Volkswagen Group bolsters expansion in global growth markets after strong Q1 results

Volkswagen Group posted strong financial results during the first quarter, despite a difficult global environment. The main drivers were an improved sales mix, better pricing, continued cost discipline and the flexibility provided by the Group’s global set-up. As such, Volkswagen mitigated the impact from worldwide shortages of semiconductors and wire harnesses by reallocating resources between its main markets in Europe, China, and the Americas.

This resulted in sales revenue of EUR 62.7 billion (+0.6 percent) and a robust operating profit before special items of EUR 8.5 billion including positive effects mainly from commodity hedging activities. Even excluding these effects, the underlying operating profit of around EUR 5 billion lies significantly above previous year and underlines the robustness of the business. Based on the figures and the expected better semiconductor supply in the second half of the year, the Group confirms its outlook for 2022. However, it is not yet possible to conclusively assess in particular the specific effects of the latest developments in the Russia-Ukraine conflict or effects of the Covid-19 pandemic on the Volkswagen Group’s business, on the global economy and growth in the industry in fiscal year 2022.

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