Volkswagen Warns of Significant Drop in Earnings From Car Loans and Leases
A Volkswagen automobile at the Volkswagen AG auto plant in Dresden, Germany.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Volkswagen AG’s financial-services division forecast a substantial drop-off in annual profit as better access to semiconductors and other components leads to normalization in the used-car market.
Earnings in 2023 are expected to be significantly below last year’s level, Volkswagen Financial Services said in a statement Tuesday. Operating profit slipped to €5.6 billion ($6 billion) last year from a record result in 2021.