Volkswagen said on Friday it expects supply chain problems to ease and revenue to rise to as much as 331 billion euros in 2023, sending shares in Europe’s biggest automaker to a three-month high and quite.
The automaker’s outlook, released after preliminary 2022 results published last month, also calls for a strong recovery in vehicle sales to 9.5 million units, up more than 14% from last year.
“Our performance last year demonstrated the Volkswagen Group’s enhanced resilience amidst a challenging global backdrop,” said Chief Financial Officer Arno Antlitz. “We expect supply chain bottlenecks to gradually ease in the current year, allowing us to meet the high order backlog.”
The comments reflect growing optimism from an industry that is slowly emerging from a global chip shortage, as well as supply chain issues also caused by the Covid-19 pandemic. Stellantis and Renault are other companies that have released optimistic scenarios for 2023 in recent weeks.
Volkswagen shares rose 10.6% on Friday in Frankfurt, reaching their highest level since mid-November. Analysts at Jefferies called the forecast “surprisingly strong”.
Volkswagen, which last year listed Porsche AG in a historic initial public offering (IPO), expects sales to grow 10% to 15%, indicating revenues of 307 billion euros to 331 billion euros in 2023, significantly above the estimate of 280 billion, according to data compiled by Refinitiv.
The group said the operating return on sales should be in the range of 7.5% to 8.5%, compared with 7.9% in 2022. The carmaker also said its dividend will increase by 1.20 euros per share .
Source: CNN Brasil
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