The overall performance of the Brand Group Core is also attributable to the systematic development of the individual brands Volkswagen, ŠKODA, SEAT/CUPRA and Volkswagen Commercial Vehicles.
Interruptions in production due to reduced component availability and significantly higher product costs had a noticeable negative impact on the Volkswagen brand’s Q3 operating profit of 2.13 billion euros (prior-year period: 2.46 billion euros). As a consequence, the operating return on sales before special items for the current year came in at 3.4 percent – 1.4 percentage points weaker than the figure for the same period last year. At the same time, the industry is experiencing a general reluctance to buy battery-powered vehicles. The overall market trend in this sector fell short of expectations. The Volkswagen brand grew unit sales by 19.0 percent overall in the first three quarters. The current figure for the brand this year is 2.24 million vehicles, compared to 1.88 million in the same prior-year period. Sales revenue increased by 22.0 percent from 52.03 billion euros in the first nine months of 2022 to 63.40 billion euros in the same period in 2023.
ŠKODA Auto recorded continued growth in the first three quarters of the year and reported positive results for all key performance data. At 1.26 billion euros, the operating profit before special items grew by 47.2 percent compared with the same period in 2022, while the return on sales increased to 6.4 percent (2022: 5.6 percent). The robust trend in unit sales of the all-electric Enyaq model (+47.6 percent) was a significant factor in this positive development. ŠKODA delivered 777,500 vehicles worldwide (+20.5 percent) in the period under review.
At 454,300 vehicles, SEAT/CUPRA recorded a sharp rise of 36.5 percent in unit sales from January to September 2023. At 501 million euros, operating profit before special items was 512 million euros higher than the comparable prior-year period. The return on sales came in at 4.6 percent (previous year: -0.1 percent). Sales revenue increased to 10.84 billion euros, 38.6 percent higher than the comparable prior-year period. As a result, the company reported its best third quarter ever.
Volkswagen Commercial Vehicles (VWN) also systematically continued its positive business development in the third quarter of the current year. Unit sales grew by 32.0 percent compared with the same prior-year period to 312,600 vehicles (prior year: 236,800). All world regions where VWN is active recorded year-on-year growth. Deliveries of the all-electric ID. Buzz grew steadily as the year progressed, and as a result VWN reported a BEV share of 6.5 percent in the third quarter of 2023. Sales revenue grew by 40.0 percent to 11.10 billion euros (previous year: 7.96 billion euros) due to positive delivery and unit sales figures. Operating profit before special items increased to 672 million euros as a result of continued systematic cost and efficiency efforts, and was therefore 88.4 percent higher than the comparable period in 2022 (356 million euros). As a result, the return on sales climbed further to 6.0 percent, a noticeable increase on the figure for the previous year (4.5 percent).