First-quarter sales revenue rose by 22% to 76 billion euros, Volkswagen said, primarily driven by a recovery in sales volumes in Europe and North America.
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German giant Volkswagen on Thursday reported a drop in first-quarter profit, saying weaker sales in China reaffirms the need for the carmaker to close the gap on its rivals in the country’s fast-growing electric vehicle market.
Volkswagen said operating profit fell 31% to 5.7 billion euros ($6.3 billion) through the first three months of 2023, down from 8.3 billion euros over the same period last year.
Europe’s biggest carmaker said operating profit before valuation effects from commodity hedging,…