On April 30, Volkswagen Group announced that in Q1 2024, it has delivered 2.1 million vehicles globally, i.e., increase of 3.1% YoY (more than 63,673 units were delivered) from 2.0 million vehicles in Q1 2023. This is due to passenger car segment sales rising 3.4% YoY (Q1 2024: 2,023,199 units) from 1,956,087 units in Q1 2023 while commercial vehicle sales dropped by 4.1% YoY (Q1 2024: 81,149 units) from 84,588 units in Q1 2023.
In Q1, it delivered 136,436 units of all-electric vehicles, i.e., decline of 3.3% YoY (4,587 fewer units), attributed to market-related factors and parts supply shortages. The share of Group deliveries for all-electric vehicles stood at 6.5%, compared to 6.9% in Q1 2023. Whereas, in Plug-in hybrid deliveries 71,372 units, i.e., increased by 27.5% YoY, with an increase of 9.9% share of total deliveries compared to 9.7% in Q1 2023.
Volkswagen Group's sales revenue decreased slightly to EUR 75.5 billion, i.e., decline of 1% YoY from EUR 76.2 billion in Q1 2023. The operating result is EUR 4.6 billion, i.e., decline of 20% YoY from EUR 5.7 billion in Q1 2023, this is mainly due to lower unit sales, mix, and higher interest expenses. Fair value measurement of derivatives without hedge accounting contributed to a decrease of EUR 0.4 billion.
In Q1 2024, the Group's production, including China, remained steady at 2,266,441 vehicles, a marginal decrease of 0.3% YoY. However, production in Germany dropped by 16.9% to 457,802 vehicles, representing 20.2% YoY of the Group's total production, down from 24.2% in Q1 2023.
Based on Volkswagen press release (1/ 2)
