Volkswagen “Back on Track” Says CEO

Volkswagen presented its financial results for the 2016 fiscal year today and thanks to record profits the Group is satisfied that its dieselgate recovery plan has so far been effective.

“The last year was a challenging yet remarkably successful year for us,” said Matthias Müller, VW Group CEO, at press conference in Wolfsburg. “In 2016 we set the course for the biggest transformation in the history of the company – while at the same time performing better in our operating business than many thought possible. Volkswagen is back on track.”

With more than 10 million vehicles delivered in 2016, the VW Group exceeded its own projections and set a sales record for the year. The resulting boom in sales revenue also set a record. With 217 billion euros in revenue, the Group again exceeded expectations.

The financial increases were due largely to brands such as Porsche, Audi, and Skoda (which actually outperformed Audi last year), and SEAT, which somewhat unusually turned a profit last year. Unfortunately, the VW brand is still struggling thanks to its being the focal point of the emissions scandal and Brazil’s economic slump, among other things.

Revenue at the brand decreased 0.6% year-on-year to 105.7 billion euros and operating profit consequently declined as well. With a steady increase in the fourth quarter of 2016, though, the outlook for the brand is at least positive.

Indeed, the outlook for the whole group is positive according to VW.

“Volkswagen will remain one of the most successful automakers worldwide in 2025,” said Müller. “The transformation of the core automotive business is on track, the new mobility services business unit is taking shape, our traditionally high innovative strength has been given yet another solid boost and financially, we have the realignment process well under control.”

As a result, sales revenue is expected to grow as much as 4% in 2017 and the company expects the operating return on sales to be between 6% and 7%.

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