Volkswagen Commercial Vehicles increases sales revenue, profit and return in 2023 and will launch model offensive in 2024

• Sales revenue increases to 15.3 billion euros, operating profit reaches a record value of 873 million euros
• Return on sales on strategic target path with growth to 5.7 per cent
• Colourful range  of new models this year: new Transporter, new California, updates for Multivan, Crafter and Caddy
• World premiere of ID. Buzz GTX¹: the most powerful Bulli of all time
• Strategic orientation: own SPACE vehicle family will strengthen commercial vehicle expertise
• Development of autonomous driving is progressing according to plan: test drives for customers start in Hamburg this year
• Volkswagen Commercial Vehicles is part of the Core brand group – the umbrella organisation of the Volkswagen Group’s high-volume brands – with the aim of ensuring joint growth and significantly increasing the overall efficiency of the five volume brands

Volkswagen Commercial Vehicles (VWCV) significantly increased its annual profit for the third consecutive year, achieving a record value of 873 million euros (previous year: 529 million euros). Year-on-year sales revenue increased by more than 30 per cent to 15.3 billion euros (previous year: 11.5 billion euros). Thanks to the consistent implementation of the GRIP 2030 corporate strategy with the associated Performance Programme, the commercial vehicle division from Hanover generated an operating return on sales of 5.7 per cent (previous year: 4.6 per cent) and is thus on its strategic target course. VWCV CEO Carsten Intra announced a model offensive for the current year: in 2024, the new Transporter and the new California will celebrate their world premiere, and almost all vehicles will receive significant updates. During the annual media conference, Lars Krause, member of the Board of Management responsible for Sales and Marketing, will also present the ID. Buzz GTX as part of a digital world premiere.

In 2023, Volkswagen Commercial Vehicles handed over 409,400 vehicles to customers, an increase of around 25 per cent compared to the previous year. This positive development applies consistently to all VWCV vehicles and all regions. In total, the number of electric vehicles was four times higher than in the previous year: 29,300 vehicles handed over to customers led to a battery-electric vehicle share of 7.1 per cent.

Sales revenue, operating profit and return as well as cash flow at record levels

The solid financial result with growth in sales revenue, operating profit and return on sales reflects the interest of customers in VWCV vehicles. In addition, the result shows the strong impact of the high cost discipline that has been a key goal of Volkswagen Commercial Vehicles for several years with its GRIP 2030 corporate strategy and the associated Performance Programme. For Michael Obrowski, member of the Board of Management responsible for Finance and IT, the net cash flow is also an extremely important key performance indicator: “After minus 259 million euros in 2022, we closed the past year with a positive net cash flow of 683 million euros. This was a strong and important achievement by the entire team!” The 2023 financial result gives the brand from Hanover the necessary financial leeway for the 2024 model offensive and the transformation of the teams and plants. “We are developing Volkswagen Commercial Vehicles into a provider of a sustainable mobile future,” summarises Obrowski.

Model offensive 2024 starts with ID. Buzz GTX world premiere

Based on the course set in the previous year and the current business figures, VWCV CEO Carsten Intra says 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 celebrate its premiere at the IAA Transportation in Hanover in the autumn. Commercial customers can look forward to more load capacity, higher payload, higher towing capacities and a wide range of drive systems, including turbodiesel, plug-in hybrid and all-electric drive versions. “The ID. Buzz, Multivan and new Transporter make up the most innovative trio of Bullis ever,” says Intra.

After the California CONCEPT based on the current Multivan already caused a stir in 2023, the new camper van will also celebrate its world premiere in 2024. Its new three-zone concept with two sliding doors makes for a more spacious overall living experience. In addition, the California is also being launched as a plug-in hybrid for the first time.

The Multivan will be presented as a 4MOTION version in 2024 and will also offer an exciting innovation as a plug-in hybrid: while the front axle is driven by the combustion engine, an electric motor powers the rear axle. This enables the all-wheel drive system to be easily implemented in a more efficient manner.

Pre-sales of the Crafter will start in the first half of 2024. This model will feature a completely new cockpit landscape and a host of helpful assist systems: from oncoming vehicle braking when turning and Autonomous Emergency Braking through to Lane Assist and Side Assist. Many of the new systems will already be standard equipment in the new Crafter.

The electric age also begins for the Caddy in 2024. This will be offered as a plug-in hybrid in the combination of a 1.5-litre petrol engine and electric drive with fast charging capability. All Caddy models will also receive a significant upgrade with a new digital cockpit and a number of intelligent assist systems.

During the annual media conference, Lars Krause, member of the Board of Management responsible for Marketing and Sales, will present the newest member of ID. Buzz family: the ID. Buzz GTX. With an output of 250 kW (340 PS), it is the most powerful series Bulli of all time. Thanks to an electric drive motor on the front and rear axles, it offers 4MOTION all-wheel drive. The ID. Buzz GTX will be launched in two versions: with a standard wheelbase and a new 79 kWh battery (gross energy content: 84 kWh) and with an extended wheelbase in combination with a new 86 kWh battery (gross: 91 kWh). The market launch of both ID. Buzz GTX models will take place in the second half of the year; pre-sales will start in the summer.

SPACE vehicle family strengthens commercial vehicle expertise

Looking at the planning beyond the current decade, Intra explains the development of the SPACE vehicle family. Based on the SSP Group platform, VWCV will develop its own commercial vehicle platform for vehicles in the B and C segments – for passenger and goods transport. “The first vehicle in the SPACE family will be an all-electric Crafter. This is scheduled to roll off the production line in 2028. All other models in the family are also without exception all-electric vehicles,” explains the VWCV CEO. In future, the SPACE models will be manufactured at all three VWCV sites in Germany and Poland and will guarantee the capacity utilisation of the plants.

Development of autonomous driving on schedule

The topic of autonomous driving is also about the future of mobility. Within the Volkswagen Group, Volkswagen Commercial Vehicles is responsible for the development and deployment of MaaS and TaaS solutions (Mobility and Transport as a Service). Tests in Munich, Austin (Texas, USA) and Hamburg with a pre-series model of the autonomously driving ID. Buzz are all going according to plan. For the current year, Intra announced the first test drives with real customers at the mobility service provider MOIA in Hamburg.

Top 10 programme 2024

As in the previous year, VWCV is implementing the most important strategic tasks of the current year as part of a Top 10 programme. In this programme, “Performance” comes first. Against the backdrop of the globally challenging competitive environment and the slower ramp-up of electric mobility, particularly in Europe, Intra emphasises the importance of this point: “We will continue to sustainably improve our cost structure. We have already made important progress in this area, and now it is important not to let up. The increased cooperation within the Core brand group helps us with this.”

¹⁾ near-production vehicle

 About the Core brand group

The brands of the Volkswagen Group are divided into the brand groups Core, Progressive, Sport Luxury and Trucks. CARIAD, Group Technology, Financial Services and MOIA are additional to these. Within the Core brand group (MGC), 200,000 employees of the sister brands Volkswagen, Škoda, SEAT/CUPRA and VW Commercial Vehicles are working together at 24 locations to tap into their enormous potential synergies. By standardising and streamlining processes and making greater use of shared resources, the Core brands will become significantly more efficient overall – and thus create the necessary freedom for the coordinated and sustainable development of “best-in-class” products in the respective market segment. In order to act as the high-volume core of the Volkswagen Group, the Core brand group is aiming for a sustainable consolidated return on sales of eight per cent through jointly developed and clearly defined focus areas.