Emmanuel Thomas l Friday, May 5, 2023
BERLIN – The Volkswagen Group reported a 22% rise in revenue in the first quarter, driven mainly by growth in Western Europe and North America.
Sales revenue came in at €76 billion ($84 billion) compared to €62 billion in the same quarter a year ago.
Operating profit grew by 35% to about €7.1 billion, if hedging transactions are left out. If they are included, the operating result fell by 31% to €5.7 billion. Profit after taxes stands at €4.7 billion compared to €6.7 billion at the beginning of 2022.
Total deliveries in the quarter were up %7.5; deliveries of all-electric vehicles jumped 42%. There is an order backlog of 1.8 million vehicles in Western Europe alone.
The results were not as strong in China, however. The Volkswagen Group delivered 14.5% fewer vehicles there compared to last year.
“Volkswagen Group has made an encouraging start to 2023,” Chief Financial Officer Arno Antlitz said in a statement. He confirmed the company’s outlook for the year.