VWG reports robust growth
- 1 August 2022
- Posted by: Alan Feldberg
- Category: News
Volkswagen Group has published strong results for the first half of the year, with operating results before special items for the first six month totalling $13.2b, a 16.1% increase on the same period last year.
It found that BEV demand continued to grow rapidly, with deliveries worldwide increasing by 27% to 217,000 vehicles. In Western Europe, BEV orders were up 40% on 2021 levels for the first six months, with 118,000 units delivered in quarter two alone.
Driving this trend, the Group increased research and development spending in this area to €4.9bn in the second quarter.
CFO Arno Antlitz said: “Despite unprecedented global challenges, Volkswagen has demonstrated remarkable financial robustness. The operating margin in the first half of the year reflects the strong product substance and proportionately higher sales in the premium segment. In addition, the volume group has proven that it can deliver good results even in a challenging environment.
“The Group’s strong operating profit and financial position enable important investments in future profit pools. Volkswagen also made important strategic progress in the second quarter and significantly advanced the development of its battery, mobility services and software platforms.”