Recently, the Volkswagen Group officially released its first-quarter financial report. The data shows that in the first quarter of 2024, the sales revenue reached 75.5 billion euros, a 1% year-on-year decrease; operating profit was 4.6 billion euros, a 20% year-on-year decrease; global sales volume was 2.1 million units, a 2% year-on-year decrease. In detail, the Asia-Pacific and South America regions saw increases of 2% and 19%, respectively, while Europe and North America saw decreases of 5% and 10%, respectively.
In terms of passenger cars, the Volkswagen Group sold over 2 million units in the first quarter of 2024, a 3.4% year-on-year increase. Sales in the Chinese market reached 693,000 units, a 7.7% year-on-year increase. Best-selling models include the Sagitar, Passat, Lavida, and Audi A6, among others. Sales of pure electric vehicles reached 41,000 units, a 91.2% year-on-year increase.
Despite the poor performance in the first quarter, the Volkswagen Group maintains its outlook for the full year of 2024. The group plans to launch more than 30 new models this year, and with the recovery seen in March, it has a positive impact on the second quarter. As a result, the Volkswagen Group has adjusted its full-year expectations.
The plan for 2024 aims to achieve a 5% increase in sales revenue, with operating profit expected to increase between 7.0% and 7.5%, net cash flow estimated between 4.5 and 6.5 billion euros, and automotive business assets in the range of 39 to 41 billion euros in liquidity.
