VW sees 20% drop in operating profit as premium brands face weak demand

German automaker Volkswagen (VW) reported an operating profit decline by 20% in Q1 of this year. The company’s premium brands witnessed weaker demand, leading to decreased sales during the period. VW revealed its earnings for January-March on Tuesday, with operating profits reaching €4.6 billion ($4.9 billion). Lower sales and higher fixed costs were identified as major factors contributing to the decline in profitability when compared with figures of one year earlier that saw a substantially smaller but more comfortable outcome at €5.8 billion ($6.3 billion) for Q1 2023. This news marks breaking information, and we will keep you updated shortly.