2023-05-04 08:35:57 ET
Volkswagen ( OTCPK:VWAGY ) offered a mixed Q1 update on Thursday as revenue rose sharply, but operating profits were pulled in.
The German automaker notched a 21.5% increase in revenue year over year to €76.2B, but noted a decrease in operating profit from €8.3B to €5.7B over the same timeframe. Overall deliveries increased 7.5% from Q1 2022 while BEV deliveries rose 42% to 141,000.
“Volkswagen Group has made an encouraging start to 2023. We saw strong growth in revenues and operating profit before the non-cash valuation effects from commodity hedging. With this solid performance and an order book of 1.8 million vehicles at the end of Q1, we confirm our financial outlook for 2023.”
Management noted that the automaker “continues to see strong demand, with an order backlog of 1.8 million vehicles in Western Europe alone, including 260,000 BEVs” and is confident in a continued recovery in China.
European-listed shares of Volkswagen rose 0.3% during Thursday’s trading. Read more on the details of the results .
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Volkswagen deliveries drive higher, operating profit hit by commodity hedging