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VW Group sees record profits in Q1

Volkswagen Group saw its operating profits rise by 21% to €1.3 billion (£1.01bn) in the first quarter of this year.

The German manufacturer delivered 1.57 million vehicles worldwide in the first three months, an increase of 7%.

Martin Winterkorn, chairman of VW Group’s board said he was “very confident for the further development of the business” following the rise in profits.

Hans Dieter Pötsch, VW Group’s chief financial officer, said the company’s improvements in process and its strict cost discipline were to attribute for the rise in figures.

All of the VW Group's brands recorded an improvement in their operating profit.

Volkswagen passenger cars increased its operating profit to €461m (€358.2m) from January to March compared to £300.4m in Q1 2007. VW said the “negative impact of unfavourable exchange rates was more than offset” by the increase in its sales volumes.

The Audi brand reported year-on-year growth of €113m (£88m) to €514m (£400m).

The figures for the Lamborghini brand, which are contained in the key figures for Audi, recorded positive growth.

Skoda also increased its operating profit to €182m (£142m) in comparison to £134m in Q1 last year. Seat recorded an operating profit of €12m (£9.33m), following an operating loss of €11m (£8.6m) in the prior year.

Bentley increased its operating profit to €39m (£30.4m). Volkswagen Commercial Vehicles increased its operating profit to €103 million (£80.1m) compared to £51.3m.

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