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Volkswagen’s 2023 profits outlook blows earlier forecast, shares soar


Mar 3, 2023
Volkswagen's 2023 sales outlook blows past forecast, shares soar

FRANKFURT/HAMBURG – Volkswagen mentioned on Friday that it expects offer chain challenges to relieve and revenue to rise to as much as 331 billion euros ($352 billion) in 2023, sending shares in Europe’s major carmaker to their optimum amount in a few and a half months.

The carmaker’s outlook, which comes soon after preliminary 2022 success printed previous thirty day period, also foresees a solid restoration of motor vehicle deliveries to 9.5 million, an maximize of extra than 14% year-on-year.

“Our effectiveness previous yr shown the enhanced resilience of the Volkswagen Team amid a demanding world wide backdrop,” Main Money Officer Arno Antlitz claimed.

“We anticipate the source chain bottlenecks to slowly ease in the recent calendar year, making it possible for us to services the superior order backlog.”

The opinions reflect expanding optimism of an marketplace slowly rising from a global scarcity of chips as well as source chain issues also prompted by the COVID-19 pandemic, with friends Stellantis and Renault, way too, releasing upbeat sights for 2023 in current months.

Shares in Volkswagen rose 10% to the top of Frankfurt’s benchmark DAX index on the information and hit their highest amount given that Nov. 16, with analysts at Jefferies contacting the outlook “remarkably strong”.

Volkswagen, which final yr listed Porsche AG in a landmark listing, forecast gross sales to mature by 10% to 15%, indicating 2023 revenues of 307 billion euros to 331 billion euros, significantly bigger than the 280 billion Refinitiv estimate.

The team claimed functioning return on gross sales was predicted to be in the variety of 7.5% to 8.5%, when compared with 7.9% in 2022, adding its dividend would rise by 1.20 euros apiece to 8.70 euros for every popular share and 8.76 euros for each most well-liked share for 2022.

In accordance to Refinitiv estimates, holders of Volkswagen’s most well-liked shares were being anticipated to get a dividend of 8.46 euros apiece.

($1 = .9414 euros)

(Reporting by Christoph Steitz and Jan Schwartz Modifying by Miranda Murray, Sharon Singleton and Josie Kao)

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