Based on preliminary figures, the Volkswagen Group recorded double-digit revenue increases in the third quarter and the first nine months 2023.

Volkswagen Group sales revenue improved by 12% to hit approximately $84 billion in the third quarter, while operating revenue came in at $5.23 billion, the German automaker said in a press release. Operating return on sales was about 6.2 %, according to its earnings report.

From January to September, group sales revenue increased about 16% to approximately $251 billion.

Higher volumes were one of the factors that positively impacted operating results for passenger cars, Volkswagen said. However, the increases were offset by a supplier’s production shortfall because of flooding in Slovenia and increased product costs, especially at Brand Group Core. 

Based on preliminary figures, net cash flow in the Automotive Division was about $2.7 billion in the third quarter.  

Operating profit hovered around $17.3 billion, corresponding to an operating return on sales of 6.9%. Net cash flow in the Automotive Division after nine months was about $5.2 billion. 

With those results, Volkswagen AG has updated its forecast for fiscal year 2023, expecting to deliver nine million to 9.5 million vehicles to customers and group sales revenue to be up to 15% percent higher than in 2022.