Volkswagen has reported record earnings in 2017. Or, as they have so eloquently put it, "systematic implementation of the strategy is paying off."

The Volkswagen Group reported today that its earnings, deliveries, and profits were all up significantly for 2017, with some of those numbers hitting record highs.

Looking ahead, we – like the entire industry – are facing major challenges and radical change," said Matthias Müller, CEO of Volkswagen AG. "The excellent financial result provides a strong basis for this and gives us every reason to be confident.

Overall, the VW Group reported revenues of EUR 230.7 billion, or around US $283.9 billion. That's thanks largely to the healthy performance of VW Financial Services. Charges related to North American TDI models impacted profits, but the total still climbed by EUR 2.4 billion to hit EUR 17.0 billion for the year.

Deliveries to customers were also a record high. VW Group companies delivered 10.7 million vehicles in 2017. That's up by around 430,000 vehicles from last year.

With the improved profits and sales, VW Group is proposing much bigger dividends for shareholders. Up from EUR 2.00 to 3.90 per ordinary share.

For 2018, the VW Group Board of Management expects the growth pace to slow down, but for 2018 deliveries to still slightly exceed 2017's record. they expect revenue to be up five percent and profit up between 6.5 and 7.5 percent for the year.