Interim Report January - March 2024


On April 30, 2024 the Volkswagen Group published the results for the first quarter of 2024.

Picture in front of a stone wall of the CFO and COO of the Volkswagen Group
“As expected, our first quarter results show a slow start to the year. We remain confident of achieving our financial targets for 2024. A strong March, the solid order bank and the improving order intake in the past months are encouraging and should already have a positive impact in the second quarter. We expect additional momentum over the course of the year from the launch of more than 30 new models across all brands. At the same time the effects our efficiency programs will gradually unfold as the year progresses. In this context, it will be particularly important to vigorously counteract the increase in fixed costs and exercise investment discipline.”
Arno Antlitz CFO & COO Volkswagen Group
Picture in front of a stone wall of the CFO and COO of the Volkswagen Group

Volkswagen Group: Q1 2024 muted as expected – Outlook confirmed

  • Lower sales volumes, an unfavourable country, brand and model mix as well as an increase in fixed costs compared to the same period last year had the expected negative impact on the Operating Result in Q1.
  • Reversal of the exceptionally strong reduction in working capital at year-end 2023 and the expected build-up of inventories in preparation for the product offensive weigh on net cash flow with EUR 5.9 billion in Q1 2024.
  • Asia-Pacific (+2%) and South America (+19%) recorded growth. In Europe/ Rest of World and North America, sales fell by 5% and 10%, respectively.
  • Order bank of 1.1 million vehicles remains stable at a high level compared to the end of 2023 of which 160,000 vehicles are BEVs. Encouraging order intake for important volume models such as the new VW Tiguan and the new VW Passat; order intake for BEVs almost doubled compared to Q1 2023.

Webcast and conference call for investors, analysts and media

A man on stage presenting a chart on the strategic direction of the Volkswagen Group.
Arno Antlitz, CFO and COO of the Volkswagen Group.
Muted results in Q1
Outlook 2024
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