Volkswagen posts $9.2B profit in Q1

Volkswagen posts $9.2B profit in Q1

War in Ukraine, bottlenecks in supply chain, rising commodity prices create uncertainty, automaker says

By Ovunc Kutlu

ANKARA (AA) - German-based global auto manufacturer Volkswagen on Thursday announced that it saw an operating profit of €8.5 billion ($9.2 billion) in the first quarter of 2022.

While the net liquidity in its automotive division amounts to around €31 billion euros, the net cash flow of the division is around €1.5 billion, according to a company statement.

The company, however, said the impact of Russia's war on Ukraine, bottlenecks in the supply chain, and rising commodity prices create uncertainty.

"In addition, negative effects may continue to result from a worsening Covid-19 pandemic and from the supply situation - especially for semiconductors," it added.

The company said in a separate statement that its deliveries of all-electric vehicles increased 65% in the first quarter.

Despite supply bottlenecks for semiconductors and wire harnesses, Volkswagen delivered 99,100 battery electric vehicles (BEVs) by the end of March.

The figure is up from 60,000 BEVs in the first three months of last year.

The largest increase was seen in China, where 28,800 customers bought a BEV manufactured by a Volkswagen Group brand, which is more than a four-fold increase from the previous year, it said.

Europe remained the regional leader in BEV sales with 58,400 vehicles, constituting a 59% share in all of the group's electric vehicle sales during the first quarter, it added.

The company's top BEV models in sales during the January-March period were Volkswagen ID.4 with 30,300 units, followed by Volkswagen ID.3 with 13,000 units.

Audi, Seat, Scania, Skoda, Porsche, and Volkswagen are all part of the Volkswagen Group.

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