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ToyotaUk

TMC Announces April Through March 2024 Financial Results

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Toyota Motor Corporation (TMC) at the moment introduced its monetary outcomes for the fourth quarter, which ended March 31, 2024.

TOYOTA CITY, Japan (May 8, 2024) — Consolidated automobile gross sales totaled roughly 9,443,000 models, a rise of roughly 621,000 models in comparison with the identical interval final fiscal 12 months. On a consolidated foundation, internet revenues for the interval totaled 45.095 trillion yen ($311.0 billion), a rise of 21.4%. Operating earnings elevated from 2.725 trillion yen ($20.2 billion) to five.352 trillion yen ($36.9 billion), whereas earnings earlier than earnings taxes 1 was 6.965 trillion yen ($48.0 billion). Net earnings 2 elevated from 2.451 trillion yen ($18.2 billion) to 4.944 trillion yen ($34.1 billion).

Regions
North America: Vehicle gross sales totaled roughly 2,816,000 models, a rise of 409,000 models. Operating earnings, excluding the affect of valuation positive factors/losses from rate of interest swaps, elevated by 450.3 billion yen ($3.1 billion) to 524.9 billion yen ($3.6 billion).

Japan: Vehicle gross sales totaled roughly 1,993,000 models, a lower of 76,000 models.  Operating earnings, excluding the affect of valuation positive factors/losses from rate of interest swaps, elevated by 1,583.7 billion yen ($10.9 billion) to three,486.2 billion yen ($24.0 billion).

Europe: Vehicle gross sales totaled roughly 1,192,000 models, a rise of 162,000 models. Operating earnings, excluding the affect of valuation positive factors/losses from rate of interest swaps, elevated by 351.3 billion yen ($2.4 billion) to 407.9 billion yen ($2.8 billion).

Asia: Vehicle gross sales totaled roughly 1,804,000 models, a rise of 53,000 models. Operating earnings, excluding the affect of valuation positive factors/losses from rate of interest swaps, elevated by 159.9 billion yen ($1.1 billion) to 872.7 billion yen ($6.0 billion).

Other areas (together with Central and South America, Oceania, Africa, and the Middle East): Vehicle gross sales totaled roughly 1,638,000 models, a rise of 73,000 models. Operating earnings, excluding the affect of valuation positive factors/losses from rate of interest swaps, decreased by 73.2 billion yen ($504.8 million) to 194.3 billion yen ($1.3 billion).

Financial Services
Financial companies working earnings decreased by 8.0 billion yen ($55.1 million) to 613.6 billion yen ($4.2 billion). Including valuation positive factors/losses, working earnings elevated by 132.5 billion yen ($913.8 million) to 570.0 billion yen ($3.9 billion).

(*FY24 forex translations above are approximate and based mostly on a median 145-yen-to-dollar change fee; FY23 is 135-yen-to-dollar change fee)

Forecast
For the fiscal 12 months ending March 31, 2025, TMC estimates consolidated automobiles gross sales can be 9.50 million models. Based on an change fee assumption of 145 yen to the U.S. greenback, TMC forecasts consolidated internet income of 46.0 trillion yen ($317.2 billion), working earnings of 4.3 trillion yen ($29.7 billion), earnings earlier than earnings taxes of 5.07 trillion yen ($35.0 billion), and internet earnings of three.57 trillion yen ($24.6 billion).

(*all forex translations above are approximate and based mostly on a median 145 -yen-to-dollar change fee.)

1 Income earlier than earnings taxes and fairness in earnings of affiliated corporations

2 Net earnings attributable to Toyota Motor Corporation

For extra data, click here.

Volkswagen

Brand Group Core will increase working revenue in Q1 2024 regardless of difficult market surroundings

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The Brand Group Core delivered sturdy monetary ends in the primary quarter of 2024. With steady car gross sales and barely decrease gross sales income, the Brand Group Core reported a big year-on-year enhance in working revenue and working return. At 6.4%, working return was nicely throughout the goal hall of 6-7% for 2024. All manufacturers contributed to this achievement, reporting greater returns on the idea of centered price administration in addition to elevated implementation of synergy and effectivity measures throughout the Brand Group. The monetary efficiency within the first quarter felt the influence of offsetting results – these included, for instance, the abrupt termination of presidency incentives for electrical vehicles within the German market and the associated low cost measures firstly of the 12 months. Furthermore, there was excessive depreciation attributable to investments in product campaigns and the associated ramp-up of electrical merchandise.
The Brand Group Core was, nonetheless, capable of counteract these results within the first quarter of 2024 with a balanced product combine. The slight dip in demand for all-electric autos (BEV) was offset by greater deliveries of ICE fashions. Overall, steady Q1 unit gross sales figures at Brand Group stage mirror these results.

Brand Group Core increases operating profit in Q1 2024 despite challenging market environment

Significant enhance in Brand Group revenue and return on the again of strong car gross sales and gross sales income.

Key monetary efficiency indicators affirm the energy and resilience developed by the Brand Group Core: with unit gross sales of 1,191,926, the Brand Group’s car gross sales virtually matched the excessive prior-year stage (Q1 2023: 1,192,974 autos). Even although gross sales income got here in at 32.8 billion euros – thus barely decrease than the very robust gross sales stage of the earlier 12 months (Q1 2023: 33.2 billion euros) – working revenue earlier than particular objects grew 21% to 2.1 billion euros (Q1 2023: 1.7 billion euros).

The working return (earlier than particular objects) improved by 1.2 proportion factors to six.4%. Cash outflows within the first quarter had been primarily attributable to preparations for brand new mannequin ramp-ups.

The Brand Group Core delivered 1,543,500 autos to prospects within the first quarter of the 12 months, 6.2% greater than the identical prior-year quarter (Q1 2023: 1,453,500 autos). All-electric fashions accounted for an necessary share of deliveries: essentially the most profitable all-electric fashions from the Group delivered worldwide within the first quarter of 2024 had been the ID.4, ID.3, Škoda Enyaq and ID. Buzz. Škoda delivered 12.3% extra all-electric autos in Q1 2024 in contrast with the identical prior-year quarter. At Volkswagen Commercial Vehicles, the rise was as excessive as 29.4%.

Key figures for the Brand Group Core:

Key financials

Q1 2024

Q1 2023

Change 24/23

Unit gross sales (in 1000’s)
(incl. different autos from different manufacturers)

1,192

1,193

0%

Sales income

32.77 billion euros

33.16 billion euros

-1%

Operating revenue earlier than particular objects

2.11 billion euros

1.74 billion euros

+21%

Operating return earlier than particular objects

6.43%

5.25%

+1.2%-points

The Volkswagen Passenger Cars, Škoda, SEAT/CUPRA and Volkswagen Commercial Vehicles manufacturers every contributed to the sturdy Brand Group Core Q1 outcomes for fiscal 2024.

Unit gross sales on the Volkswagen Passenger Cars model within the first quarter of fiscal 2024 ran at 694,617, 5% down on car gross sales for a similar prior-year quarter (Q1 2023: 730,797 autos). Given the commonly difficult market surroundings, a really robust efficiency within the first quarter of the earlier 12 months and mannequin adjustments in key quantity drivers (Golf, Tiguan, Passat), gross sales income firstly of the 12 months got here in at 19.3 billion euros, 6% decrease than the prior-year determine (Q1 2023: 20.5 billion euros). At the identical time, nonetheless, the working revenue earlier than particular objects improved by 26.8% to 770 million euros, confirming the Volkswagen model’s steady place total in a risky market. At 4.0%, the working return (earlier than particular objects) was noticeably greater than the prior-year determine of three.0%, pushed by a constructive regional combine and worth results that in flip had been counteracted by pay will increase.

Patrick A. Mayer, Member of the Board of Management of the Volkswagen Brand answerable for “Finance”, commented: “The solid results for the first quarter of 2024 show that our cost optimization measures are having an effect and the brand is successfully strengthening its resilience. Implementation of the Volkswagen brand’s comprehensive performance program continues to gather momentum and will make us even more effective and faster in this challenging year of 2024.”

Škoda Auto delivered 220,500 autos worldwide within the first quarter of 2024, a rise of 5.2% in contrast with the earlier 12 months. The order consumption stays promising. Sales income got here in at 6.6 billion euros, barely down on the determine for Q1 2023 (6.8 billion euros). This is partly attributable to greater materials prices. The working revenue earlier than particular objects ran at 535 million euros and the working return (earlier than particular objects) was 8.1%, barely above the extent for a similar prior-year quarter
(Q1 2023: 8.0%). With deliveries operating at 61,200 (+36%), the Octavia remained the model’s best-selling mannequin.

SEAT/CUPRA reported a constructive begin to enterprise 2024. First-quarter car gross sales by the model ran at 164,300 models, a rise of 6.2% in contrast with the primary quarter of the earlier 12 months. SEAT/CUPRA generated gross sales income of three.8 billion euros, a rise of 6.8% on the determine for Q1 2023. The working revenue earlier than particular objects developed significantly nicely, rising 57% to 226 million euros. The working return (earlier than particular objects) improved to five.9%, similar to an increase of 1.9 proportion factors on the determine for Q1 2023. These constructive figures mirror the profitable market penetration of SEAT/CUPRA and the rising recognition of SEAT/CUPRA fashions.

Business improvement on the Volkswagen Commercial Vehicles model within the first quarter of 2024 was constructive. Vehicle gross sales of 121,906 models represented 17% progress in contrast with similar quarter in 2023. There was corresponding 16% progress in gross sales income to 4.2 billion euros. Particularly noteworthy is the rise in working revenue earlier than particular objects, which greater than doubled to 400 million euros (+ 134%). The working return (earlier than particular objects) got here in at 9.6%, a rise of 4.8 proportion factors.

Outlook
 The subdued financial prospects, rising competitors and political challenges will proceed to form the present fiscal 12 months. Against this backdrop the Brand Group Core because the “core of the Volkswagen Group” has outlined its key priorities: to spice up its monetary energy and innovativeness in addition to enhance its resilience. 2024 can be a 12 months of complete mannequin change. The Volkswagen model started the present 12 months with the market launch of the three most necessary quantity fashions: Tiguan, Golf und Passat. The Brand Group Core will additional strengthen its market place by debuting additional enticing new fashions such because the all-electric Volkswagen ID.7 Tourer, the long-wheelbase ID. Buzz and the CUPRA Tavascan. The Brand Group Core’s working return in Q1/24 was throughout the full-year goal hall of 6-7%. With a transparent give attention to additional decreasing complexity, shortening improvement cycles and systematically tapping into synergy potentials, the Brand Group Core is on monitor to satisfy its goal of an working return of 8% by 2026.

BMW

FIA WEC: BMW M4 GT3 triumphs at Imola – Strong race for the #20 BMW M Hybrid V8.

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Imola. Great outcomes for BMW M Motorsport and Team WRT on the second spherical of the FIA World Endurance Championship (FIA WEC). The 6 Hours of Imola (ITA) ended with a one-two outcome for the BMW M4 GT3 within the LMGT3 class. Augusto Farfus (BRA), Sean Gelael (INA), and Darren Leung (GBR) triumphed forward of their team-mates Maxime Martin (BEL), Valentino Rossi (ITA), and Ahmad Al Harthy (OMA). It was the primary victory for a BMW M Motorsport automotive within the historical past of the FIA WEC. BMW M Team WRT additionally celebrated success within the Hypercar class. After a difficult begin in Qatar, Robin Frijns (NED), René Rast (GER), and Sheldon van der Linde (RSA) gave a really sturdy efficiency, battled for the rostrum for a very long time, and finally completed in sixth place.

 

The climate circumstances, with rain setting in across the midway level of the race, turned the occasion into a technique gamble. However, all BMW M Motorsport groups made the correct tyre decisions and have been rewarded with excellent outcomes. The BMW M Hybrid V8 made huge enhancements in comparison with the season opener and was aggressive underneath all circumstances. On the moist observe, last driver van der Linde even had the rostrum inside attain, however issues over the last pit cease and a subsequent drive-through penalty pushed the #20 BMW M Hybrid V8 again to a still-strong sixth place. The #15 BMW M Hybrid V8 with Raffaele Marciello (SUI), Dries Vanthoor (BEL), and Marco Wittmann (GER) within the cockpit was unfortunate and received innocently concerned in a collision firstly. After about an hour of repairs, the group managed to get the automotive again on observe for necessary take a look at kilometres.

The celebration was even better within the LMGT3 class. Both BMW M4 GT3 crews continued on slick tyres because the rain started to fall, making the correct choice. No competitor may match their velocity, and so they drove to a commanding one-two end. Never earlier than had a BMW M Motorsport automotive gained a race on this collection because the founding of the FIA WEC in 2012.

 

Comments after the race at Imola:

 

Andreas Roos (Head of BMW M Motorsport): “That was an extremely positive FIA WEC event at Imola. In Hypercar, we made great progress after the challenging start in Qatar. We had the pace to achieve a top result on our own. I am pleased that car #20 was able to hold its own in the leading group throughout the race, even under difficult conditions. The early unprovoked accident of car #15 was very unfortunate and annoying. Many thanks to BMW M Team WRT, which rebuilt the car and sent it back on track. That allowed us to finish the race and collect important data to continue improving. On the LMGT3 side of the garage, it couldn’t have gone better. Congratulations to all drivers and crew members for very strong performances. Thank you to everyone at BMW M Motorsport and the team for a very successful weekend!”

 

Vincent Vosse (Team Principal BMW M Team WRT): “What a great weekend for our LMGT3 crews! Qualifying and the race went very well, and we did the little things right. Augusto and Maxime stayed on slicks on a wet track and were able to show incredible pace. That gave us a good lead and ultimately the one-two result. In Hypercar we were in the window where we belong this time after the big disappointment in Qatar. We are taking one step at a time and have already done some things very well here. On to the next race at Spa-Francorchamps.”

 

Sheldon van der Linde (BMW M Team WRT, #20 BMW M Hybrid V8, sixth place): “In the end, that was one of the most challenging and craziest stints I’ve ever driven. I thought several times that I would lose the car. I knew I had to bring it home so we could score very good points. Luckily, that worked out. The team did a great job improving the car so much since Qatar. We can be very proud of that. Thank you to everyone!”

 

Marco Wittmann (BMW M Team WRT, #15 BMW M Hybrid V8, 18th place): “That was a wild start phase, where some of our competitors quite misjudged themselves. I was hit from behind and spun around. That was very annoying. The guys did a great job repairing the car and getting us back on track. That allowed us to collect important test kilometres. My stint after the repair was great. The car felt good, and we could have made up some places. The pace and balance were good; we need to build on that. Hopefully, we’ll have more racing luck next time.”

 

Augusto Farfus (Team WRT, #31 BMW M4 GT3, 1st place): “I am incredibly happy and proud. We showed today that it’s about having the best team in this championship, not just the best car or the best individual driver. In my stint, the track was always differently wet, and it was a constant question of which tyres were better. We stayed on slicks the whole time, and I felt very comfortable in the BMW M4 GT3 under those conditions. The team always stayed calm and did everything right in the end. It’s my son’s birthday today – I couldn’t have given him a better gift.”

 

Sean Gelael (Team WRT, #31 BMW M4 GT3, 1st place): “I’m super happy! Darren qualified the car in fourth place on Saturday and drove a strong first stint. I had quite a bit of fun after that and was able to make up some time. Then I handed over to Augusto, who was sensational on the track and put pressure on Maxime. It was not so bad today.”

 

Darren Leung (Team WRT, #31 BMW M4 GT3, 1st place): “Winning in just my second FIA WEC race – that’s just incredible! We did an outstanding job as a team. The turbulent start phase was difficult for me, but I got through it very well and was able to hand over the car in a good position to my colleagues.”

 

Maxime Martin (Team WRT, #46 BMW M4 GT3, 2nd place): “A fantastic result for the team. We had a strong car and decided on a bold strategy. That made the difference in the end. Congratulations to the #31 crew on the victory! We collected a lot of points and will continue to work hard in the next races.”

 

Valentino Rossi (Team WRT, #46 BMW M4 GT3, 2nd place): “I am very happy about the one-two for Team WRT, for BMW M Motorsport, and my first podium in FIA WEC. We already had a strong car on Saturday in qualifying, and Ahmad achieved a very good third starting position. In the race, we then decided to stay out on slicks. Augusto was a bit faster than Maxime at the beginning and took the lead. Nevertheless, I am very happy with the result.”

 

Ahmad Al Harthy (Team WRT, #46 BMW M4 GT3, 2nd place): “My first podium with Team WRT – that’s an incredible feeling! Many thanks to the team, which did a fantastic job. We took a calculated risk, and it paid off in the end.”

BMW

Statement and Presentation Walter Mertl, Member of the Board of Management of BMW AG, Finance, BMW Group Annual Conference 2024

Ladies and Gentlemen,

Good morning!

2023 was one other profitable 12 months for the BMW Group. We delivered sturdy ends in the present enterprise, whereas securing our future viability by means of focused investments.

Strong demand for our enticing merchandise, higher availability of autos and an easing of the availability state of affairs led to a constructive quantity improvement. After the midway mark within the 12 months, we accordingly raised our steerage for each deliveries and EBIT margin within the Automotive Segment.

Thanks to our disciplined administration of the enterprise, we delivered but once more on all our targets. I’ll now take you thru our outcomes. 

SLIDE 3: BMW Group with Strong Performance and Solid Sales improve

For the complete 12 months, we delivered 2.55 million autos worldwide, which is 6.4% over 2022. We achieved vital development with our all-electric autos. Deliveries reached greater than 375,000 models, or roughly 15% of whole gross sales.

At 9.8%, the EBIT margin within the Automotive Segment was nicely inside the elevated hall of 9.0 to 10.5%. Excluding depreciation and amortisation for BBA belongings from the acquisition worth allocation of 1.4 billion euros, the EBIT margin was 10.8%.

The Group EBT margin of 11% exceeded our strategic goal of 10%.

We additionally continued to cut back CO2 emissions in our European fleet. With 102.1 grams per kilometer, we had been 26.4 grams – in different phrases 20.5% – beneath the goal set by the European Union.

SLIDE 4: BMW Group full-year 2023

At Group stage, our revenues reached 155.5 billion euros, which is 9% larger than 2022. Adjusted for forex translation results, revenues elevated by 13.1%. The improve was pushed by the upper supply volumes and constructive product combine results.

In 2023, our earnings earlier than tax at Group stage amounted to 17.1 billion euros. It is necessary to notice that Group earnings in 2022 of 23.5 billion euros included a one-off revenue of seven.7 billion euros. This was as a consequence of a technical accounting impact associated to BBA full consolidation, particularly the revaluation of our current fairness pursuits. Without this impact, Group earnings in 2023 had been 1.3 billion euros or 8% above 2022.

This additionally interprets by means of to earnings per share, that had been at 15.7 euros in 2022, excluding the one-off revenue from BBA. In 2023, earnings per share of 17.7 euros had been 12.8% above the earlier 12 months.

That brings me to the outcomes of the person segments.

I’ll begin with the Automotive Segment.

SLIDE 5: Automotive Retail Units, BEV Units, Auto 

Revenue and Auto EBIT

The BMW Group delivered 2.55 million autos to clients worldwide in 2023. This corresponds to strong development of 6.4% – according to our elevated steerage. Momentum got here specifically from fashions within the higher worth section, such because the BMW 7 Series, X7, and Ix*, in addition to from the all-new BMW X1.

Our all-electric autos proceed to be a key development driver.

In 2023, BEVs made up virtually 15% of our whole gross sales.

We additionally delivered over 190,000 plug-in hybrid autos. In whole, electrified autos due to this fact accounted for over 22% of gross sales through the 12 months. 

Revenues for the Automotive section totaled 132.3 billion euros. This quantities to a 7% improve year-on-year.

At virtually 13 billion euros, the section’s working consequence was over 20% larger than 2022. This resulted in an EBIT margin of 9.8%. This is each on the larger finish of our long-term strategic goal hall of 8-10%, and nicely inside the elevated goal hall of 9.0-10.5% for the 12 months 2023.

SLIDE 6: Automotive Segment EBIT full-year 2023

Looking on the working lead to element, the rise in Automotive EBIT benefited from a web impact of quantity, mannequin combine and pricing, yielding a tailwind of two.4 billion euros. This was primarily pushed by the upper quantity and better share of high finish autos, together with BMW M fashions, which compensated for the upper BEV share. As anticipated, we noticed some worth normalization within the new automotive and used automotive markets by means of the top of the 12 months.

Compared to 2022, we see that EBIT in 2023 was impacted by 600 million euros from the online stability of forex and uncooked materials positions. This distinction is principally as a consequence of forex results from the event of the Chinese renminbi and US greenback. Given decrease uncooked materials costs by means of the top of the 12 months, we noticed a slight tailwind in comparison with 2022. However, this was overcompensated by headwinds from elevated provider funds.

SLIDE 7: R&D Expenditure in full-year 2023

As deliberate, analysis and improvement expenditure rose considerably to 7.8 billion euros, virtually 600 million euros larger than the earlier 12 months. The R&D ratio for the 12 months got here in at 5.0%. Due to larger revenues, this is similar stage as 2022, though general spending elevated year-on-year.

Expenditure for R&D primarily targeted on three areas: the electrification and digitalization of the fleet; automated driving capabilities; and expenditure for brand new fashions.

Due to larger bills, largely for IT tasks, promoting & administrative bills elevated by about 400 million euros.

The place “Other cost changes” displays, amongst others, larger materials prices, as talked about at Q3, in addition to decrease residual worth income than the earlier 12 months. In 2022, a detrimental one-off affect of 1.8 billion euros was as a consequence of results associated to the first-time consolidation of BBA.

SLIDES 8 & 9: Automotive Segment Free Cash Flow full-year 2023

Moving on to the free cashflow outcomes for 2023.

At year-end, free money move within the Automotive Segment reached 6.9 billion euros. It must be famous that free cashflow within the earlier 12 months included a constructive impact of over 5 billion euros in web money acquired from BBA. Without this impact, our free money move in 2023 was virtually 900 million euros larger year-on-year, or a rise of 13%.

The change in working capital of two.7 billion euros primarily displays the rise in inventories to keep up inventory ranges in markets worldwide.  This ensured we now have enough provide, together with for brand new fashions, to fulfill the sturdy world market demand getting into the brand new 12 months.

SLIDE 10: Capital Expenditure full-year 2023

Capital expenditure for the 12 months totaled 8.8 billion euros. Our investments in 2023 primarily targeted on the fifth and sixth technology battery cell expertise, digitalization of merchandise and processes, and automobile tasks. In addition, we invested in building of our crops, for instance in Debrecen, Hungary, the place we are going to launch the NEUE KLASSE subsequent 12 months.

The capex ratio for the 12 months was 5.7%.

Changes in provisions had a constructive affect on free cashflow of 1.5 billion euros.

The place “other items” displays primarily tax funds.

SLIDE 11: Financial Services Segment full-year 2023

That brings me to our Financial Services section, a key enabler for our enterprise.

Financial Services is already an integral a part of the client journey, and can develop into much more necessary with the rollout of our direct company gross sales mannequin.

In 2023, the variety of new financing and leasing contracts concluded with retail clients got here in on the similar stage because the earlier 12 months with 1.5 million new contracts. This is a really strong consequence, contemplating the enterprise atmosphere with elevated rates of interest and a extremely aggressive panorama.

Business developed positively quarter for quarter. While new contracts with finish clients had been down 20% in Q1 year-on-year, in This fall contracts had been up by 17%.

The share of latest BMW Group autos both leased or financed

by the Financial Services section stood at 38.2% in 2023.

Average financing quantity per automobile elevated, as a consequence of an improved product combine within the automotive enterprise. Overall, new enterprise quantity elevated by 3.4% to 57.3 billion euros.

Segment earnings earlier than tax amounted to 2.96 billion euros. The lower displays primarily two components: larger refinancing prices as a consequence of rising rates of interest, in addition to the general declining contract portfolio.

Revenues from the resale of end-of-lease autos remained at a excessive stage, however had been decrease than earlier 12 months as used automotive costs began to normalize. We count on this pattern to proceed in 2024, resulting in a decrease consequence from off-lease autos.

At 0.18%, the credit score loss ratio remained at low stage.

After growing the goal vary for the 12 months to between 16 and 19 % in August, Return on Equity reached 17.2% for the full-year.

SLIDE 12: Motorcycles Segment full-year 2023

That brings me to the Motorcycles section.

In its a hundredth anniversary 12 months, the BMW Motorrad model achieved file deliveries, with over 209,000 models. An spectacular accomplishment!

All main gross sales areas noticed development in 2023, with explicit momentum coming from Europe with 4.7% and China with 2.8%.

The EBIT margin for the section reached 8.1%.

At 259 million euros, the section’s working consequence was on the similar stage as 2022.

SLIDE 13: Other Entities Segment / Eliminations full-year 2023

Finally, you see the mixed consequence from the Other Entities Segment and intersegment eliminations.

“Other Entities” recorded a loss in earnings earlier than tax of 100 million euros. The lower in comparison with 2022 was primarily pushed by detrimental honest worth measurement results on rate of interest hedging transactions.

Consolidations elevated in earnings earlier than tax to 1.3 billion euros. Lower eliminations related to the leasing enterprise had a constructive impact in comparison with the earlier 12 months.

SLIDE 14: Dividend and Increased Pay-out Ratio

Ladies and Gentlemen,

At the BMW Group, we stay targeted on making certain that our shareholders profit from the corporate’s success.

The Board of Management and the Supervisory Board will due to this fact suggest a dividend of 6.00 euros per share of frequent inventory and 6.02 euros per share of most well-liked inventory to the Annual General Meeting. This ends in a complete dividend payout of roughly 3.8 billion euros. The larger dividend payout and earnings per share in 2022 mirrored appreciable one-off results from the consolidation of BBA in our Group revenue. Adjusted for the one-off impact, the dividend in addition to earnings per share are larger in 2023.

The proposed dividend for 2023 represents a pay-out ratio of 33.7%. This is inside our long-term strategic goal vary of 30-40% and likewise notably larger than the payout ratio in 2022.

At the top of June 2023, we efficiently concluded the primary program of our share buyback at 2 billion euros, which was accepted on the Annual General Meeting in May 2022. On July third final 12 months, we launched the second program of as much as 2 billion euros, with the primary tranche concluding on December thirty first. In whole, 1.2 billion euros in share buyback had been accomplished in 2023. The second tranche, with a quantity of 500 million euros, began on January 2nd, and can be carried out by June 28, 2024, on the newest. The second share buyback program can be accomplished by December 31, 2025 on the newest.

Taking the proposed dividend and final 12 months’s share buyback collectively, the whole payout of 5 billion euros represents 92% of Auto free cashflow out there to BMW AG shareholders.

This underscores the monetary power and sturdy cashflow generated by our operations, which helps optimum shareholder return.

Moving on from 2023, what are we anticipating in 2024?

In the Automotive section, we count on slight development in volumes, pushed by our younger and enticing product portfolio. Specifically, we should always see vital development of our BEV share in addition to a double-digit development within the higher section.

We anticipate a rise in materials prices and provider funds. However, this must be offset by a web tailwind from FX and commodities. The web affect of quantity, combine and worth must be barely constructive, and we are going to take our disciplined method ahead into 2024. At similar time, decrease income from off-lease autos will weigh on Auto EBIT.

SLIDE 15: CapEx and R&D Ratios 2024

In 2024, we are going to hit our capex and R&D peak, as deliberate and communicated.

The continued implementation of our electrification and digitalization technique will result in higher analysis and improvement prices. Expenditure associated to the NEUE KLASSE, such because the additional improvement of the sixth-generation battery expertise and preparations within the manufacturing community, will even affect the Group’s earnings and ends in higher capital expenditure.

For the present monetary 12 months, we due to this fact count on a capex ratio above 6% and an R&D ratio above 5%. After 2024, each ratios will steadily return to our strategic corridors, which stay unchanged. For Capex: which means lower than 5%. And for the R&D ratio: between 4 and 5 %.

Despite the numerous funding in future applied sciences, we are going to generate above 6 billion euros in Automotive free cashflow in 2024.

Financial companies will profit from the upper auto gross sales and stabilization of the rate of interest atmosphere. However, a decline in used-car values will negatively affect the consequence. And, given the upper lease penetration fee, we are going to see a decrease eliminations consequence.

SLIDE 16: Outlook 2024

What will we count on for our key efficiency indicators in 2024?

In the Automotive Segment, deliveries of BMW, MINI and Rolls-Royce model autos are anticipated to rise barely year-on-year. The section’s EBIT margin ought to fall inside our strategic goal hall of 8 to 10 %. The share of all-electric autos relative to whole deliveries is anticipated to extend considerably in comparison with 2023.

In the Motorcycles Segment, deliveries are anticipated to extend barely, with an EBIT margin inside our goal vary of 8 to 10 %.

Return on Equity within the Financial Services section is forecast to land between 14% and 17%.

As anticipated, provide and demand proceed to normalize for brand new and used vehicles. It is due to this fact anticipated that revenues from remarketing lease returns can be decrease than 2023.

For the Group’s pre-tax revenue, we count on a slight lower. This is due primarily to the excessive stage of bills for analysis and improvement and capital expenditure, as outlined earlier than. The lower within the monetary companies enterprise will even contribute to the slight lower in Group revenue earlier than tax.

The Group’s headcount is forecast to extend barely.

Ladies and Gentlemen,

At the BMW Group, our sturdy manufacturers and enticing merchandise have lengthy fashioned the muse for our success – and can proceed to take action sooner or later. We allocate our capital in investments effectively, according to our long-term technique. At the identical time, we stay targeted on price self-discipline and profitability.

Our strategic perspective offers us readability on our constant path going ahead, whereas our operational excellence secures our future aggressive benefit and the general well being of the enterprise. Our excessive flexibility permits us to fulfill market demand and constantly ship on targets. And in 2023, it underpinned our worthwhile development. The improve in our BEV gross sales to virtually 15% put us in a robust place to overachieve the CO2 targets. We additionally recorded development within the higher section, leading to a balanced and worthwhile combine.

As you realize, our trade is understood for its excessive complexity, for lengthy life-cycles, and for powerful regulatory necessities, that are ever-increasing. That is why our planning horizon all the time spans a number of years. As the Vision NEUE KLASSE X proves, our technique ensures that we anticipate traits within the trade to stay forward.

We are absolutely dedicated to ship on our long-term strategic goal of an 8-10% EBIT margin yearly.

And we ship what we promise. We have the best product line-up and the flexibleness to fulfill buyer wants throughout the globe. And our product providing is rising.

We will due to this fact proceed with our worthwhile development and likewise fulfill our targets, assuming market situations stay secure. As everybody has seen within the BEV market in China, this isn’t all the time a given. At the BMW Group, we are going to keep our balanced steering of a number of particular person goals to attain all of our strategic priorities.

Our sturdy efficiency at this time is paving our highway to tomorrow’s continued success. We stay assured concerning the 2024 monetary 12 months and past.

And now it’s time to listen to from Oliver once more: he’ll present you what we now have within the pipeline throughout all manufacturers to drive our success within the coming years.

News

10 Dependable Luxury Cars That Cost Less Than The Average Price Of A New Car In 2024

According to KBB, the average new car sold costs $47,401 in 2024. This excessive value ends in patrons turning into extra value-conscious, and considering twice about shopping for a brand new automobile, and definitely prohibits many from doing so regardless. It could even be one of many the reason why the used automobile market exploded lately. And though the second-hand market has an abundance of vehicles to select from, it may appear formidable to discover a automobile that will not value hundreds to take care of, or hasn’t already misplaced half of its worth as a consequence of depreciation.

If you realize luxurious vehicles, you realize the phrases ‘dependable’ and ‘reasonably priced’ do not combine effectively collectively. Although many luxury cars tend to fall victim to high depreciation rates, which lead to them costing mere pennies on the dime for second-hand patrons, most of the time, this contains spending hundreds of {dollars} in repairs and upkeep as effectively.

Fortunately, a few of the most reliable cars ever made are luxurious vehicles, and all of it boils right down to the high quality particulars. Here are essentially the most dependable luxurious vehicles accessible at the moment that do not value greater than the typical new automobile.

In order to provide the latest and correct data potential, the information used to compile this text was sourced from varied producer web sites and different authoritative sources, together with Kelley Blue Book (KBB), Edmunds, RepairPal, J.D. Power, Edmunds, EPA, and official producer web sites. The fashions under have been ranked primarily based on their common used costs, as offered by Kelley Blue Book (KBB).

Gold 2023 Rolls-Royce Ghost Black Badge

Related

15 Things To Expect With Luxury Car Ownership

While high-end luxurious vehicles signify the last word standing image, listed here are some belongings you wish to think about earlier than taking the plunge.

10 1997 Lexus LS 400

Average Used Price: $4,204

Lexus LS 400 Second Generation
Lexus

The successor to the very first Lexus car ever made. the second-generation Lexus LS 400, nonetheless holds a candle to modern-day luxurious vehicles. Although its styling is way much less shouty than new vehicles, the 1997 Lexus LS 400 has impeccable construct high quality, a surprisingly highly effective V-8 engine, and an inside match for a king.

Reliability Highlights

  • 4.0/5.0 RepairPal Reliability Rating
  • $435 RepairPal Annual Maintenance Cost

Under the hood of the 1997 Lexus LS 400 sits a naturally aspirated 4.0-liter V-8, known as the 1UZ-FE that produces 260 horsepower, and is able to pushing the LS to 60 mph from a cease in a stout 7.1 seconds. The 1997 Lexus LS 400 drives a tough cut price by costing lower than $5,000 on common in 2024.

Pros

  • Quiet, well-insulated cabin
  • Power-adjustable, leather-based entrance seats
  • Independent double wishbone suspension

Cons

  • EPA-estimated mixed gas consumption score of 19 MPG
  • High-mileage examples develop rattling from the entrance suspension
  • Only accessible as a four-speed automated

9 2010 Audi A6 3.0 TFSI

Average Used Price: $6,705

Black 2007 Audi A6
Bring a Trailer

As talked about beforehand, European luxurious vehicles are inclined to depreciate at an alarming fee and value an arm and a leg to take care of. Fortunately, the 2010 Audi A6, fitted with the supercharged 3.0-liter V-6, proves that reliable luxury cars exist. Its V-6 powerplant that generates 300 horsepower and 310 pound-feet of torque is simply the cherry on prime of the cake.

Reliability Highlights

  • 3.5/5.0 RepairPal Reliability Rating
  • $814 RepairPal Annual Maintenance Cost

Apart from having greater than sufficient energy, a used 2010 Audi A6 3.0 TFSI prices lower than $10,000 on common. In flip, you will not obtain a ticking timebomb, however slightly a well-built, dependable European luxurious sedan, as confirmed by satisfied Edmunds consumer reviews.

Pros

  • Quattro all-wheel-drive
  • Power adjustable, heated entrance seats
  • 5.9-second 0 to 60 mile-per-hour time

Cons

  • Faulty torque converter leading to test engine mild is a standard drawback
  • Jerky six-speed automated transmission
  • EPA-estimated mixed gas consumption score of 21 MPG

8 2009 Mercedes-Benz S550

Average Used Price: $9,163

White 2009 Mercedes-Benz S550
Bring a Trailer

One automobile that you just might need thought would by no means earn a spot on a listing of dependable luxurious vehicles is the Mercedes-Benz S-Class. Although unreliable S-Class fashions exist, the W221-generation S-Class is surprisingly reliable, particularly the 2009 S550. Despite RepairPal giving the S550 a below-average reliability score and claiming it prices practically $1,500 per 12 months to take care of, shoppers are usually glad with their possession expertise judging by Edmund’s consumer reports average rating of 4.8/5.0 stars for the 2009 S-Class.

Reliability Highlights

  • 2.0/5.0 RepairPal Reliability Rating
  • $1,451 RepairPal Annual Maintenance Cost

Although not as highly effective as full-blown AMG fashions, the 2009 Mercedes-Benz S550 nonetheless packs a mighty naturally aspirated 5.5-liter V-8 beneath its hood that is good for 382 horsepower and 391 pound-feet of torque. With an authentic MSRP of $91,225, the S550 can also be one of the depreciated luxurious vehicles of all time.

Pros

  • Heated and ventilated, electronically-adjustable entrance seats
  • Harman Kardon surround-sound audio system
  • Automatic air suspension

Cons

  • HVAC blower motor could fail
  • EPA-estimated mixed gas consumption score of 19 MPG
  • Models with out absolutely documented service historical past could also be cash pits

Gray 2022 BMW 3 Series

Related

10 Most Reliable European Cars You Can’t Ignore

If you’ve got at all times yearned for a European automobile however had been delay by sub-par reliability, listed here are among the most reliable fashions from throughout the pond

7 2014 Mercedes-Benz E350

Average Used Price: $11,439

2016 Mercedes-Benz E350 Sedan
Bring a Trailer

Albeit not as luxurious because the S-Class, by missing customary air suspension and ventilated seats, the W212-generation Mercedes-Benz E-Class nonetheless supplies a well-quipped, opulent inside and dashing design language. The 2014 Mercedes-Benz E350, specifically, not solely has 302 horsepower from its 3.5-liter V-6, nevertheless it’s additionally dependable.

Reliability Highlights

  • 3.5/5.0 RepairPal Reliability Rating
  • $833 RepairPal Annual Maintenance Cost

10 years in the past, a brand new Mercedes-Bens E350 value $55,327, however as of writing this text, it prices round 20% of its authentic worth. Its fashionable look, a great deal of security options, and plentiful creature comforts end result within the 2014 E350 being a cut price luxurious automobile.

Pros

  • 6.1-second 0 to 60 mile-per-hour time
  • Well-insulated cabin
  • Power-adjustable, heated seats with reminiscence operate

Cons

  • Nine recollects to are inclined to beforehand
  • Outdated infotainment system
  • Some inside panels could squeak, creak, or rattle

6 2016 Hyundai Genesis 5.0

Average Used Price: $18,514

2016 Hyundai Genesis Sedan
Hyundai

Nowadays, Hyundai and Genesis are two fully separate entities. But again within the day, Hyundai positioned its ‘extra essential autos’, within the Genesis vary. Now referred to as the Genesis G80, the 2016 Hyundai Genesis sedan could be discovered with one among two engines; a 311-horsepower 3.8-liter V-6, and a 420-horsepower 5.0-liter V-8. Of the 2, the V-8 mannequin is way more dependable and comes with an exuberant quantity of luxurious options.

Reliability Highlights

  • 3.5/5.0 RepairPal Reliability Rating
  • $583 RepairPal Annual Maintenance Cost

The inside of the 2016 Hyundai Genesis is one thing extraordinary. With high-quality supplies scattered throughout, power-adjustable leather-based entrance seats which are heated and ventilated, and reminiscence and lumbar help, the Genesis appears like a six-figure automobile. In actuality, a used V-8-powered Genesis sells on common for lower than $20,000.

Pros

  • 5.3-second 0 to 60 mile-per-hour time
  • 123 cubic ft of inside room
  • Adaptive cruise management
  • Long checklist of superior security options

Cons

  • Rear seats cannot fold down
  • Electrical gremlins could come up
  • EPA-estimated mixed gas consumption score of 18 MPG

5 2017 Lexus LS 460

Average Used Price: $26,066

2013 Lexus LS Teaser
Lexus

Sharing the identical engine because the luxurious, V-8-powered Lexus GS 460, Lexus’ flagship luxurious automobile, the Lexus LS additionally packs a mighty punch. The 4.6-liter V-8 engine that hides beneath the LS 460 makes minimal noise, however nonetheless generates a mighty 386 horsepower, and 367 pound-feet of torque.

Reliability Highlights

  • 3.5/5.0 RepairPal Reliability Rating
  • $874 RepairPal Annual Maintenance Cost

The 2017 Lexus LS 460’s inside appears like a six-figure-plus luxurious automobile with leather-based and wooden trim all around the cockpit. Its driver and passenger seats are power-adjustable with reminiscence operate, and all LS 460 fashions characteristic an influence moonroof and navigation system, amongst different facilities.

Pros

  • 5.4-second 0 to 60 mph dash
  • Soft-close doorways
  • F Sport fashions have sport-tuned air suspension

Cons

  • Knocking sound from the brake actuator could happen
  • Complex infotainment system with touchpad
  • EPA-estimated mixed gas consumption score of 19 MPG

Black 2003 Lexus LS 430

Related

10 Bargain Lexus Models That Offer Luxury And Reliability On The Cheap

Indulge in opulence with out breaking the financial institution: Discover 10 reasonably priced Lexus fashions that mix lavishness and dependability

4 2017 Lexus GS 350

Average Used Price: $29,977

White 2017 Lexus GS 350
Lexus

After itemizing two Lexus fashions already, there may be one more one, proving but once more that Lexus cars are nearly bulletproof. The Lexus GS is Lexus’ mid-size luxurious sedan providing that is smaller than the LS flagship, but bigger than the compact IS sports activities sedan. The 2017 Lexus GS 350 sports activities a 3.5-liter V-6 engine that places out 311 horsepower and 280 pound-feet of torque.

Reliability Highlights

  • 4.0/5.0 RepairPal Reliability Rating
  • $592 RepairPal Annual Maintenance Cost

With an inside you’d anticipate from a Lexus constructed within the late 2010s, the GS 350 has a 12.3-inch display with an built-in navigation system and cell phone compatibility. Furthermore, the GS 350 comes wrapped in leather-based however lacks the extra opulent wooden trimmings of costlier fashions just like the LS host.

Pros

  • Standard adaptive cruise management
  • F Sport fashions have sport-tuned adaptive suspension
  • Well-insulated cabin

Cons

  • Short rattling sound on preliminary start-up could happen
  • Rear seats cannot fold down
  • Complex infotainment system with touchpad

3 2020 BMW 440i xDrive Gran Coupe

Average Used Price: $33,380

2020 BMW 440i Gran Coupe
BMW

As per Consumer Reports, BMW outperforms all other German luxury automakers when it comes down to reliability for 2024. Generally talking, BMWs from the 2000s and early 2010s are inclined to value excruciatingly in reliability and repairs, however just lately, BMW proved in any other case.

Reliability Highlights

  • 81/100 J.D. Power Quality & Reliability Rating
  • $968 RepairPal Annual Maintenance Cost for a BMW

The 2020 BMW 440i is likely one of the best used BMW models money can buy due to its 3.0-liter turbocharged inline-six, extra generally referred to as the B58. Although you can purchase a 440i coupe for just a few grand much less, if you’d like an opulent BMW that is dependable, and prices lower than the typical new automobile, look no additional than the 2020 440i Gran Coupe xDrive.

Pros

  • EPA-estimated mixed gas consumption score of 25 MPG
  • All-wheel-drive leading to 4.7-second 0 to 60 mph time
  • 16-speaker Harman Kardon premium audio system.
  • 320 horsepower and 330 pound-feet of torque

Cons

  • No handbook transmission accessible
  • Subscription wanted for Apple CarPlay
  • Sloping roofline reduces rear cargo area

2 2022 Genesis G70 3.3T

Average Used Price: $40,233

2022 Genesis G70 Sedan
Genesis

Just just like the aforementioned Hyundai Genesis, the fashionable, smaller Genesis G70 offers phenomenal value. Albeit way more costly than earlier fashions, a used 2022 Genesis G70 fitted with the twin-turbocharged 3.3-liter V-6 prices simply above $40,000 on common, and comes with way more substance than the earlier entries.

Reliability Highlights

  • 87/100 J.D. Power Quality & Reliability Rating

With adaptive dampers, the G70 can shift between a stiff, sporty journey and a extra relaxed, snug journey, however nonetheless has satisfactory efficiency due to having 365 horsepower on faucet. As customary, the Genesis G70 3.3T additionally contains a boatload of security options, resembling adaptive cruise management with a stop-and-go operate, automated emergency braking, automated high-beams, blind-spot monitoring, and lane-keep help amongst others.

Pros

  • 4.5-second 0 to 60 mph dash
  • 10-year guarantee from new
  • 10.3-inch touchscreen infotainment system with Apple Carplay and Android Auto

Cons

  • Still vulnerable to depreciation
  • No handbook transmission accessible

Gray 2023 Hyundai Elantra Hybrid

Related

The Most Unreliable Cars According To Consumer Reports

If you don’t need the looming risk of your automobile giving up on you in the midst of nowhere, attempt to avoid these 15 fashions

1 2024 Lexus IS 350 F Sport

MSRP: $45,660

2024 Lexus IS350
Lexus

The 2024 Lexus IS 350 F Sport nice, dependable luxurious automobile you should buy for lower than the typical new automobile. Albeit the most costly automobile on this checklist with its $45,000+ MSRP, the Lexus IS can also be the one new automobile on this checklist. Therefore, even when issues had been to go fallacious, its four-year guarantee would nonetheless be intact, and you may obtain one 12 months of upkeep from Lexus free of charge, too.

Reliability Highlights

  • 4.0/5.0 RepairPal Reliability Rating
  • $543 RepairPal Annual Maintenance Cost

Thanks to fashionable engineering, Lexus appointed the brand new IS 350 F Sport with the most effective mix of luxurious facilities and sporty upgrades with out reaching Lexus IS 500 F Sport Performance ranges of outrageousness. Therefore, the Lexus IS 350 F Sport advantages from adaptive variable suspension and a Torsen limited-slip rear differential. Safety options on the 2024 Lexus IS 350 F Sport embody adaptive cruise management, lane-keep help, automated excessive beams, blind-spot monitoring, and a 360-degree {surround} digicam.

Pros

  • 3.5-liter V-6 with 311 horsepower and 280 pound-feet of torque
  • Heated and ventilated power-adjustable entrance seats with reminiscence operate
  • Mark Levinson 17-speaker premium {surround} sound system

Cons

  • Surprisingly sluggish in comparison with rivals with a 5.6-second 0 to 60 mile-per-hour time
  • Prone to depreciation
  • Outdated infotainment system with touchpad
Volkswagen

Brand Group Core improves end result and return in 2023 – nearer cooperation between the amount manufacturers is gaining traction

The Brand Group Core delivered strong monetary ends in 2023. Higher quantity and value results, improved availability of elements and decrease mounted prices had a constructive impact, whereas larger product prices and the deconsolidation of Volkswagen Group Rus had a damaging affect on the end result. The world market and aggressive atmosphere stays difficult. The Brand Group Core is engaged on additional stabilizing its efficiency with a view to enhancing its resilience in opposition to exterior components, specifically given the slower growth of the e-mobility market in Europe.

The systematic growth of cooperation within the agreed cross-brand core motion areas is having a sustained constructive impact on key monetary efficiency indicators: Brand Group Core working revenue earlier than particular objects in 2023 grew 80% year-on-year to 7.3 billion euros (2022: 4.1 billion euros). The essential driver right here was a 19% enhance in unit gross sales to 4.826 million autos (2022: 4.069 million autos). Net money move elevated from 1.1 billion euros in 2022 to five.6 billion euros. This growth was mainly attributable to the one-off discount of inventories that largely corrected the stock build-up because of the scarcity of logistics assets within the earlier 12 months. The working return earlier than particular objects improved by 1.7 share factors to five.3% (2022: 3.6%), gross sales income climbed 21% to 138 billion euros (2022: 114 billion euros).

Brand Group Core improves result and return in 2023 – closer cooperation between the volume brands is gaining traction

Focus on rigorous price self-discipline and profitability within the Brand Group Core.

Thomas Schäfer, Member of the Board of Management of Volkswagen AG, Head of the Brand Group Core & CEO of the Volkswagen Passenger Cars Brand, stated: “The closer cooperation in the Brand Group Core is gaining traction. Our work is beginning to pay off. Our networking has become stronger and more systematic. We now have several projects where cooperation extends beyond former brand boundaries. We have the right team spirit. As the volume brands’ CEO team, we have pushed hard to drive this transformation forward in recent months. Our common goal: to fully exploit our performance potential as a brand group by sharing knowledge and working together to find the best solutions. With our strong, clearly differentiated models we ideally cover important market segments without cannibalizing business for our sister brands. And our networking will become ever closer in order to leverage our enormous combined potential even more effectively in future under difficult economic conditions and within a rapidly changing automotive industry. That is good for each brand, for the Group and for our customers.”

Key figures for the Brand Group Core:

Key financials

2023

2022

Change 23/22

Unit gross sales
(incl. different manufacturers’ autos)

4,826,276 autos

4,069,342 autos

+19%

Sales income

137.770 billion euros

113.762 billion euros

+21%

Operating revenue earlier than particular objects

7.273 billion euros

4.045 billion euros

+80%

Operating return earlier than particular objects

5.3%

3.6%

+1.7%-points

Net money move

5.625 billion euros

1.131 billion euros

All the person manufacturers Volkswagen, Škoda, SEAT/CUPRA and Volkswagen Commercial Vehicles contributed to the constructive total efficiency of the Brand Group Core – and thus additionally the Volkswagen Group – within the 2023 fiscal 12 months.

Unit gross sales on the Volkswagen model grew by 13% to 2,519 million autos (2022: 2,236 million autos) within the 2023 fiscal 12 months. The model’s gross sales income climbed to 86,4 billion euros (2022: 73,8 billion euros). The essential drivers right here have been the license enterprise with China and a powerful efficiency in after-sales enterprise. The working revenue earlier than particular objects of three.5 billion euros (2022: 2.6 billion euros) additionally mirrors the brand new give attention to effectivity and profitability. At 4.1%, the working return earlier than particular objects was 0.5 share factors above the determine for the earlier 12 months (2022: 3.6%). The improved working end in 2023 exhibits that the model is strengthening its resilience and enhancing its competitiveness. Given the growing depth of competitors worldwide and the related monumental stress on costs and prices, the efficiency program agreed final December will contribute to stabilizing the return on gross sales trajectory from 2024. The Volkswagen model is thus laying the groundwork to strengthen resilience in a persistently difficult market atmosphere.

Patrik A. Mayer, Member of the Board of Management of the Volkswagen Brand liable for “Finance”, commented: “The solid results for the 2023 fiscal year show we are becoming more financially robust. Volkswagen is the Group’s core brand and we must live up to our responsibility – with good products, and also with good figures. Systematically implementing our Accelerate Forward performance program will make us significantly more effective and faster by 2026: not only in our factories and in development, but also in administration and sales. We therefore believe we are well prepared for a demanding year in 2024 with its muted economic outlook.”

Škoda Auto additionally reported a profitable 2023 fiscal 12 months. Global unit gross sales by Škoda Auto final 12 months ran at 866,800 autos (+18,5%), with the all-electric Enyaq recording the very best progress (81,700 autos bought; +52%). The all-electric mannequin was one of many best-selling electrical autos in lots of European markets. The Škoda Auto Group reported report gross sales income of 26.5 billion euros in 2023 (2022: 21,0 billion euros; +26,2 %). The model’s working revenue earlier than particular objects got here in at 1.8 billion euros, 183% larger than the prior-year degree (2022: 0.63 billion euros).

At 6.7%, the working return earlier than particular objects was effectively above the extent of the earlier 12 months (2022: 3.0 %). These sturdy outcomes underpin the corporate’s strong enterprise mannequin for making the mandatory investments within the ongoing transformation to e-mobility.

SEAT/CUPRA placed on a convincing efficiency final 12 months with a marked 28% rise in unit gross sales to 602,000 autos (2022: 468,000 autos). The model reported 31% progress in gross sales income to 14,3 billion euros (2022: 10,9 billion euros). Operating revenue earlier than particular objects ran at 625 million euros, effectively up on the earlier 12 months’s determine of 33 million euros. The group-wide enhance in profitability is clearly seen: the working return earlier than particular objects rose to 4.4% (2022: 0.3%). This is mainly attributable to the success of CUPRA with larger unit gross sales and constructive results from effectivity enhancements.

Business growth on the Volkswagen Commercial Vehicles (VWN) model was additionally constructive: unit gross sales elevated by some 25% to 423,000 autos (2022: 340,000 autos) and gross sales income grew 34% to fifteen billion euros (2022: 11 billion euros). Furthermore, there was a 65% rise in working revenue earlier than particular objects to 873 million euros (2022: 529 million euros). Progress with driving profitability was confirmed by a rise within the working return earlier than particular objects to five.7%, in comparison with 4.6% within the earlier 12 months. This report efficiency is attributable to the model’s strong positioning. Vehicles for personal and industrial clients, the enduring ID.Buzz and the distinctive California fashions fulfill particular person buyer needs. This efficiency was achieved by the systematic implementation of the effectivity program at VWN and the related price self-discipline.

Outlook
The Brand Group Core plans to extend its end in 2024, bolstered by the associated results from the amount manufacturers’ ongoing efficiency packages.
Overall, the Brand Group Core continues to focus on an working return of 8% in 2026. Improved cooperation among the many sister manufacturers is predicted to leverage synergy and scale results and contribute to attaining this goal. This contains optimizing product prices, decreasing overheads below the assorted efficiency packages in place on the particular person manufacturers, and thereby safeguarding sustainable progress. In addition, the Brand Group Core plans additional quantity progress on account of the improved provide state of affairs for vital uncooked supplies and elements. Further progress in key areas (e.g. North America) in addition to the event of latest markets (e.g. Škoda Auto / Vietnam) are anticipated to have a constructive impact on return. The present fiscal 12 months will likely be formed by sturdy competitors, political challenges and the mandatory investments for the longer term. Clear-cut tasks and a task-sharing strategy kind the premise for the sturdy cooperation that can proceed to drive the success of the Brand Group and your complete Volkswagen Group in future.


Organizational observe:
Škoda Annual Press ConferenceFriday, March 15, 10:00 a.m.
VWN Annual Press ConferenceThursday, March 21, 09:00 a.m.
SEAT/CUPRA Annual Press Conference Thursday, March 21, 11:00 a.m.

Replay

Annual Media Call 2024

Fiscal Year 2023 of the Volkswagen Brand

Fiscal Year 2023 of the Volkswagen Brand

Charts Thomas Schäfer

Annual Media Call 2024

Charts Patrik Mayer

Annual Media Call 2024

More details about the Brand Group Core

Brand Group Core

The model group CORE is the organizational merger of the Volkswagen Group’s quantity manufacturers. With greater than half of the Group’s automobile gross sales and over 200,000 workers from 5 manufacturers, the cross-border model group CORE is the reply to lots of the challenges we’re at present dealing with.

Images

Lexus

More Than Half of Eligible Lexus, Toyota Models Receive Segment Awards in J.D. Power 2024 U.S. Vehicle Dependability Study Results

PLANO, Texas (Feb. 8, 2024) – Today, J.D. Power launched the outcomes of the J.D. Power 2024 U.S. Vehicle Dependability Study, revealing Toyota returned to the highest of the company rankings with a composite rating of 146 (PP100) with 16 of 17 eligible Lexus or Toyota fashions rating within the Top 3 of their segments.  

Lexus retained the highest spot total within the business with a rating of 135 (PP100), whereas Toyota moved as much as second total with a rating of 147 (PP100). Toyota additionally moved into the primary spot of the Mass Market rating primarily based on enhancements within the J.D. Power 2024 U.S. Vehicle Dependability Study. 

More than half of the eligible Lexus/Toyota 17 fashions acquired awards (9) of their segments. 

Lexus (phase): 

  • ES (Midsize Premium Car) 
  • IS (Compact Premium Car) 
  • NX (Compact Premium SUV) 
  • RX (Midsize Premium SUV) 

Toyota (phase): 

  • 4Runner (Midsize SUV) 
  • Camry (Midsize Car) 
  • Corolla (Compact Car) 
  • Tacoma (Midsize Pickup)
  • Tundra (Large Light Duty Pickup) 

The 2024 U.S. Vehicle Dependability Study is predicated on responses from 30,595 unique purchasers and lessees of recent 2021 model-year autos after three years of possession. The survey was performed from August via November 2023. 

For extra particulars, click on right here: http://www.jdpower.com/pr-id/2024008 

About J.D. Power 

J.D. Power is a world chief in client insights, advisory providers and knowledge and analytics. A pioneer in using huge knowledge, synthetic intelligence (AI) and algorithmic modeling capabilities to know client habits, J.D. Power has been delivering incisive business intelligence on buyer interactions with manufacturers and merchandise for greater than 50 years. The world’s main companies throughout main industries depend on J.D. Power to information their customer-facing methods. 

J.D. Power has places of work in North America, Europe and Asia Pacific. To study extra in regards to the firm’s enterprise choices, go to JDPower.com/business. The J.D. Power auto procuring software may be discovered at JDPower.com.  

ToyotaUk

TMC Announces April Through December 2023 Financial Results

Toyota Motor Corporation (TMC) at present introduced its monetary outcomes for the third quarter, which ended December 31, 2023.

TOYOTA CITY, Japan (Feb. 6, 2024) — Consolidated automobile gross sales totaled roughly 7,295,000 items, a rise of roughly 804,000 items in comparison with the identical interval final fiscal yr. On a consolidated foundation, web revenues for the interval totaled 34.022 trillion yen ($237.9 billion), a rise of 23.9%. Operating earnings elevated from 2.098 trillion yen ($15.4 billion) to 4.24 trillion yen ($29.7 billion), whereas earnings earlier than earnings taxes 1 was 5.357 trillion yen ($37.5 billion). Net earnings 2 elevated from 1.899 trillion yen ($14.0 billion) to three.9472 trillion yen ($27.6 billion).

Regions

North America: Vehicle gross sales totaled roughly 2,161,000 items, a rise of 309,000 items. Operating earnings, excluding the impression of valuation positive aspects/losses from rate of interest swaps, elevated by 503.2 billion yen ($3.5 billion) to 552.5 billion yen ($3.8 billion).

Japan: Vehicle gross sales totaled roughly 1,630,000 items, a rise of 228,000 items.  Operating earnings, excluding the impression of valuation positive aspects/losses from rate of interest swaps, elevated by 1.141 trillion yen ($7.9 billion) to 2.686 trillion yen ($18.8 billion).

Europe: Vehicle gross sales totaled roughly 884,000 items, a rise of 127,000 items. Operating earnings, excluding the impression of valuation positive aspects/losses from rate of interest swaps, elevated by 294.4 billion yen ($2.0 billion) to 308.8 billion yen ($2.1 billion).

Asia: Vehicle gross sales totaled roughly 1,376,000 items, a rise of 83,000 items. Operating earnings, excluding the impression of valuation positive aspects/losses from rate of interest swaps, elevated by 97.1 billion yen ($679 million) to 651.7 billion yen ($4.6 billion).

Other areas (together with Central and South America, Oceania, Africa, and the Middle East): Vehicle gross sales totaled roughly 1,245,000 items, a rise of 57,000 items. Operating earnings, excluding the impression of valuation positive aspects/losses from rate of interest swaps, elevated by 13.4 billion yen ($94 million) to 190.1 billion yen ($1.3 billion).

Financial Services

Financial companies working earnings decreased by 14.9 billion yen ($104 million) to 470.6 billion yen ($3.3 billion). Including valuation positive aspects/losses, working earnings elevated by 93.0 billion yen ($650 million) to 416.9 billion yen ($2.9 billion).

(*FY24 foreign money translations above are approximate and primarily based on a median 143-yen-to-dollar alternate price; FY23 is 136-yen-to-dollar alternate price)

Forecast

For the fiscal yr ending March 31, 2024, TMC estimates consolidated automobiles gross sales shall be 9.45 million items. Based on an alternate price assumption of 143 yen to the U.S. greenback, TMC forecasts consolidated web income of 43.5 trillion yen ($304.2 billion), working earnings of 4.9 trillion yen ($34.3 billion), earnings earlier than earnings taxes of 6.2 trillion yen ($43.4 billion), and web earnings of 4.5 trillion yen ($31.5 billion).

(*all foreign money translations above are approximate and primarily based on a median 143 -yen-to-dollar alternate price.)

1 Income earlier than earnings taxes and fairness in earnings of affiliated firms

2 Net earnings attributable to Toyota Motor Corporation

For extra info, click here.

VolvoCars

Invitation to Volvo Cars’ presentation of the fourth quarter and year-end report 2023

Volvo Cars will publish its fourth-quarter and full-year 2023 monetary outcomes on Thursday, 1 February 2024 at 06:00 UK time (07:00 CET). 

At 07:00 UK time (08:00 CET), President and CEO Jim Rowan, CFO Johan Ekdahl and Deputy CEO and Chief Commercial Officer Björn Annwall will host a livestream for media, buyers and analysts. The displays will likely be held in English and adopted by a Q&A session.

We look ahead to your participation. See under detailed info: 

07:00 UK time (08:00 CET)          Presentation for media, buyers and analysts 
 
Link: https://live.volvocars.com 
If you tune in from China, please use this hyperlink: https://live.volvocars.com.cn

It will likely be potential to ask questions throughout the Q&A session following the primary presentation. To take part, you’ll be able to both use the chat perform on-line to sort your query or you’ll be able to name in. To name in, members have to register and can then obtain the dial-in particulars and particular person PIN.

Link to register

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Volvo Cars in 2022 
For the complete 12 months 2022, Volvo Car Group recorded an working revenue of SEK 22.3 billion. Revenue in 2022 amounted to SEK 330.1 billion, whereas world gross sales reached 615,121 automobiles.  

About Volvo Car Group 
Volvo Cars was based in 1927. Today, it is without doubt one of the most well-known and revered automotive manufacturers on the earth with gross sales to clients in additional than 100 international locations. Volvo Cars is listed on the Nasdaq Stockholm alternate, the place it’s traded underneath the ticker “VOLCAR B”. 

“For life. To give people the freedom to move in a personal, sustainable and safe way.” This goal is mirrored in Volvo Cars’ ambition to grow to be a totally electrical automotive maker by 2030 and in its dedication to an ongoing discount of its carbon footprint, with the ambition to be a climate-neutral firm by 2040. 

As of December 2022, Volvo Cars employed roughly 43,200 full-time workers. Volvo Cars’ head workplace, product improvement, advertising and administration capabilities are primarily positioned in Gothenburg, Sweden. Volvo Cars’ manufacturing crops are positioned in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The firm additionally has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China). 

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5 Automotive Headlines That Caught Our Attention This Week: New Updates, BNCAP Crash Tests, And More

The Indian Car Of The Year 2024 has been introduced, whereas first crash check outcomes from Bharat NCAP are additionally out

Mahindra Thar 5-door, Tata Safari, Hyundai Exter

Last week, we acquired a slew of updates on upcoming merchandise in India. Kia opened the order books for its soon-to-be-launched facelifted subcompact SUV, whereas Mahindra filed emblems for 7 Thar-based names for the upcoming 5-door model. In the identical week, Bharat NCAP launched the primary crash check outcomes for 2 fashionable Indian SUVs and the winner of the Indian Car Of The Year (ICOTY) 2024 was introduced. Let’s check out all of the necessary highlights of the week.

Kia Sonet Facelift Bookings Open

Kia Sonet facelift

Just a couple of days after unveiling the Kia Sonet facelift, the Korean automaker has now opened the order books for the updated SUV with costs as a result of be revealed in January 2024. The facelifted Sonet acquired design updates and new options, together with superior driver help programs (ADAS). The automaker has additionally confirmed that deliveries for the upgraded Sonet will start in January.

Mahindra Filed New Name Trademarks

Mahindra Thar 5 door

The Mahindra Thar 5-door is among the most anticipated fashions in 2024. As the launch timeline approaches, Mahindra has filed 7 new identify emblems in relation to it. You can click here to view each trademarked name for the upcoming SUV.

First Crash Test Results From BNCAP

Tata Harrier & Safari Crash Test

The Bharat new automotive evaluation program (BNCAP) was launched on October 1 as India’s personal crash check evaluation company. Now we’ve the primary crash check outcomes from BNCAP, for the Tata Harrier and Tata Safari. Click right here to see how they have performed.

Indian Car Of The Year 2024 Announced

Hyundai Exter ICOTY 2024

The Hyundai Exter has received the award for the Indian Car Of The Year (ICOTY) 2024. This marks the eighth time a Hyundai mannequin has acquired this prestigious Indian automotive award. We have additionally obtained the winners for the Green Car Of The Year and Premium Car Of The Year. Click right here to learn more about the winners and the other contenders throughout classes.

Tata Inaugurated First EV-only Showrooms

Tata.ev Showrooms

In August 2023, Tata gave a recent id to its electrical arm as Tata.ev and shared its plans to open standalone showrooms for its electrical automotive lineup. Now, the automaker has inaugurated the first two Tata.ev stores in Gurugram. These shops can be open to the general public from early subsequent yr.