Earnings

Volkswagen posts drop in first-quarter profit on weaker China sales

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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,…



Source cnbc.com

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