Volkswagen 2023 profits rise, but warns on slow sales growth [Video]

German auto giant Volkswagen on Wednesday reported a forecast-beating rise in profits for 2023 as vehicle deliveries rebounded but warned of slower sales growth this year, sending its shares down.

The 12-percent increase in deliveries marked a turnaround following three straight years in decline linked to production disruptions caused by shortages of key components.

Net profits rose 13.1 percent from the previous year to 17.9 billion euros ($19.6 billion). Sales meanwhile grew more than 15 percent to 322.3 billion euros.

The 10-brand group — which includes Audi, Porsche and Skoda — saw particularly strong sales in Europe and North America.

In China, sales grew modestly but at a slower than in the previous year, offering the latest evidence that Volkswagen is losing ground in its most important market.

Volkswagen has fallen behind domestic competitors in China, losing its …