Thomas Schäfer, Volkswagen Group Board of Management Member responsible for the Brand Group Core: Overall, the results of the Brand Group Core show that there is room for improvement both in the individual brands and as a whole. We cannot be satisfied with our current profitability, and we need to take decisive action. The challenging environment and technological transformation require even closer cooperation between our brands. By leveraging synergies and bundling our expertise, we can make the necessary investments for the future.

In the first nine months of 2023, the Brand Group Core saw a 34.0 percent increase in operating profit before special items compared to the same period last year. The operating return on sales was 4.9 percent, a slight improvement. Sales revenue also grew by 24.0 percent.

Despite the challenges, the Brand Group Core reported a 21.0 percent increase in unit sales and a 9.4 percent increase in deliveries to customers. However, the market trend for battery-electric vehicles fell short of expectations.

Patrik Andreas Mayer, CFO of the Volkswagen brand and responsible for Finance at the Brand Group Core, highlighted the effectiveness of the new steering model and the progress being made in improving performance. The long-term target for the Brand Group Core’s operating return on sales remains ambitious at 8 percent.

Key figures for the Brand Group Core:

The performance of the Brand Group Core is also attributed to the success of the individual brands. The Volkswagen brand, despite facing interruptions in production and higher product costs, reported an increase in unit sales and sales revenue. ŠKODA, SEAT/CUPRA, and Volkswagen Commercial Vehicles also recorded positive results in unit sales, operating profit, and sales revenue.