Volkswagen reduced its profit by almost 36% in the first quarter, with 4,209 million euros

Seat multiplied its operating profit almost by 30 between January and March, up to 144 million euros

MADRID, 4 May. (EUROPA PRESS) -

The German group Volkswagen obtained an attributable net profit of 4,209 million euros in the first three months of the year, which is 35.97% less than the profit of 6,574 million euros it achieved in the first quarter of 2022, according to the accounts published by the company.

The consortium's income between January and March stood at 76,198 million euros, representing an increase of 21.5% in the year-on-year comparison, while global sales of vehicles of all its brands reached 2.04 million units, a 7.53% increase in relation to the same period of the previous year.

"Volkswagen Group is off to an encouraging start to 2023 with strong growth in revenue and operating profit before negative valuation effects from commodity hedging transactions. Based on this strong performance and an order book of 1.8 million vehicles at the end of the first quarter, we confirm our financial outlook for 2023," said Volkswagen Group CFO Arno Antlitz.

Likewise, the operating profit of the Volkswagen group in the first three months of the year stood at 5,747 million euros, which is 30.99% less than the 8,328 million euros registered in the first quarter of 2022.

Thus, the German company's operating margin stood at 7.5% in the first quarter of the course, which is 5.8 percentage points less than the 13.3% obtained in the same period of the previous year.

The automotive multinational manufactured a total of 2.12 million vehicles worldwide between January and March this year, 11.2% more in year-on-year terms, while its global workforce increased 0.2%, up to 676,900 people. .

By brand, the Spanish Seat obtained an operating profit of 144 million euros between January and March, almost 30 times more than the 5 million euros obtained a year earlier. In addition, the company's sales in the period stood at 3,562 million euros, 48% more in year-on-year terms.

Volkswagen Passenger Cars, for its part, earned 608 million euros in the first quarter of the course, 18.51% more in the year-on-year comparison, while the Audi group, which includes Bentley, ended the quarter with an operating profit of 1,816 million euros, 48.62% less.

Skoda's operating profit rose 60.83% year-on-year to €542m, and Volkswagen Commercial Vehicles ended the first three months of 2023 with an operating profit of €171m, almost four times the €46m last year.

On its side, the Porsche group registered an operating profit of 1,727 million euros until March, 27% more, and Traton shot up its profits by 164%, up to 875 million euros. Likewise, MAN Energy Solutions achieved a positive operating result of 101 million euros, 83.63% more, and the Cariad software division lost 429 million, 3.1% more.

Finally, the financial division of the consortium, Volkswagen Financial Services, closed the quarter with an operating profit of 985 million euros, which translates into a reduction of 34.37%.

Regarding the forecasts for the year, the Volkswagen group estimates an increase in sales of between 10% and 15%, as well as an operating margin of between 7.5% and 8.5%.

Likewise, despite the "challenging" market conditions, the company expects to register around 9.5 million vehicles of all its brands at the end of the year in a scenario with an improvement in logistics bottlenecks and also with a greater availability of supplies.