The share of cars with internal combustion engines increased by 4%
Volkswagen Group has published its first quarter financial report for 2024. Sales in the first quarter amounted to 75.5 billion euros, compared with 76.2 billion euros a year earlier.
Operating profit amounted to 4.6 billion euros, which is 20% less compared to the same period last year (5.7 billion euros). Volkswagen's net negative cash flow was €3 billion in the first quarter of 2024, down from positive €2.2 billion a year earlier.
In terms of sales, Volkswagen Group's global sales exceeded 2.1 million vehicles, down 2% year-on-year. Asia Pacific and South America grew 2% and 19%, respectively, while Europe and North America declined 5% and 10%, respectively.
Sales of passenger vehicles in the first quarter of 2024 exceeded 2 million units, an increase of 3.4%. Among them, sales of vehicles with traditional combustion engines in the first quarter of this year amounted to 1.97 million units (or more than 98%), up 4% year on year. Pure electric vehicle sales totaled 136,400 units, down about the same 4%.
In the Chinese market, Volkswagen Group sold 693,000 vehicles in the first quarter of this year, up 7.7% year-on-year, of which electric vehicle sales accounted for 41,000 units, up 91.2%. more than last year. In Europe, Volkswagen sold 906,700 vehicles in the first quarter of this year, down 0.3% from last year. Among them, sales of electric vehicles totaled 74,400 units, down 2% year-on-year.
Volkswagen expects sales to grow more than 5% year on year in 2024. The automotive division's net cash flow will be between EUR 4.5 billion and EUR 6.5 billion, and the entire automotive division's net cash reserves will reach EUR 40 billion in 2024.