- Volkswagen Group Q1 2024 revenue fell by 1% y/y to 75.5 billion euros, above analysts estimate of 75.0 billion euros due to lower vehicle sales and adverse mix and exchange rate effects.
- The Volkswagen Group’s operating result fell by 20% y/y to 4.6 billion eurosc, lower-than 4.82 billion euros Factset estimate-caused by lower unit sales, unfavorable mix, high expenditures associated with new models and higher interest rate in the financial services division.
- The operating return on sales stood at 6.1%, lower than analysts’ estimate of 6.6% while net cash flow fell to -4.2 billion euros from 583 million in the previous year weighed down by reversal of exceptionally strong reduction in working capital at the end of 2023 and increase in inventories associated with the product launches in Q1.
- Volkswagen Group maintained its outlook for 2024 which includes forecast for a 3% y/y growth in deliveries, 5% y/y revenue growth and an operating result in the range of 7% to 7.5%.
- Volkswagen said its order book is currently strong at 1.1 million vehicles compared to the end of 2023.
- Audi was adversely affected by the expected supply chain issues and it ended up recording a revenue of 13.7 billion euros (-18.7%), operating result of 466 million (-74%) and operating return on sales of 3.4%.
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