Volkswagen’s revenue increased by 21.5% in the first quarter

According to the results of the first quarter, Volkswagen’s revenue increased by 21.5%. This was facilitated by a strong increase in sales in European countries and North America, as well as an increase in prices. At the same time, operating profit decreased year-on-year, LBLV analysts reported.

In the reporting period, revenue amounted to 76 billion euros. As for the operating profit, it decreased from 8 billion euros to 5.7 billion euros. At the same time, the indicator still exceeded the analysts’ forecast of 5.48 billion euros.

It became known that the software development company Cariad suffered losses of 400 million euros.

The automaker reported that the increase in revenue was due to good sales in North America and Europe. LBLV reported that 1.8 million cars were ordered in Western Europe, of which 260,000 are electric cars.

For the first three months of the current year, the company’s total deliveries increased by 7.5%, compared to the previous year. At the same time, March deliveries were 23.9% higher than in 2022.

Despite this, in the first quarter, deliveries of Volkswagen cars to the Celestial Empire decreased by 14.5%. The company’s analysts are confident that supplies to this region can recover in the near future, thanks to the expansion of the model range and technologies interesting for China.

The automaker also confirmed the forecast for 2023 and reported that the updated strategy will be presented at the end of June.

Volkswagen shares rose by 0.48% to 124.82 euros today.

Rita Kotova, financial analyst at LBLV

Source: Ministry of Finance

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