Volkswagen Group operating result increases and recovery in China accelerates

• Operating result before special items Q1-Q3 of EUR 17.5bn reflecting an operating margin of [8.6%]

• Volkswagen Group confirms margin guidance of 7-8.5% at the upper end of the range

• Overall Q3 revenues up year-on-year from EUR 56.9 bn to 70.7 bn vs a supply constrained Q3 2021

• Q3 operating result up year-on-year to EUR 4.3 bn. Q3 margin of 6% burdened by non-recurring items of EUR 1.6bn

• Accelerating recovery in China, with 27% increase in deliveries in Q3

• BEV ramp-up progressing, with 22% more deliveries in Q3 and accelerating BEV share of 6.8%; start of production of the ID.4 in the US

• Successful IPO of Porsche, with proceeds being used to accelerate the transformation and return to shareholders via special dividend

• Oliver Blume, Volkswagen CEO: “In the third quarter, Volkswagen made some significant strides towards generating greater sustainable value creation for shareholders. I’m pleased to see that we made progress in China and the U.S., and took another step toward further securing the supply of raw materials to deliver on our ambitious EV ramp-up plans.”

• Arno Antlitz, Volkswagen CFO and COO: “We have once again demonstrated Volkswagen’s financial resilience in a challenging environment. This quarter was another step towards meeting our ambitious full year targets.”

Full press release