VW Group Profit Rises 3.4% in First Quarter 2016

Financial figures released this morning show that the Volkswagen Group’s operating profit has risen by 3.4% over last year. That said, sales revenue dropped by the same amount, so the news is positive, but not spectacular.

“We are satisfied overall with the start we have made to a challenging year and have achieved respectable results under difficult conditions,” says CEO Matthias Müller.

Brands like Audi, Skoda, and Porsche all did very well in the first quarter, helping to bolster the brands that did not, like Volkswagen. Profits there fell precipitously to only $81 million (€73 million) from $579 million (€514 million) last year.

Volkswagen Financial Services’ operating profit meanwhile climbed to $550 million (€492 million) from $450 million (€403 million).

Despite the Volkswagen brand’s difficulties, the Group is now the world’s largest automaker, reports Forbes. Thanks to a drop in production at Toyota, Volkswagen is about 90,000 units ahead of Toyota between January and April.

Volkswagen isn’t celebrating, though. Instead, they are being realistic, saying that they expect sales revenue for the Group to drop by up to 5% by the end of the year.

“2016 will be a transitional year for Volkswagen that will see us fundamentally realign the Group,” says Müller. “The Group’s robust financial strength and earnings power are key to our ability to take the necessary decisions calmly and diligently, and to resolve the strategic policies that will shape our future with the necessary determination.”

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