- Operating profit increases YoY by +47.2% to 1.26 billion euros
- Return on sales stands at 6.4% (2022: 5.6%)
- Czech carmaker delivers 642,200 vehicles to customers globally (+17.9%)
- All-electric Enyaq series records further growth (+47.6%)
- Entry into the Vietnamese market marks milestone in internationalisation strategy
Škoda Auto reports consistent growth throughout the first three quarters of the year, recording positive results across all key financial indicators. The automaker’s operating profit stands at 1.26 billion euros, marking a 47.2% increase compared to the same period last year, while the return on sales increased to 6.4% (2022: 5.6%). A key contributor to this positive trend has been the robust sales performance of the all-electric Enyaq series.
The solid trend in the first nine months of 2023 is the result of dedicated and persistent work by our team at Škoda, including our dealer organisation that is the face of our brand to customers. Thanks to this performance and our robust business model, Škoda Auto continues to steer a successful course. The development of our operating profit, climbing more than 47%, speaks for itself. However, the past three years in particular have shown that the markets are developing increasingly dynamically. Despite all our confidence, we will remain vigilant. That’s why we are continuing to channel our efforts consistently into ensuring that our company is ideally positioned on the international stage.
Klaus Zellmer, CEO of Škoda AutoGlobally, Škoda delivered 642,200 vehicles during this period. At the same time, the automaker is advancing its internationalisation plan: As the strategic leader of the Volkswagen Group’s Brand Group Core in ASEAN, Škoda Auto took the first major step in September by entering the Vietnamese market – a gateway to the entire region.
In the first three quarters of this year, we managed to stabilise our supply chains. Our return on sales grew by 0.8 percentage points year-on-year to 6.4%, and this figure includes the effects of discontinuing our operations in Russia*. By investing over 500 million euros in tangible assets like periodic IT infrastructure upgrades, we have laid the groundwork for our upcoming digital offerings. Additionally, our focus has been on enhancing our BEV portfolio to meet customer needs and intensify our sustainability initiatives. Nevertheless, as we approach the year-end, we anticipate challenges and remain committed to ensuring 2023 concludes successfully.
Holger Peters, Škoda Auto member of the Board of Management for Finance, IT and Legal AffairsStrong performance: Higher operating profit and Enyaq’s sales momentum
In the first nine months of 2023, Škoda Auto demonstrated considerable financial strength. The return on sales remained stable at 6.4%, even after accounting for the cessation of activities in Russia. Operating profit during this period rose to 1.26 billion euros, recording growth of 47.2% over the previous year. However, a recent supply chain disruption from a Slovenian supplier may impact earnings for the rest of the year.
Our deliveries in the first nine months underscore the global appeal of Škoda’s modern model range. Demand for the Enyaq series has increased particularly strongly, with deliveries up 47.6 per cent on the previous year. Sales of the Kodiaq and Superb also increased, and the upcoming generation of these models will add yet another chapter to their success story. With dynamic design, modern technology and even more interior space, they are sure to impress existing and new customers alike.”
Martin Jahn, Škoda Auto Board Member for Sales and Marketing
The all-electric Enyaq series has been a key contributor to this success, gaining significant traction in countries like the Czech Republic, Slovakia, Finland, Austria, and Switzerland, where it ranked among the top three best-selling electric cars between January and August 2023.
By September, Škoda Auto’s global deliveries totalled 642,200 vehicles – a year-on-year increase of 97,700 units.
With 145,000 units sold, the Octavia continues to be the brand’s bestseller, achieving a year-on-year increase of 35.8%. The compact model represents over a fifth of Škoda’s total global deliveries. Other models, such as the Fabia and Kamiq, Kodiaq and Karoq SUVs, also experienced strong demand.
Expanding internationalisation with a focus on Vietnamese market
Škoda Auto is expanding its presence and stepping up international operations. September marked the brand’s entry into the Vietnamese market, a strategic move to tap the potential of the ASEAN region. Initial sales in Vietnam will focus on the imported Karoq and Kodiaq models.
While these sales will only gradually be reflected in the results, the carmaker anticipates sales potential of over 40,000 units annually after 2030. Škoda views the country as a gateway to the ASEAN region, for which it has taken on strategic responsibility within Volkswagen Group’s Brand Group Core.
* In May 2023, the Volkswagen Group completed the sale of its assets in OOO Volkswagen Group Rus to OOO Art-Finance, supported by the Russian Dealer Avilon.
Škoda Auto Group( – Quarterly comparison of key figures, January to September 2023/2022)
| 2023 | 2022 | change | ||||
| Deliveries to customers | cars | 642,200 | 544,500 | 17.9% | ||
| Deliveries to customers excl. China | cars | 624,100 | 508,300 | 22.8% | ||
| Production | cars | 741,500 | 647,200 | 14.6% | ||
| Sales | cars | 777,500 | 645,500 | 20.5% | ||
| Sales revenue | million EUR | 19,659 | 15,181 | 29.5% | ||
| Operating profit | million EUR | 1,260 | 856 | 47.2% | ||
| Return on sales | % | 6.4 | 5.6 | |||
| Investments in tangible assets | million EUR | 503 | 605 | -16.9% | ||
| Net cash flow | million EUR | 1,015 | 830 | 22.3% |
Worldwide deliveries in the first three quarters of 2023, listed by market region:
| Market region | Deliveries from January to September 2023(Q1 – Q3 2022 / change in %) |
| Europe | 525,900 vehicles (427,300 vehicles; +23.1%) |
| EU 27+NO+IS | 443,500 vehicles (353,700 vehicles; +25.4%) |
| Western Europe | 355,100 vehicles (281,100 vehicles; +26.3%) |
| Germany (largest single market globally) | 115,300 vehicles (100,700 vehicles; +14.6%) |
| Central Europe | 136,400 vehicles (106,300 vehicles; +28.3%) |
| Czech Republic (domestic market) | 64,300 vehicles (51,200 vehicles; +25.7%) |
| Eastern Europe | 34,400 vehicles (39,900 vehicles; -13.7%) |
| India | 35,600 vehicles (38,300 vehicles; -7.1%) |
| China | 18,100 vehicles (36,300 vehicles; -50.1%) |
| Rest of the world | 62,600 vehicles (42,700 vehicles; +46.7%) |
| Turkey | 24,400 vehicles (12,600 vehicles; +93.1%) |
| Israel | 12,700 vehicles (10,900 vehicles; +17.3%) |
| Total (Worldwide) | 642,200 vehicles (544,500 vehicles; +17.9%) |
Škoda brand deliveries to customers in the first three quarters of 2023
(in units, rounded, listed by model; +/- in percent compared with previous year):
| Škoda Octavia | (145,000; 35.8%) |
| Škoda Kamiq | (85,300; 16.7%) |
| Škoda Kodiaq | (81,200; 13.9%) |
| Škoda Karoq | (75,800; 23.5%) |
| Škoda Fabia | (70,000; 0.3%) |
| Škoda Enyaq | (54,400; 47.6%) |
| Škoda Superb | (50,400; 11.4%) |
| Škoda Scala | (43,300; 45.6%) |
| Škoda Kushaq | (19,300; -1.4%) |
| Škoda Slavia | (14,100; -8.3%) |
| Škoda Rapid | (3,300; -78.8%) |
