The VW automotive group reported profits of €3,266 million in the first quarter of 2024, down 22.4% from the same period the previous year.
According to the brand, turnover fell by 1% on an annual basis, to €75,461 million due to the decline in revenue from vehicle sales in all its divisions except trucks.
VW stated that the lower sales volume resulted from an unfavorable combination of countries, brands, models, and higher fixed costs, which had a negative impact on its first quarter results. The company’s Core Brand Group division, which includes VW, Skoda, and Seat, saw a 1.2% decline in revenue, to €32,773 million in the first quarter of 2024.
Meanwhile, the revenue from its top-of-the-range unit – Audi, Lamborghini, Bentley, and Ducati, decreased by 18.7%, to €13,725 million, while the turnover of the Porsche sports cars dropped by 12.7%, to €8,144 million.
On the other hand, the truck division MAN, VW Truck & Bus, Scania, and Navistar, generated €11,477 million, almost 5% more than the previous year, while the turnover of the ‘software’ Cariad grew by 6.5% to €179 million.
The German brand sold 2,081 million vehicles by March, down 2% compared to the previous year, however, its deliveries increased by 3.1% to 2,104 million units. The company’s operating profit fell by 20.2% to €4,588 million.
The company has maintained its expectations for the year 2024, when it expects revenues to increase by 5%, while the operational return on sales is expected to range between 7 and 7.5%.
