Volkswagen Group posts solid H1 results and strengthens strategic position in China

Revenue growth of 18 percent to EUR 156.3 billion, driven by significantly higher vehicle sales in Europe and North America and continued favourable mix and pricing.

In the first half of 2023, the Volkswagen Group achieved an operating profit before valuation effects mainly from commodity hedging outside hedge accounting of EUR 13.9 billion, an increase of about 13 percent. This resulted in a corresponding margin of 8.9 percent, above the guidance range of 7.5 percent to 8.5 percent. Operating profit came in at EUR 11.3 billion (H1 2022: EUR 13.2 billion) largely due to non-cash hedging effects mainly from commodity hedging amounting to EUR – 2.5 billion (Q1 2023 EUR – 1.3 billion; H1 2022: EUR 0.9 billion).

Overall revenue grew by 18 percent to EUR 156.3 billion in H1 (H1 2022: EUR 132.3 billion), driven by a continued recovery in volume as well as solid mix and pricing. Vehicle deliveries declined by 1 percent in China, although there were notable signs of recovery towards the end of the reporting period. Overall, the Group continued to see solid demand