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Škoda Auto's Soaring Performance and Volkswagen's Profit Surge in 2023

In 2023, Škoda Auto, under the Volkswagen Group, witnessed significant financial growth, with operating profit leaping by 182 percent to 1.77 billion euros and revenues surging by 26 percent to 26.5 billion euros. Production also rose by 16 percent, reaching 888,050 vehicles. The bulk of Škoda's sales occurred in Europe, with Asia emerging as the second-largest market.

Škoda sold 1.1 million cars last year, compared to around 900,000 the year before, with models like the Octavia and Enyaq iV driving popularity. Meanwhile, Volkswagen, the parent company, saw a 13.1 percent increase in net profit to 17.9 billion euros, propelled by heightened car deliveries, surpassing market expectations. The group delivered around 9.2 million vehicles to customers, marking the first sales increase in three years, despite supply chain disruptions.

Volkswagen also witnessed a surge in electric vehicle sales, with 771,000 units sold in 2023, a 35 percent rise from the previous year, though comprising only 8.3 percent of the group's total sales volume. Looking forward, Volkswagen anticipates a modest three percent sales increase for the upcoming year amid global competition and supply chain constraints.

Source: HN

The article was prepared by the CzechTrade and CzechInvest team in San Francisco.