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Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year

Year-on-year improvement in all key financial indicators between January and September

Despite the ongoing structural shortage of semiconductors throughout the industry, Volkswagen delivered around 3.8 million vehicles to customers worldwide in the first nine months (+3.3% compared with the prior-year period). During the reporting period, sales revenue grew to EUR 55.5 billion (+18%) and the operating profit increased by EUR 2.6 billion year on year to EUR 1.6 billion (operating return on sales: +2.9%). The net operating cash flow before special items stood at EUR -0.7 billion after nine months, due especially to the increased inventories of unfinished vehicles, battery cells, and raw materials, auxiliaries and consumables that resulted from supply issues. As expected, the third quarter was impacted by the difficult semiconductor situation. During this period, Volkswagen delivered around 1.1 million vehicles (-26%). The operating profit in the third quarter was EUR -184 million. The company already anticipates a return to a significantly positive performance in the current fourth quarter.

Financial figures for the Volkswagen brand, January – September 2021

SOURCE: Volkswagen

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