off-the-wire

UPDATE 1-Volkswagen expects vehicle deliveries, sales to rise in 2023

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds shares, details) FRANKFURT, March 3 (Reuters) - Volkswagen , Europe's largest carmaker, expects revenues and vehicle deliveries to rise in 2023, it said on Friday, citing a strong order backlog and the easing of chip shortages and supply chain issues. Shares in the company rose 7% to the top of Frankfurt's benchmark DAX index on the news. Vehicle deliveries are expected to rise to around 9.5 million in 2023, the company said, up from 8.26 million last year. Sales are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros ($326-$352 billion).


According to Refinitiv estimates, 2023 sales are seen at 280 billion euros.


Dividends are to increase by 1.20 euros per share, rising to 8.70 euros per ordinary share and to 8.76 euros per preferred share.


"We expect the supply chain bottlenecks to gradually ease in the current year, allowing us to service the high order backlog," Volkswagen's finance chief Arno Antlitz said in a statement.
($1 = 0.9414 euros) (Reporting by Christoph Steitz Editing by Miranda Murray)

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