WOLFSBURG (dpa-AFX) - German auto major Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE) Wednesday reported weak profit in its first quarter, despite growth in sales revenues with higher unit sales.
Looking ahead, for fiscal 2025, Volkswagen continues to expect the sales revenue to exceed the previous year's figure by up to 5 percent. The operating return on sales for the Group is still expected to be between 5.5 and 6.5 percent. The outlook does not include any impact from recently announced tariffs.
In the quarter, earnings after tax fell 40.6 percent to 2.19 billion euros from last year's 3.68 billion euros.
Operating result declined 36.9 percent to 2.87 billion euros from 4.55 billion euros a year ago.
Sales revenue, however, grew 2.8 percent to 77.56 billion euros from prior year's 75.46 billion euros, due to higher vehicle sales in markets outside China.
In the quarter, the company sold 2.10 million vehicles, up 0.9 percent from last year's 2.08 million units.
Deliveries to customers grew 1.4 percent to 2.13 million units, while production fell 3.2 percent to 2.19 million units.
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