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As of: November 20, 2024 8:05 p.m
The 100 largest companies in Lower Saxony increased their sales last year by around seven percent to 548 billion euros. The number of employees also rose by 1.2 percent.
This emerges from an analysis of the largest companies in Lower Saxony, which Nord/LB presented in Hanover on Wednesday. The total turnover of all 100 companies examined has increased to 548 billion euros. “In doing so, they have once again confirmed the positive trend of recent years,” said Nord/LB board member Christoph Dieng.
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VW by far has the highest sales
Despite the crisis, Volkswagen remains the company with the highest sales in Lower Saxony. According to the information, the Wolfsburg car manufacturer recorded sales growth of over 15 percent to around 322.3 billion euros in the 2023 financial year. As in the previous year, Continental AG from Hanover follows in second place, increasing its sales last year by more than 16 percent to 41.4 billion euros. The tourism group TUI from Hanover has apparently recovered from the corona-related slump in sales and increased its sales by almost 25 percent to around 20.7 billion euros. Seventeen companies have repositioned themselves in the list of the 100 companies with the highest sales.
| Pursue | seat | Sales 2023 (EUR million) | Industry |
|---|---|---|---|
All information is figures for the entire group
Hanover and Osnabrück region are popular locations
A look at the regional distribution shows that more than half of the 100 largest companies are based in the Hanover-Braunschweig-Göttingen-Wolfsburg metropolitan region. 24 of the companies are located in the state capital Hanover. The city of Osnabrück is in second place among the company locations with nine mentions.
Prospects for 2024 pessimistic
In this year’s survey, Nord/LB also asked companies to provide a sales forecast for the current 2024 financial year. On average, 27 of the 100 companies surveyed that provided a sales forecast expect a decline in sales of 2.1 percent compared to the 2023 financial year.
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What are the key factors contributing to the growth of large companies in Lower Saxony, according to the study conducted by Nord/LB?
Interview 1:
Interviewer: Good evening, thank you for joining us today on World Today News. Let’s talk about the findings of this study conducted by Nord/LB, on the 100 largest companies in Lower Saxony. As per the analysis, these companies have increased their sales by 7% last year to 548 billion euros and also witnessed an increase in employee numbers by 1.2%. What could be the reasons behind this growth, and how do you think companies can sustain this growth in the future despite challenges such as the ongoing pandemic and geopolitical tensions?
Guest 1: Hello. Well, I think the growth can be attributed to several factors. Firstly, these companies have adopted digital technologies which enabled them to improve efficiency and reach new markets. Additionally, the government’s various incentives and policies have also played a crucial role in bolstering their performance. However, companies must continue investing in research and development, innovation, and employee training to sustain this growth. They should also focus on diversifying their products and services to mitigate risks arising from external shocks such as the pandemic and geopolitical tensions.
Interviewer: Absolutely, and in the study, we see that VW has maintained its position as the company with the highest sales in Lower Saxony, despite going through a crisis. How do you think VW has been able to withstand the crisis, and what kind of strategies do you think they are employing to sustain their position as a market leader?
Guest 1: VW’s success during the crisis is a testament to their resilience and adaptability. They have invested heavily in electric vehicles and digital technologies, which are becoming increasingly critical in the automotive industry. They have also focused on improving their supply chain management and cost efficiency. Moreover, their strong brand recognition and customer loyalty have helped them weather the storm. To maintain their position, they should continue investing in these areas and expand their product range to cater to changing market demands.
Interviewer: Moving on, the study also shows that the Hanover-Braunschweig-Göttingen-Wolfsburg metropolitan region and cities like Hanover and Osnabrück host most of these large companies
