As of: March 1, 2024, 4:01 p.m
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Various electric vehicles roll off the assembly line at the Volkswagen plant in Zwickau.
© Jan Woitas/dpa
After a decline in profitability, the Volkswagen Group expects business to be somewhat more lucrative this year.
CEO Oliver Blume expects sales revenue to be up to five percent higher than the previous year, as the DAX group announced on Friday.
In 2023, thanks to a final spurt, sales climbed unexpectedly strongly by 15.5 percent to 322.3 billion euros - also thanks to the already known increase in sales of almost 12 percent to 9.24 million vehicles.
Wolfsburg - The operating result increased by a good two percent to 22.6 billion euros.
Among other things, higher product costs and valuation effects from raw material hedging had a negative impact.
This year VW has to invest a lot in new technology, in the Chinese market and in batteries.
The investment rate is likely to reach 13.5 to 14.5 percent of sales, a record high.
VW initially did not provide any information on net profit for 2023.
The company will present detailed financial figures on March 13th.
dpa