FRANKFURT (AFP) – German auto giant Volkswagen reported yesterday that profits fell sharply at the start of the year as vehicle sales slipped but confirmed its outlook for 2024.
Net profit stood at EUR3.7 billion (USD4 billion) from January to March, down more than 20 per cent from a year earlier.
However the figure was higher than EUR3.3 billion expected by analysts surveyed by financial data firm FactSet.
Sales were EUR75.5 billion, down slightly from a year earlier, although better than expected.
“Our first quarter results show a slow start to the year,” said chief financial officer of Volkswagen Arno Antlitz, whose 10 brands range from Porsche to Seat and Skoda.
“We remain confident of achieving our financial targets for 2024,” he said, citing “solid” orders.
The launch of more than 30 new models as well as previously announced savings programmes will boost VW as the year progresses, he said.
