Finances
Volkswagen profit drops 20% in first quarter on lower sales
A man polishes a Volkswagen ID GTI Concept car on display at the International Motor Show (IAA) in Munich, southern Germany, on Sept. 5, 2023.
Christof Stache | Afp | Getty Images
German carmaker Volkswagen on Tuesday said its operating profit dropped by 20% in the first quarter as weaker demand for its premium brands drove a drop in sales.
Operating profit came in at 4.6 billion euro ($4.9 billion) in the first three months of 2024, the company said, citing lower sales and higher fixed costs as key factors.
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