Volkswagen Group makes solid start to fiscal year 2023 with strong increase in revenues

• Strong sales revenue growth in Q1 primarily driven by volume recovery in EU and NAR, up 22 percent to EUR 76 billion

• Strong increase in operating profit by 35 percent to EUR 7.1 billion before valuation effects, mainly from commodity hedging; operating return on sales before valuation effects of around 9 percent

• Operating profit of EUR 5.7 billion, operating margin stands at 7.5%

• Automotive net cash flow at EUR 2.2 billion at end of Q1 2023

• BEV deliveries rose 42 percent to 141,000 in Q1 (7 percent share of total deliveries)

• The Group continues to see strong demand, with an order backlog of 1.8 million vehicles in Western Europe alone, including 260,000 BEVs

• Guided by the Ten Point-Plan, the Group continues to systematically invest in digitization and electrification of the company, both in Europe and in global growth regions, North America and China

• Arno Antlitz, CFO & COO, said: “Volkswagen Group has made an encouraging start to 2023. We saw strong growth in revenues and operating profit before the non-cash valuation effects from commodity hedging. With this solid performance and an order book of 1.8 million vehicles at the end of Q1, we confirm our financial outlook for 2023.”

Full press release