(CercleFinance.com) – The group achieved 75.5 billion euros in turnover in the 1st quarter of 2024, slightly lower than the 1st quarter of 2023 (76.2 billion euros).
Operating profit stood at 4.6 billion euros. It is 20% below that of the 1st quarter of 2023 (5.7 billion euros) with an operating margin of 6.1%.
Net cash flow is -3.0 billion euros in the automotive division in Q1 2024 (compared to 2.2 billion euros). The number of vehicles sold was 2.1 million, down 2% compared to the 1st quarter of 2023.
Asia-Pacific (+2%) and South America (+19%) recorded growth. In Europe, the rest of the world and North America, sales fell by 5% and 10%, respectively.
The order book of 1.1 million vehicles remains stable compared to the end of 2023, including 160,000 electric vehicles. Order intake for electric vehicles has almost doubled compared to the 1st quarter of 2023.
The Volkswagen Group expects sales in 2024 to exceed the previous year by 5 percent. Operating return on sales is expected to be between 7.0 and 7.5%.
Automotive net cash flow for 2024 is expected to be between €4.5 billion and €6.5 billion. The automotive division’s net liquidity is expected to be between €39 billion and €41 billion in 2024.
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