The company attributed the growth to increases in deliveries in Europe and North America, which were up by 20% and 18% respectively. In China, deliveries grew by 2% despite a demanding market environment.

The total number of deliveries was up by 12% in 2023 to 9.24 million units, while battery electric vehicles (BEVs) increased by 35% to 771,000 units. The share of BEVs was up to 8.3% from 6.9% in 2022.

Operating profit was only slightly above 2022 at €22.6 billion, with an operating profit margin slightly down at 7%.

Looking forward, Volkswagen expects 2024 sales revenue to grow by 5% over 2023, with an operating return on sales between 7% and 7.5%.

CEO Oliver Blume said: “2023 was an important year for the Volkswagen Group in terms of our realignment. Last year, we continued to implement our 10-point program and the performance programs. The clean-up work has been completed. The main course has been set for the restructuring of the Volkswagen Group. We can build on this in 2024 and have a solid basis for an accelerated ramp-up from 2025.”