March 15, 2023: On Tuesday, Volkswagen revealed plans to invest 180 billion euros between 2023 and 2027, with more than two-thirds targeting “electrification and digitalization.”
The German automotive company posted a full-year 2022 operating gain of 22.5 billion euros, up 13% from the last year, with battery and electric vehicle (BEV) deliveries increasing by 26%.
The BEV expansion was started by a 68% spike in China, while the firm finished the landmark electrification of its plant in Chattanooga, Tennessee.
Therefore, delivery numbers were refused by 7% to 8.3 million cars in 2022, and the automotive parting net cash flows came down to 4.8 billion euros starting from 8.6 billion euros in 2021.
In Tuesday’s annual report, the firm attributed this to “an increase in working capital because of supply chain and logistics issues, towards the year-end” and launched this should “largely reverse” throughout 2023.
CEO Oliver Blume stated Volkswagen “set clear and ambitious targets and took necessary firms to streamline processes” in 2022, while every year will be “decisive” for executing the firm’s strategic aims.
Volkswagen firm CFO and COO Arno Antlitz said the company’s strong financial position enabled it to “continue to invest in electrification and digitalization” even in a “difficult economic environment.”
“We have interest prices increasing, and the overall demand is slightly decreasing from a customer perspective, from a market perspective, but on another aspect, we are still operating in a surrounding, in an economy, that is characterized by supply that is still not sufficient,” Antlitz said that this global shortage of semiconductors is easing on Tuesday.
“We have an order book of almost 1.8 million cars. Based on our strong products, authentic brands and that order book, we are sure for 2023.”
Net cash flow in the automotive division surged to 43 billion euros by 2022, fueled by the successful IPO of luxury brand Porsche, reporting record revenue and issuing an ambitious long-term outlook on Monday.
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