Volkswagen Group officially released its third-quarter financial results, both operating income and profit, compared to last year, have increased by a considerable amount.
Volkswagen Group
Volkswagen Group’s third-quarter financial report shows that the company’s third-quarter revenue was 70.71 billion euros, a year-on-year increase of 24%, slightly higher than the estimated 69.9 billion euros; the company’s third-quarter adjusted operating profit was 4.27 billion euros, a year-on-year increase of 53%, but Lower than the previous estimate of 4.64 billion euros; in addition, the company’s adjusted operating profit margin in the third quarter was 6%, 4.9% in the same period last year, and 7.56% expected. In terms of sales, the company delivered 2.18 million vehicles in the third quarter, which is still a certain gap from the previously estimated 2.5 million vehicles, which also reflects that there are still some problems in sales.
Partial data of Volkswagen Group from January to September 2022
The strong growth of the Volkswagen Group was mainly due to its excellent performance in the Chinese market. In the third quarter, Volkswagen’s deliveries in the Chinese market increased by 26%, and deliveries in September increased by 33%. Of this, demand for electric vehicles continues to grow, with deliveries more than doubling year-to-date to 112,700 units (47,100 units in Q1-3 2021). Even compared with all of last year, the group will double its pure-electric vehicle deliveries in China, the largest auto market.
Oliver Blume, CEO of Volkswagen Group, said: “In the third quarter, Volkswagen made significant progress in creating greater sustainable value for shareholders. Porsche’s successful IPO is a testament to the strength of our brand. , also gives Porsche the opportunity to give full play to its strength. I am very happy to see that we have established a partnership with China and the United States, two major automotive powers, and we have launched two key production sites in China. It is a great team effort that needs to continue to take our team to the next level.”
