VW Group enjoys strong Q1 sales results

The Volkswagen Group turned over its Q1 report and shared that it has enjoyed strong results for the first quarter of 2022. According to a press release, the Volkswagen Group was able to overcome the difficult global environment early this year thanks to an improved sales mix, better pricing, continued cost discipline, and the flexibility provided by the Group’s global setup.

In addition, the Volkswagen Group mitigated the impact of the global semiconductor and wire harnesses shortages by reallocating resources between its main markets in Europe, China, and the Americas.

This resulted in sales revenue of about €62.7 billion.

“Our group has shown great resilience again in the first quarter despite the unprecedented challenges the world faces due to the terrible war in Ukraine and the ongoing pandemic situation with its impact on supply chains. As a truly global company, we have extensive production capacities in all major growth and sales markets worldwide. Volkswagen’s global setup helped us to mitigate many of the adverse effects we are currently seeing. Even in a more polarised world, Volkswagen is firmly committed to expanding its global footprint, further driving its transformation into a sustainable and fully digital mobility provider,” said VW Group CEO Herbert Diess.

Brands under the Volkswagen Group’s umbrella also saw good sales early this year. These include the Group’s Volume brands such as VW Commercial Vehicles and Seat; its Premium brand Bentley; and the conglomerate’s Sport and Luxury brand Porsche.

“In a challenging environment, our first-quarter results demonstrate the robustness of our business. Our teams managed to mitigate the disruptions of the supply chains as much as possible. Strong product mix toward higher equipped vehicles combined with ongoing cost discipline contributed to strong results in Q1. On top, we benefitted from our risk management concerning raw materials,” said VW Group CFO Arno Antlitz.

“Our Q1 results and our solid net liquidity position demonstrate that we are able and willing to continuously invest in our transformation and the future of the company, also in difficult times,” Antlitz added.

The Volkswagen Group declares that it plans to continue to bolster its expansion in global growth markets. The conglomerate will focus on the US region where an ambitious growth plan is being implemented to achieve the target of 10 percent market share by 2030. Here, the core strategy lies in BEVs and the Volkswagen Group looks to expand its BEV lineup to more than 25 models by the end of the decade.

Similarly, the Volkswagen Group’s strategy in the Chinese region is rooted in digitalization and electrification. VW will establish an e-mobility hub as well as a battery system factory in China.

Photos from Volkswagen

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