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Volkswagen AG reported a significant decline in its first-quarter earnings, with a 20% drop in operating profit. The decrease was attributed to lower demand for its premium brands, resulting in reduced car sales, and increased expenses related to the introduction of new models. These factors combined to impact the company's profitability more severely than anticipated.
NEWS: Volkswagen on Tuesday said its operating profit dropped by 20% in the first quarter as weaker demand for its premium brands drove a drop in sales. https://t.co/AV9ZgrULH9
Car & General [ @CarandGeneral] FY 2023 results [KES, YoY] -Turnover +40.4%, 27.2B -Gross profit +35.1%, 4.1B -OPEX +46.6%, 3.3B -Finance costs 2x, 1.9B -Loss 273.7M [FY 2022: 679.5M] -No dividend [FY 2022: 0.8] https://t.co/4Q7SrQBJUq https://t.co/O9YHVzNLsQ
Volkswagen AG’s first-quarter earnings fell more than expected after waning car sales and the cost of introducing new models weighed on profitability https://t.co/8Wuyo34Oh8
