Volkswagen CFO: Chinese Market Deliveries Drop 14.5% in Q1
According to news on May 4, Volkswagen announced today its financial results for the first quarter of 2023.
Revenue in the first quarter increased by 22% to 76 billion euros; operating profit was 5.75 billion euros, with an operating profit margin of 7.5%; BEV deliveries in the first quarter Up 42% to 141,000 (7% of total deliveries).
According to US Consumer News and Business Channel (CNBC), Bloomberg and other reports, Volkswagen Chief Financial Officer Antlitz said after the release of the financial report that the performance in the first quarter was encouraging, as there are currently 1.8 million vehicles in Europe.
With a backlog of car orders, VW is “quite confident” of meeting all of its financial targets for 2023.
Antlitz also said that although VW’s deliveries in China fell 14.5% in the first quarter of 2023, it is still confident of recovering sales in the rest of the year as it expands its model range and China-specific technology.
Antlitz said the focus was on differentiating China’s gasoline vehicle market from the battery electric vehicle (BEV) market, where VW needs to catch up to rivals.
“We had a slow start in China,” said Antlitz, “I just came back from Shanghai (Auto Shanghai 2023) and I was there for three days, looking at competitors’ cars, talking to the local team , obviously we need to accelerate, especially in the field of pure electric vehicles.”
According to previous reports, Volkswagen stated in its financial report that under the guidance of “In China for China”, the group introduced a new “100% TechCo” project.
Which combines the research and development and procurement of complete vehicles and parts, and is expected to make Development time for new products and technologies is reduced by approximately 30%.
The group plans to invest 1 billion euros to establish a new fully connected electric vehicle innovation center, headquartered in Hefei.
Volkswagen will also accelerate the development of autonomous driving in China and accelerate the software development of specific technology concepts in China.
According to Automobilwoche, Volkswagen Group is developing a new Chinese sub-brand in the high-end electric vehicle segment, thereby strengthening its position in the Chinese market.
According to the amount of insurance on the terminal, in the first quarter of 2023, the cumulative amount of insurance on BYD’s passenger cars surpassed the sum of FAW-Volkswagen and SAIC-Volkswagen, and officially became the number one brand in China’s auto sales.
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