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Volkswagen: Quarterly Results/2023 Q4: Difference between revisions
Volkswagen: Quarterly Results/2023 Q4 (view source)
Revision as of 10:00, 18 March 2024
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== Earnings Call Summary == | == Earnings Call Summary == | ||
=== 2023 set goals === | |||
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures. | |||
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact. | |||
* Blume said the clean-up work (restructuring) has been completed. | |||
=== Investment Planning === | |||
* Blume said their investments are oriented towards the most attractive profit pools. | |||
=== Markets === | |||
==== China ==== | |||
* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy. | |||
==== Europe ==== | |||
* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce. | |||
==== North America ==== | |||
* They are focusing on greater localization and development and production as a basis for a stronger presence. | |||
=== Products === | |||
* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc. | |||
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%). | |||
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch. | |||
=== Operating performance in 2023 === | |||
* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well. | |||
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive. | |||
* Overall contract volume for the Financial Services was stable while credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment. | |||
== Competitor Results and Expectations == | == Competitor Results and Expectations == | ||