The success of the Brand Group Core can be attributed to the strategic growth of the individual brands Volkswagen, ŠKODA, SEAT/CUPRA, and Volkswagen Commercial Vehicles.
Production disruptions caused by limited component availability and increased product costs had a significant negative impact on Volkswagen brand’s Q3 operating profit, dropping to 2.13 billion euros from 2.46 billion euros in the prior year. Consequently, the operating return on sales before special items for the current year decreased to 3.4 percent, down by 1.4 percentage points compared to the same period last year. The market also saw a lack of interest in electric vehicles, affecting overall industry expectations. Despite this, Volkswagen brand managed to increase unit sales by 19.0 percent in the first three quarters, reaching 2.24 million vehicles this year compared to 1.88 million in the prior year. Sales revenue also saw a 22.0 percent increase, rising from 52.03 billion euros to 63.40 billion euros in the same period.
ŠKODA Auto saw continued growth in the first three quarters with positive results across all key performance indicators. Operating profit before special items reached 1.26 billion euros, a 47.2 percent increase from the same period in 2022, while the return on sales rose to 6.4 percent from 5.6 percent in 2022. The success of the all-electric Enyaq model, with a sales increase of 47.6 percent, played a major role in this positive performance as ŠKODA delivered 777,500 vehicles worldwide, a 20.5 percent increase.
SEAT/CUPRA saw a remarkable surge in unit sales, with a 36.5 percent increase to 454,300 vehicles in the first nine months of 2023. Operating profit before special items grew significantly to 501 million euros, marking a sharp increase from the previous year. The return on sales also improved to 4.6 percent from -0.1 percent in the previous year, while sales revenue reached 10.84 billion euros, a 38.6 percent increase from the prior year.
- Advertisement -
Volkswagen Commercial Vehicles (VWN) continued its positive business growth in the third quarter. Unit sales rose by 32.0 percent to 312,600 vehicles compared to the prior year. All regions where VWN operates saw growth, with the all-electric ID. Buzz deliveries increasing steadily throughout the year. Sales revenue reached 11.10 billion euros, a 40.0 percent increase from the previous year, and operating profit before special items grew to 672 million euros, an 88.4 percent increase from 2022. The return on sales also improved to 6.0 percent from 4.5 percent in the prior year, showing significant progress in efficiency and cost management.