Volkswagen Group is planning to invest EUR 180 billion between 2023–2027 in the most attractive profit pools and regions.
Volkswagen will allocate more than 68 percent of the total Capex in digitalization and electrification. Volkswagen did not reveal specific investment in digital transformation, though it has increased its Capex for the next five years.
Volkswagen Group’s CFO and COO Arno Antlitz said: “We aim to again generate robust returns in the current year. Our strong financial basis puts us in a position to continue investing in the electrification and digitalization of our company, even in a challenging economic environment.”
Oliver Blume, Volkswagen Group CEO, said: “In line with our Ten-Point Plan, we took important steps to execute our strategy, including new product strategies for our brands, the streamlining of our platforms and a revised software roadmap.”
Volkswagen Group’s sales revenue rose 12 percent year-on-year to EUR 279.2 billion. Operating profit before special items increased 13 percent to EUR 22.5 billion; operating profit margin improved to 8.1 percent due to strong mix and pricing.
Volkswagen Group’s outlook for 2023: deliveries expected to rise to about 9.5 million vehicles; sales revenues to increase by between 10 and 15 percent primarily driven by the strong order backlog on hand.
