{"id":3892,"date":"2023-03-08T12:13:30","date_gmt":"2023-03-08T11:13:30","guid":{"rendered":"https:\/\/monocle.lu\/?p=3892"},"modified":"2023-03-08T12:13:30","modified_gmt":"2023-03-08T11:13:30","slug":"bonne-nouvelle-sur-volkswagen","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2023\/03\/08\/bonne-nouvelle-sur-volkswagen\/","title":{"rendered":"Good news about Volkswagen"},"content":{"rendered":"

Last Friday, the Chief Financial Officer of the Volkswagen Group (holding a 6.7% stake) shared the group's expectations for the year 2023. Vehicle sales are projected to increase by 15% to reach 9.5 million units.<\/p>\n

Our investment thesis includes the statement: \"a significant upside in sales and margins in the event of an adjustment in the volumes of vehicles sold.\"<\/p>\n

Let us explain why<\/strong><\/p>\n

Over the past three years, the volumes of vehicles sold by the VW group have experienced a sharp decline. The pandemic, supply chain disruptions, and the Russo-Ukrainian conflict have greatly impacted the production and delivery capabilities of automotive manufacturers.<\/p>\n

However, the group's revenue has continued to grow, reaching \u20ac280 billion in 2022 compared to \u20ac250 billion in 2019, despite a 25% decrease in volumes.<\/p>\n

This can be attributed to the price. Over the past three years, the average price of vehicles sold by the group has increased from \u20ac20,000 to \u20ac28,000. This increase has more than compensated for the decline in volumes.<\/p>\n

But these volumes were not meant to decline indefinitely. The lingering effects of the pandemic are dissipating, particularly in China. The situation in the supply chain is improving, and the manufacturers have taken measures to reduce their dependence on production zones in Ukraine. Consequently, Volkswagen expects a return to selling 9.5 million vehicles this year.<\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

The impact on sales is significant: projected revenue of \u20ac315 billion. Moreover, the profit margins are increasing (easier absorption of fixed costs), with an expected operating profit of 8%. The analyst consensus had previously settled at 7.1%.<\/p>\n

This has given the management enough confidence to raise the dividend to \u20ac8.70 per share, up from \u20ac7.50 previously.<\/p>\n

The share price rose by 11% on that day.<\/p>\n

This is indeed good news.<\/p>","protected":false},"excerpt":{"rendered":"

Vendredi dernier, le directeur financier du groupe Volkswagen (ligne \u00e0 6.7% du fonds) s\u2019est exprim\u00e9 sur les attentes du groupe pour l\u2019ann\u00e9e 2023. Les ventes de v\u00e9hicules devraient…<\/p>","protected":false},"author":8,"featured_media":3887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - Bonne nouvelle sur Volkswagen<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - Bonne nouvelle sur Volkswagen\" \/>\n<meta property=\"og:description\" content=\"Vendredi dernier, le directeur financier du groupe Volkswagen (ligne \u00e0 6.7% du fonds) s\u2019est exprim\u00e9 sur les attentes du groupe pour l\u2019ann\u00e9e 2023. 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