Brand Group Core increases operating profit in Q1 2024 despite challenging market environment

Significant increase in Brand Group profit and return on the back of robust vehicle sales and sales revenue
Significant increase in Brand Group profit and return on the back of robust vehicle sales and sales revenue
  • Brand Group operating profit grew 21% in Q1 2024 to 2.1 billion euros
  • At 32.8 billion euros, sales revenue came in slightly lower than previous year; Brand Group Core operating return increased to 6.4% in Q1/24
  • All brands achieved robust financial results through systematic cost management and cross-brand synergy effects
  • Thomas Schäfer, Member of the Board of Management of Volkswagen AG, Head of the Brand Group Core and CEO of the Volkswagen Passenger Cars Brand: “The solid first-quarter results despite the difficult environment demonstrate that the Brand Group Core is resilient – and is becoming increasingly competitive. We are very consistently reducing our costs and are working together more intensively to really tap into synergy potentials. This is already paying off. For us, 2024 is the year of implementation: as a team in the Brand Group Core, we will continue on the course we have mapped out and offer our customers worldwide cutting-edge technology at competitive prices.”

Wolfsburg. The Brand Group Core delivered robust financial results in the first quarter of 2024. With stable vehicle sales and slightly lower sales revenue, the Brand Group Core reported a significant year-on-year increase in operating profit and operating return. At 6.4%, operating return was well within the target corridor of 6-7% for 2024. All brands contributed to this achievement, reporting higher returns on the basis of focused cost management as well as increased implementation of synergy and efficiency measures within the Brand Group. The financial performance in the first quarter felt the impact of offsetting effects – these included, for example, the abrupt termination of government incentives for electric cars in the German market and the related discount measures at the beginning of the year. Furthermore, there was high depreciation attributable to investments in product campaigns and the related ramp-up of electric products.

The specified fuel consumption and emission data are determined in accordance with the measurement procedures prescribed by law. 1 January 2022, the WLTP test cycle completely replaced the NEDC test cycle and therefore no NEDC values are available for new type approved vehicles after that date. This information does not refer to a single vehicle and is not part of the offer but is only intended for comparison between different types of vehicles. Additional equipment and accessories (additional components, tyre formats, etc.) can alter relevant vehicle parameters such as weight, rolling resistance and aerodynamics, affecting the vehicle's fuel consumption, power consumption, CO2 emissions and driving performance values in addition to weather and traffic conditions and individual driving behavior. Due to more realistic testing conditions, fuel consumption and CO2 emissions measured according to WLTP will in many cases be higher than the values measured according to NEDC. As a result, the taxation of vehicles may change accordingly as of 1 September 2018. For further information on the differences between WLTP and NEDC, please visit Further information on official fuel consumption data and official specific CO2 emissions for new passenger cars can be found in the "Guide to fuel economy, CO2 emissions and power consumption for new passenger car models", which is available free of charge from all sales dealerships and from DAT Deutsche Automobil Treuhand GmbH, Hellmuth-Hirth-Str. 1, D-73760 Ostfildern, Germany and at