Overall third quarter revenues were up by 24% to €70.7 billion, primarily driven by a low comparative base in Q3 of 2021.
The company’s operating result before special items for the year so far was €17.5 billion, with an operating margin of 8.6%.
The results were driven by strong profitability, in particular across the Premium and Sport & Luxury segments. The Premium brand group achieved a 14.1% margin and Sport & Luxury reported a 19.4% margin.
The company noted that its recovery in China continued to accelerate in Q3, with an increase in deliveries of 26%, 33% in September alone. Deliveries of battery electric vehicles (BEVs) in China more than doubled in the year-to-date to 112,700 units.
The group reports continued progress in its “ramp-up” of BEVs globally, with all-electric vehicles reaching a 6.8% share of total deliveries in Q3 and China as the biggest driver.
Volkswagen Group also noted its continued expansion in the U.S. market in the third quarter of 2022, with its first ID.4s rolling off the production line in Chattanooga. The ID.4 is the first of Volkswagen’s electric vehicles to be manufactured in the U.S. and the aim is for 55% of U.S. sales to be fully electric by 2030.
Elsewhere, Volkswagen achieved its initial public offering (IPO) of Porsche AG in the period, the “next step in its transformation from a brand manufacturer to a vertically integrated mobility group”. The proceeds from this IPO will give the group flexibility to implement its electric strategy, it reports.
Looking to the full 2022 results, Volkswagen expects deliveries to be around the same as 2021 levels due to continuing supply chain issues.
Meanwhile, sales revenue is expected to be around 8-13% higher than in the previous year, with a 5-10% increase in the passenger cars division.