Volkswagen made a profit of 8.5 billion euros in the first quarter

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Volkswagen posted a profit of 8.5 billion euros in the first quarter. It was noteworthy that the VW Group increased its profit before special items by 77 percent in the January-March period, despite the Ukraine war and epidemic restrictions in China.
German automotive manufacturer Volkswagen (VW) Group increased its profit before special items by 77 percent to 8.5 billion euros in the January-March period, despite the Ukraine war and epidemic restrictions in China.

VW Group, which includes Audi, Bugatti, Seat, Skoda and Porsche brands, announced its pioneering financial results for the first quarter of the year.

Accordingly, the group’s profit before special items, which was 4.8 billion euros in the January-March period last year, decreased to 4.8 percent in the first quarter of this year, although it stopped production due to the supply shortage caused by the Ukraine war and the Kovid-19 restrictions in China. It increased by 77 to 8.5 billion euros.

Deliveries decreased

The group’s vehicle deliveries in the first quarter decreased by 21.9 percent compared to the same period of the previous year, to approximately 1.9 million.

On the other hand, the deliveries of all-electric vehicles increased by 65 percent in the first quarter to 99,100. It was noteworthy that the sales of electric vehicles in China increased by 365.5 percent and reached 28 thousand 800.

Volkswagen also announced that the continued impact of the covid epidemic, the Ukraine war and unpredictable commodity markets will adversely affect the company’s future operations.

Despite this, the German manufacturer expects vehicle sales to increase by 8 to 13 percent this year.

Other German automakers BMW and Mercedes-Benz reported last week that vehicle deliveries fell 6.2 percent and 15 percent, respectively, in the first quarter.

Volkswagen will announce detailed results for the first quarter on May 4.

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