VW expects strong 2023 thanks to better chip access

The production of the electric ID.3 was a priority for VW in 2022. Photo: Volkswagen

Volkswagen Group expects strong increases in vehicle sales and revenue this year as the automaker benefits from full order books and better access to semiconductors.

Revenue is forecast to grow by 10 percent to 15 percent, indicating 2023 revenue of €307 billion (NZ$524b) to €331b (NZ$565b).

Global deliveries are expected to rise 14 percent to about 9.5 million vehicles.

Operating return on sales is expected to be in the range of 7.5 percent to 8.5 percent, compared with 7.9 percent in 2022, said VW in a statement.

"We expect the supply chain bottlenecks to gradually ease in the current year, allowing us to service the high order backlog," said Chief Financial Officer Arno Antlitz.

VW Group's deliveries fell 7 percent to 8.26 million last year as chip shortages saw the production of EVs prioritised over the likes of the Golf hatchback.

Sales of battery-electric cars rose 26 percent to 572,100 in 2022.

For Volkswagen New Zealand, 2023 is an important year with the launch of the all-new Amarok ute and the ID.4 electric vehicle to hit our roads.