VW shares surge as sales forecast beats expectations

Volkswagen shares surged on Friday after the company forecast a sharp rise in 2023 sales.

The German carmaker forecast sales growth of 10-15%, which would mean annual revenue of €307 - 331bn, and higher than estimates of €280bn. Shares were up 8% in late trade.

Vehicle deliveries were estimated to rise 14% year-on-year to 9.5 million.

"We expect the supply chain bottlenecks to gradually ease in the current year, allowing us to service the high order backlog," said chief financial officer Arno Antlitz.