Volkswagen revenues fell 20 percent in the first quarter

Volkswagen revenues fell 20 percent in the first quarter

Volkswagen's operating revenues fell 20 percent in the first quarter. Here is the latest financial data of the German company.

Things are not going well for German automaker Volkswagen. The company, which lost the Chinese market, where it had been the leader since 2008, to BYD last year, did not start the new year well.

Volkswagen Group published data for the first period of the year. In the first quarter of 2024, a decrease of up to 20 percent was recorded in the operating revenues of the German company.

Volkswagen attributes this decline to high costs. Despite this, the company plans to launch 30 new models by the end of the year.

One of the brands that lost the most in the group was Porsche. The company's profit margin fell by 14.8 percent.

Volkswagen experienced a 2 percent decrease in sales compared to the same period last year.

During this period, the manufacturer managed to sell 2.1 million automobiles. In the same period, the number of electric cars sold by the Volkswagen Group doubled compared to last year.

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