Volkswagen’s Profits Rocket 42.5% as Sales Jump 25%

Alexi Falson

Volkswagen has released its latest set of financial details for the first-half of 2023, detailing sharp increases to its delivery numbers and subsequent operating profits, with Skoda, SEAT and Cupra each reporting huge bumps in sales.

All up, Volkswagen managed to increase its operating profits up from 2.65 billion euros in H1 2022 up to 3.77 billion in H1 2023, a staggering 42.5 per cent increase.

This was accompanied by a 46.4 per cent jump in VW’s net cash flow up to 2.56 billion euros.

VW’s overall sales increased a substantial 25 per cent in the first half of 2023, delivering 2.45 million over last year’s 1.96 million vehicle deliveries in H1.

VW says that sales of its battery-electric lineup have been a key pillar of the results, with the company reporting a 54.1 per cent increase in BEV sales over the same point last year.

The end result landed VW with 227,300 battery-electric deliveries, nearly 150,000 more than it managed to deliver in the first-half of 2022.

The company says that its record-breaking figures were the result of a new emphasis on cooperation between VW itself, as well as subsidiaries like Skoda, SEAT and Cupra.

Skoda reported a 19.9 per cent growth in deliveries, which totalled 432,174 vehicles for the first half of 2023, which helped it increase sales revenues by 34.5 per cent up to 13.75 billion euros.

Seat and Cupra reported even stronger gains of 35 per cent for units sold in the first-half of 2023, which totalled 317,395 and enabled operating profits of 371 million.

Volkswagen’s commercial arm also reported strong growth, delivering 38 per cent more vehicles than H1, 2022, up to 211,747 in total.

“Development in the first half of 2023 shows we are on the right track with our focus on more efficiency and profitability,” says VW’s Thomas Schafer, adding that “but we have by no means crossed the finishing line yet.”

“It is our customers who benefit, because this lays the foundation for our investment in innovations and technologies and enables us to continue to offer vehicles that are superior to those of the competition going forward,” he added.

You can read the full breakdown of Volkswagen’s first half of 2023 financial results below.


Key financials  H1 2023  H1 2022  Change 23/22 
Unit sales  2,450,000 vehicles  1,956,000 vehicles  +25% 
Sales revenue  EUR 68.76 billion  EUR 53.01 billion  +30% 
Operating profit before special items  EUR 3.77 billion  EUR 2.65 billion  +42.5% 
Operating return on sales before special items  5,5%  5,0%  +0.5%-points 
Net cash flow  EUR 2.56 billion  EUR 1.75 billion  +46.4% 


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