Volkswagen sales reach €76,198m (+21.5%) in 1Q23, while BMW’s total €36,853m 8 (-64%)

Volkswagen analysis

Norbolsa | Volkswagen yesterday posted sales and operating profit above consensus expectations, €76,198M (+21.5%) against €72,300M estimated and €4,730M (versus -29.9% year-on-year) as opposed to €4,076M, respectively, mainly driven by volume, strong pricing and product mix. Geographically, growth was largely attributable to strong growth in Europe and NAFTA, while on the negative side, deliveries in China declined by -14.5%.

Meanwhile, BMW released its 1Q23 results, coming in above consensus expectations. Sales reached €36,853M (-64%) versus €2,700M estimated and the operating margin was 14.6%, above analysts’ estimates (10.3%). Even so, the Group is still not improving its margin forecast for FY23 (8%-10%).

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