Sales by the carmaker were up 12% in the second half of the year but full-year output figures were dragged down by an output drop of over a fifth in the first half as the war in Ukraine upended supply chains and COVID-19 shuttered plants in China.

Sales committee member Hildegard Wortmann said the company was confident about 2023 despite a weakening macroeconomic environment and ongoing supply chain shortages.

(Reporting by Victoria Waldersee, editing by Rachel More)