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Porsche AG has got off to a vigorous and forward-looking start to the challenging 2024 financial year. In this year of product launches, the sports car manufacturer is renewing four out of its six model lines. The first quarter was marked by the ramp-ups of the third model generation of the Panamera and the new Taycan. In addition, large-scale investments have been made in digitalization and research and development. Accordingly, the Porsche Group recorded an expected decline in sales and earnings in the first three months. At the end of the quarter, Group sales revenue amounted to 9.01 billion euros (previous year: 10.10 billion euros). Group operating profit was 1.28 billion euros (previous year: 1.84 billion euros). Group sales revenue came in at 14.2 per cent (previous year: 18.2 per cent).

The TRATON GROUP reported a successful start to 2024 and increased its sales revenue, adjusted operating result, and adjusted operating return on sales in the first quarter despite a slight decrease in unit sales. The TRATON GROUP brands sold a total of 81,100 (3M 2023: 84,600) vehicles between January and March, a slight year-on-year decline of 4%. At the same time, sales revenue grew 5% to €11.8 billion (3M 2023: €11.2 billion) thanks to a favorable product and market mix and improved unit price realization. Accounting for 19% (3M 2023: 20%) of total sales revenue, the vehicle services business made a considerable contribution to business performance. At 66,400 (3M 2023: 68,500) vehicles, the Company’s incoming orders in the first quarter of the year were solid and thus only slightly down by 3% year-on-year. The book-to-bill ratio, or the ratio of incoming orders to unit sales, was 0.8 in the first three months. This meant that unit sales were higher than incoming orders, allowing order backlog to continue to return to normal. At €1,106 million (3M 2023: €935 million), adjusted operating result was up significantly on the prior-year period. In light of the 5% increase in sales revenue, adjusted operating return on sales rose by 1 percentage point in the first quarter of 2024 to 9.4%.

Volkswagen is systematically forging ahead with its “in China, for China” strategy. The goal is even closer alignment with the specific requirements of customers in the world’s largest auto market and to provide them with a convincing product offering in all relevant segments. The ID. CODE design show car that celebrates its world premiere this week at the Auto China 24 trade fair in Beijing (from April 25 to May 4, 2024) bears witness to this systematic orientation to the wishes of Chinese customers. The concept car’s aesthetics are completely new and give a preview of a large electric SUV. The ID. CODE is designed for Level 4 fully autonomous driving. The new progressive ID.UX sub-brand also plays a key role in terms of Volkswagen’s profile in the Chinese market. With all-electric, lifestyle-oriented models, this sub-brand is designed to appeal to younger customers in particular.

At Auto China 2024, the Volkswagen Group and its brands demonstrate their innovative strength with an impressive line-up of China specific products. Six world premieres and five China premieres are the highlights among the 44 car and motorbike models on display. Through a strong ‘In China, for China’ approach, the Group set the course for accelerated technical localization, as well as faster production and development, to ensure it continues to offer tailor made products in China now and in the future. The transformation is well underway, and the market-wide product offensive with a focus on smart, connected vehicles tailored to Chinese consumers is accelerating to ‘China speed’.

Ahead of Auto China 2024 in Beijing, Audi is poised to showcase its strategy and all-electric portfolio for the world’s largest automotive market. With them, the brand with the four rings is strengthening the foundation for continued success in the country. Highlights at the booth include the world premiere of the Audi Q6L e-tron, set to be produced at the new Audi FAW NEV Company factory in Changchun. At Volkswagen’s Group Night and at an Audi press conference on opening day, Audi will also outline its further roadmap for the electric transformation of its offering in China.

The Volkswagen Group is stepping up the pace of innovation ‘in China, for China’ and systematically driving forward the digitalisation of its model portfolio. Together with XPENG, Volkswagen is introducing the China Electrical Architecture (CEA), a zonal Electrical/Electronic (E/E) architecture. Jointly developed by experts from XPENG, Volkswagen China Technology Company (VCTC) and CARIAD China, the CEA will ensure the rapid expansion of digital services in the Volkswagen brand’s China-specific vehicles. Advanced features such as autonomous driving can be seamlessly integrated and continuously updated and extended 'over the air' (‘OTA’). At the same time, thanks to the zonal structure, the number of electronic control units in previous systems can be reduced by up to 30 per cent. As a result, the zonal E/E architecture will be cost competitive with local offerings. The new digital network is envisaged to be used in locally produced VW brand electric vehicles from 2026. The move will strengthen Volkswagen’s ‘electric offensive’ and mark the latest decisive step as one of the industry leaders in the age of intelligent connected vehicles (ICV).

The Volkswagen Group has been a pioneer for individual mobility in China for 40 years. Today, Volkswagen's network in China features 39 plants, 90,000 employees and around 50 million customers who drive a Group brand vehicle. Together with its Joint Venture partners, Volkswagen is an integral part of China's industrial ecosystem and has created strong foundations. With its rapid transformation towards fully connected electric mobility, the Group is consistently realigning its activities in the region. Through the consistent implementation of its 'In China, for China' strategy, Volkswagen is driving forward the localisation of development and aligning its products with changing customer needs. In the latest strategic milestone, Volkswagen is further expanding its production and innovation hub in Hefei, Anhui Province, with investments totaling 2.5 billion EUR. In addition to the expansion of R&D capacity, preparations are also being made for the production of two Volkswagen brand models, which are currently being developed together with Chinese partner XPENG. Production of the first model, an SUV in the mid-size segment, will begin as early as 2026.

The Audi Group has achieved a solid result in the 2023 fiscal year under challenging economic conditions. Revenue rose by 13.1 percent to €69.9 billion, the operating profit was €6.3 billion, and the operating margin was 9.0 percent. Net cash flow was nearly on par with the previous year at €4.7 billion. With numerous new models, Audi will significantly strengthen and expand its product portfolio in the coming years: The world premiere of the fully electric Audi Q6 e-tron, the first model on the new Premium Platform Electric (PPE), heralds a series of product launches. More than 20 new models are planned for 2024 and 2025.

The Audi Q6 e-tron is the first production model on the Premium Platform Electric (PPE), marking the next step in the company's transformation into a provider of premium electric mobility. With its characteristics, the electric SUV stands for Vorsprung durch Technik. The model is defined not only by impressive driving and charging performance, but also by increased efficiency and long range. The Audi Q6 e-tron embodies typical Audi SUV styling with a further refined e-tron design language. The new design philosophy in the interior and pioneering technologies debuting in the new model, begin the next chapter in electric mobility for the Four Rings and make Vorsprung durch Technik a tangible experience every day. With the Q6 e-tron range, e-mobility is coming from the Ingolstadt plant for the first time. The Audi Q6 e-tron quattro and SQ6 e-tron will be available to order from March 2024 at a price of 74.700 and 93.800 euros and will be delivered to customers in the third quarter of 2024.