- Year-on-year improvement in all key financial indicators between January and September
- Sales revenue of EUR 55.5 billion and operating profit of EUR 1.6 billion
- Production losses impact Q3 deliveries and operating profit (EUR -184 million) as expected
- Volkswagen CFO Alexander Seitz: “Despite massive challenges, our performance in the first nine months of 2021 improved on the prior-year period. Systematic reduction of fixed costs and intelligent sales management contributed to this result. Due to enormous production losses, it was not possible to mitigate the impact of the semiconductor shortage in Q3. We anticipate a significantly positive Q4 performance compared with Q3.”
- Outlook for 2021: Improved sales revenue and operating profit expected – operating return on sales of up to three percent targeted
Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year
Despite the ongoing structural shortage of semiconductors throughout the industry, Volkswagen delivered around 3.8 million vehicles to customers worldwide in the first nine months (+3.3% compared with the prior-year period). During the reporting period, sales revenue grew to EUR 55.5 billion (+18%) and the operating profit increased by EUR 2.6 billion year on year to EUR 1.6 billion (operating return on sales: +2.9%). The net operating cash flow before special items stood at EUR -0.7 billion after nine months, due especially to the increased inventories of unfinished vehicles, battery cells, and raw materials, auxiliaries and consumables that resulted from supply issues. As expected, the third quarter was impacted by the difficult semiconductor situation. During this period, Volkswagen delivered around 1.1 million vehicles (-26%). The operating profit in the third quarter was EUR -184 million. The company already anticipates a return to a significantly positive performance in the current fourth quarter.