Volkswagen's 2023 sales outlook blows past forecast, shares soar
Mar 3rd 2023 at 2:00PMsaid on Friday that it expects supply chain issues to ease and sales to rise to as much as 331 billion euros in 2023, sending shares in Europe's top carmaker to their highest level in three and a half months.
"Our performance last year demonstrated the improved resilience of the Volkswagen Group amid a challenging global backdrop," Chief Financial Officer Arno Antlitz said. The comments reflect growing optimism of an industry slowly emerging from a global shortage of chips as well as supply chain problems also caused by the COVID-19 pandemic, with peers Stellantis andShares in Volkswagen rose 10% to the top of Frankfurt's benchmark DAX index on the news and hit their highest level since Nov. 16, with analysts at Jefferies calling the outlook"surprisingly strong".
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