Volkswagen (VOW3 GY) Q1 (EUR): Operating Profit 4.59bln (exp. 4.51bln). Revenue 75.5bln (exp. 74.193bln). Operating Margin 6.1% (prev. 7.5% Y/Y). Cash flow in automotive segment -3bln (prev. +2.2bln Y/Y), Operating RoS 6.1% (exp. 6.4%); outlook confirmed
- Asia-Pacific (+2%) and South America (+19%) recorded growth. In Europe/ Rest of World and North America, sales fell by 5% and 10%, respectively.
- Lower sales volumes, an unfavourable country, brand and model mix as well as an increase in fixed costs compared to the same period last year had the expected negative impact on the Operating Result in Q1.
- The significantly increased sales revenue in the Financial Service business largely compensate for the decline in the Automotive division (-4%).
- Order bank of 1.1 mln vehicles remains stable at a high level compared to the end of 2023 of which 160,000 vehicles are BEVs. Encouraging order intake for important volume models such as the new VW Tiguan and the new VW Passat; order intake for BEVs almost doubled compared to Q1 2023.
Via Volkswagen IR
30 Apr 2024 - 06:32- - Source: VW IR
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