Volkswagen profit drops 20% in first quarter on lower sales

Volkswagen reported a 20% drop in operating profit in the first quarter, totaling 4.6 billion euros, influenced by weaker demand for its premium brands and a decline in vehicle sales. The company highlighted higher fixed costs and an unfavorable mix of countries, brands, and models as key factors behind the profit decrease. Despite the slow start, Volkswagen maintains its 2024 financial targets, anticipating a boost from over 30 new model launches and efficiency programs.