Volkswagen Commercial Vehicles has increased its profits to €873m with a 5.7% return on sales.
Year on year revenue grew from €11.5bn to €15.3bn, an increase of 30%, while profit rose from €529m to €873m, selling 409,000 vehicles in the process.
Cash flow increased to €683m following a negative of €259m in the previous year.
Volkswagen will announce three new vans this year with the successor to the Volkswagen Transporter, a new California camper van, as well as the sporty Volkswagen ID Buzz GTX, unveiled as part of the annual briefing. Most of its vans will also receive updates, including the biggest model of the all, the Volkswagen Crafter.
Electric sales have risen to a new high with four times the number of sales in 2023 than in the previous year. VWCV sold a total of 29,300 electric vans, led by demand for the Volkswagen ID Buzz and Volkswagen ID Buzz Cargo. Sales revenue, operating profit and return on sales are all said to be at a record high.
VWCV CEO Carsten Intra said that there will be a major model offensive in 2024: “Almost all models are either new – or will receive a noticeable upgrade.”
The new Transporter will be unveiled at the IAA in Hanover in the September, and a 4Motion all-wheel-drive model of the Volkswagen Multivan will also be revelead this year.
“The ID. Buzz, Multivan and new Transporter make up the most innovative trio of Bullis ever,” added Intra.
Advanced sales of the new Crafter will start in the first half of 2024 with a brand new cockpit and an increase in safety systems – many of which will be standard across the range.
The Volkswagen Caddy van will also be electrified in 2024 with a a plug-in hybrid model using a 1.5-litre petrol engine along with an electric powertrain capable of fast charging capability. New Caddy vans will also get a significant upgrade to the cabin with a new digital cockpit and an increased number of intelligent assistance systems.
Intra says the 2023 success was due to the implementation of the GRIP 2030 financial plan, while also outlining plans for a California Universe of products and services, including an ID Buzz California closer to the end of the decade.
