Volkswagen Commercial Vehicles finished 2022 in a robust financial position, turning a profit of around half a billion euros despite a fall in the number of vehicles delivered to customers.
Sales values hit €11.5 billion (£10.1bn), although the total number of vehicles sold declined to 328,600, down from the 359,500 LCVs sold in 2021. An increase in revenue for each vehicle produced bolstered operating profit to €529 million (£467 million).
“If we take the two years 2021 and 2022 together, our combined profit turnaround amounts to around one billion euros,”
said Michael Obrowski, board member for finance at Volkswagen. He also explained that the strong figures were due to the positive effects of the product mix and a sustained trend towards higher-end models with good profit margins.
Alongside the increased revenue per unit, Volkswagen saw an increase in its market share in many territories, including Europe, where the brand holds almost 13% of the market — 1.5% higher than the previous year. Much of that is thanks to the launch of the ID. Buzz, which boosted Volkswagen Commercial’s deliveries of all-electric vehicles to 7,500, more than twice as many as 2021’s total.
The cornerstones of the successful year were the launch of the ID. Buzz electric van and the reveal of the production-ready Amarok pickup truck. Presales of the ID. Buzz and ID. Buzz Cargo reached 21,000 orders, with more than 32,000 vehicles now sold globally.
With the arrival of ID. Buzz and Amarok, Obrowski anticipates additional growth potential for the coming years, saying:
“our target for this year is to improve our positive net cash flow to more than 500 million euros.”
Beyond the arrival of the new Amarok, further growth is expected for the brand, with a host of LCV updates and new models due over the next 12 months. These include a long-wheelbase ID. Buzz, a hybrid Caddy van, and a new California camper built around the latest generation Multivan.
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