By By Andrea Figueras
German car maker Volkswagen AG has announced that its revenue rose in the third quarter and the first nine months of 2023, leading to an upgrade in its guidance for the year. The company now expects its operating result before special items to be at a similar level to last year’s €22.5 billion ($23.82 billion), which corresponds to a return on sales of 8.1%. This represents an improvement from the previous forecast range of 7.5% to 8.5%.
According to Volkswagen’s preliminary results, the company maintains its outlook of delivering between 9 million and 9.5 million vehicles to customers this year, with sales revenue expected to be 10% to 15% higher than the previous year.
During the third quarter, the company’s group sales revenue increased by 12% to approximately €78.8 billion, while the operating result reached around €4.9 billion, compared to €4.3 billion in the same period last year.
Looking at the first nine months of the year, Volkswagen reported a 16% increase in group sales revenue, reaching approximately €235.1 billion. However, the operating profit for this period was around €16.2 billion, slightly lower than the €17.1 billion recorded last year.
Volkswagen is set to release its full report for the nine-month period on Thursday.
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