VW Sees Record High Q1 Deliveries

Herbert Diess’ second week as CEO of the Volkswagen Group comes with the task of reporting a positive, if slightly less profitable than expected financial results for the first quarter of 2018.

Deliveries for the first three months of 2018 rose steeply, with the Group delivering 7.4% more vehicles so far this year than it had last year.

As a result, sales revenue also rose (by 3.6%) but VW’s operating result dropped by 3.6%. This despite R&D costs falling by 0.4%. This, argues VW, is due to a change in the way it reports the valuation of its derivatives.

As a result, the Group is optimistic about the first quarter, as well as its outlook for the year to come.

“The Volkswagen Group is in a robust economic position,” said Diess in a statement. “It is now a matter of pursuing this course in a strong and focused manner. After all, the speed of change in our industry is still increasing. Our goal is to transform the Volkswagen Group into one of the industry’s leading companies in terms of profitability, innovative power and sustainability. The quarterly results confirm that we are on the right path.”