The VW Group announced that it recorded a net profit of €6,378 million in the first half of 2024, representing a 14.5% decrease compared to the same period, despite experiencing revenue growth.
In a statement, the German company reported that its revenue increased by 1.6% from January to June to €158.8 million, due to the development of its financial services business.
The automotive division yielded €129,365 million, a 0.9% decrease, while the turnover of financial services grew by 14.6% to €29,435 million.
In the second quarter of the year, Volkswagen generated €83,339 million in revenue, which is 4.1% more than the previous quarter, while its net profit was €3,112 million, a decrease of 4.2%.
VW emphasized that 2024 is the year of the group’s largest product offensive, with a record number of model launches, and that it is undergoing a global restructuring of its business areas.
“The VW Group delivered a solid performance in the first half of the year. In a challenging environment, 2024 marks the group’s largest product offensive and a comprehensive restructuring of our business areas. The results reflect successful team efforts across all brands,” emphasized Oliver Blume, CEO of the VW Group.
