Daily Management Review

Volkswagen's profit grows in Q1


The after-tax profit of Europe's largest carmaker, the Volkswagen Group, doubled to €6.724 billion in the first quarter compared with the same period last year, the company said in its financial statements.

Stephen Hanafin
Stephen Hanafin
Operating profit for the reporting period was €8.453 billion, up 1.8 times year on year. Revenue for the quarter rose 0.6% to €62.742 billion.

"In the first quarter, our group once again demonstrated strong resilience despite the unprecedented challenges facing the world due to the terrible war in Ukraine and the ongoing 'pandemic' situation with its impact on supply chains," CEO Herbert Diess said in the release.

The company notes that due to the situation around Ukraine, its sales in Russia fell 47.5% year-on-year to 1.438 million vehicles.

Going forward, the company expects a slight increase in car sales compared to the previous year, but nevertheless, it is not expected to reach "pre-pandemic" levels.

source: reuters.com