Caption: Earnings climb in the third quarter for Volkswagen. (picture alliance/dpa/Moritz Frankenberg)
German carmaker Volkswagen reported a rise in earnings for the third quarter. Volkswagen reported that its third quarter earnings after tax climbed to €4.35 billion ($4.59 billion) from €2.14 billion in the prior year. Quarterly operating result before special items was €4.89 billion up from €4.26 billion in the prior year.
Sales revenue for the third quarter grew to €78.85 billion from €70.67 billion in the prior year. Quarterly vehicle deliveries increased by 7.4% year-on-year to 2.34 million units. Volkswagen updated its outlook for fiscal year 2023 on October 20. The company continues to anticipate that deliveries to customers will stand between 9 million vehicles and 9.5 million vehicles.
Volkswagen continues to expect sales revenue to be 10% to 15% higher than the prior-year figure. The company expects operating results for the full year 2023 to be around the level of the previous year before special items, which was around €22.5 billion. Previously, it was expected that the annual operating return on sales to be between 7.5% and 8.5%.
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