The Group posted sales of 75.5 billion euros in Q1 2024, slightly down on Q1 2023 (76.2 billion euros).

Operating income stood at 4.6 billion euros. This is 20% lower than in Q1 2023 (5.7 billion euros), with an operating margin of 6.1%.

Net cash flow in the automotive division was -3.0 billion euros in Q1 2024 (vs. 2.2 billion euros). The number of vehicles sold is 2.1 million, down 2% on Q1 2023.

Asia-Pacific (+2%) and South America (+19%) record growth. In Europe, Rest of World and North America, sales fell by 5% and 10% respectively.

The order backlog of 1.1 million vehicles remains stable compared with the end of 2023, including 160,000 electric vehicles. Order intake for electric vehicles has almost doubled compared with Q1 2023.

The Volkswagen Group expects sales in 2024 to exceed those of the previous year by 5%. Operating return on sales is expected to be between 7.0 and 7.5%.

Automotive net cash flow for 2024 is expected to be between 4.5 and 6.5 billion euros. Net cash for the automotive division is expected to be between 39 and 41 billion euros in 2024.

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