FRANKFURT, GERMANY – German automaker Volkswagen on Friday said it booked a higher profit in 2022 despite supply chain disruptions and increased costs, and voiced optimism about its performance this year.
VW reported a net profit of US$16.7 billion (15.8 billion euros) for 2022, a 2.6-percent increase on the previous year, according to results released ahead of schedule.
Sales for the 10-brand group climbed by almost 12 percent to US$295 billion (279 billion euros), led by demand for more expensive models.
Europe’s largest carmaker said it delivered a “robust performance” in 2022 “despite ongoing supply disruptions and headwinds from higher raw material and energy costs”.
The group expects vehicle deliveries to rise to around 9.5 million this year, from 8.3 million in 2022, as it works through a “strong order backlog”.
“Semiconductor supply and logistics chain issues should ease in the course of the year,” it said.
Revenues are seen growing by 10-15 percent year-on-year, VW added.
Investors welcomed the positive outlook, with shares in VW jumping more than nine percent in Frankfurt.
Volkswagen’s main rival Toyota sold more than 10 million vehicles last year, holding on to the title of the world’s top-selling automaker for the third year running.
