A man polishes a Volkswagen ID GTI Concept car on display at the International Motor Show (IAA) in Munich, southern Germany, on Sept. 5, 2023.
German carmaker 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.
Operating profit came in at 4.6 billion euro ($4.9 billion) in the first three months of 2024, the company said, citing lower sales and higher fixed costs as key factors.
This is a breaking news story and will be updated shortly.
Organizations:
Volkswagen
Locations:
Munich, Germany