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Volkswagen posts drop in quarterly profit, says it must speed up to catch Chinese EV market rivals

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Volkswagen said operating profit fell 31% to 5.7 billion euros ($6.3 billion) through the first three months of 2023.

Europe's biggest carmaker said operating profit before valuation effects from commodity hedging, however, increased by 35% to 7.1 billion euros.

"We had indeed a really encouraging start into the year 2023, with both revenues and underlying operating profit improving significantly," Volkswagen Chief Financial Officer Arno Antlitz told CNBC's Annette Weisbach on Thursday. Shares of Volkswagen were marginally higher on Thursday morning. The stock price is up roughly 5.5% year-to-date.

 

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