA, and Volkswagen Commercial Vehicles, have published their key financial metrics for the first time in a quarterly report. The report reflects the successful development of the brand group towards greater efficiency and profitability in the volume segment, which is significant in the ongoing transformation of the Volkswagen Group.

In the first quarter of 2023, the brand group’s positive performance is reflected by the doubling of operating profit before special items to EUR 1.74 billion (Q1 2022: EUR 0.88 billion) and a sharp increase in the operating return on sales from 3.6 percent in the previous year’s first quarter to 5.3 percent in Q1/23. The report also notes a significant increase in consolidated sales revenue to EUR 33.16 billion, up 36 percent from the previous year, and net cash flow, which increased 250 percent to EUR 1.7 billion in Q1/23.

In addition, unit sales in the first quarter of 2023 increased by 30 percent to 1.19 million vehicles (Q1 2022: 0.92 million vehicles), with the full-electric model range accounting for an ever-larger share of deliveries. The Brand Group Volume delivered 97,100 full-electric vehicles in the first quarter, 49 percent more than in the prior-year quarter.

The publication of this quarterly report demonstrates the significance of the Brand Group Volume in the Volkswagen Group’s ongoing transformation, reflecting its successful development towards greater efficiency and profitability in the volume segment.

“Strong brands, lean engine room: targeted cooperation between the brands enabled us to expand existing synergies and scaling benefits in the past few months and at the same time increase our financial robustness and innovation strength. The Brand Group Volume’s key figures prove we are on the right track,” Thomas Schäfer, Member of the Volkswagen Group Board of Management in charge of the Brand Group Volume, said.

Overview of key figures for the Brand Group Volume:

Key figures	Brand Group Volume Q1 2023 (+development)	Brand Group Volume Q1 2022
Unit sales	1,193,000 vehicles (+30 %)	918,000 vehicles
Sales revenue	EUR 33.16 billion (+36 %)	EUR 24.36 billion
Operating profit before special items	EUR 1.74 billion (+99 %)	EUR 0.88 billion
Operating return on sales before special items	5.3 %(+1.7 %)	3.6%
Net cash flow	EUR 1.7 billion	EUR 0.5 billion

The positive Q1 2023 performance of the Volkswagen Group’s Brand Group Volume is attributed to the successful development of individual brands, Volkswagen, Škoda, SEAT/CUPRA, and Volkswagen Commercial Vehicles.

The Volkswagen brand saw a slight upward trend in deliveries, with unit sales of about 70,000 vehicles accounting for nearly half of all BEVs delivered by the Group, despite supply constraints. Operating profit before special items came in at EUR 608 million, an improvement on the prior-year quarter figure.

Škoda Auto had a strong Q1 with deliveries of 209,600 vehicles, generating sales revenue of EUR 6.8 billion, and an operating profit before special items of EUR 542 million.

SEAT/CUPRA reported an operating profit of EUR 144 million, a significant improvement from the previous year, thanks to high demand and improved components supply.

Volkswagen Commercial Vehicles continued its positive trend with deliveries of 97,189 vehicles, driven by positive pricing and mix effects. Operating profit before special items soared to EUR 171 million.

The Volkswagen Group’s Brand Group Volume aims to reduce complexity and leverage existing synergy potential, with a consolidated operating return on sales target of 8 percent from 2025. The brand group expects a consolidated operating return on sales significantly higher than the 3.6 percent posted for 2022.

Volkswagen, Skoda, SEAT/CUPRA, and Volkswagen Commercial Vehicles report positive Q1 performance

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