Volkswagen shares jump on 2023 optimism

570,000 all-electric vehicles to customers last year, a 26-percent increase on 2021 – Copyright ANP/AFP ARTHUR VAN DER KOOIJ

German auto giant Volkswagen on Friday unveiled an optimistic forecast for 2023 on expectations that global supply chain woes will ease, sending its shares soaring.

In results released ahead of schedule, the Wolfsburg-based group reported a net profit of 15.8 billion euros ($16.7 billion) for 2022, up 2.6-percent on the previous year.

Sales for the 10-brand group climbed by almost 12 percent to 279 billion euros, driven by demand for more expensive models.

Europe’s largest carmaker said it delivered a “robust performance” in 2022 “despite ongoing supply disruptions and headwinds from higher raw material and energy costs”.

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