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Volkswagen Group has reported its results for the first half of the 2022 financial year, calling its performance “robust”.
Sales revenue for the first half of the year was €132.3 billion, an increase of 2% year-on-year and including the first-time consolidation of Navistar.
Worldwide battery electric vehicle (BEV) deliveries grew by 27% with 118,000 delivered in the second quarter despite supply chain issues, a temporary stop of production in Europe and Covid-related lockdowns in China. BEV deliveries in Western Europe alone increased by 40% year-on-year.
The group’s operating result before special items for the first half was €13.2 billion, a 16.1% increase over the same period in 2021, which the company said was driven by strong performances from the Premium and Sport brands.
Looking forward to the rest of the year, Volkswagen Group expects its product mix to normalize in H2 as the semi-conductor situation improves in combination with a strong order book, while a noticeable recovery of the monthly sales towards the end of Q2 additionally bodes well for H2 sales, the company said.
"Despite unprecedented global challenges, Volkswagen has demonstrated remarkable financial robustness. The operating margin in the first half of the year reflects the strong product substance and proportionately higher sales in the premium segment. In addition, the volume group has proven that it can deliver good results even in a challenging environment," said CFO Arno Antlitz.