FRANKFURT/BERLIN (Reuters): Volkswagen on Friday said it expects sales growth to slow in 2024, reflecting a weakening economic outlook, increasing competition and higher costs.
Europe’s top carmaker, which owns brands including Audi, VW and Lamborghini, expects sales to grow by up to 5% in 2024, after reporting a 15.5% increase in revenues last year to 322.3 billion euros ($348.5 billion).
Volkswagen’s Chief Financial Officer Arno Antlitz sees a “muted economic outlook and intense competition” in 2024 though the carmaker remains confident for the year as a whole.
Shares in Volkswagen turned negative and fell as much as 7.1% to their lowest level in more than four weeks after the annual results, which included a drop in the operating margin to 7.0% in 2023 from 7.9% the previous year.
Porsche shares, which are majority-owned by Volkswagen, also reversed gains and dropped 0.3%.
Volkswagen also said it expects an operating margin of 7.0% to 7.5% in 2024 and proposed to increase the dividend for both its common and preferred shares by 0.30 euros to 9.00 euros and 9.06 euros apiece, respectively.
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