The following is a summary of the Volkswagen AG (VWAGY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Volkswagen group sales revenue was slightly down by 1% year on year to €75.5 billion in Q1 2024.

• Operating result delivered €4.6 billion, though the operating margin was down to 6.1% from the previous year.

• Net cash flow in the Automotive Division was negative at €3 billion, roughly €5 billion below prior year levels, primarily due to a significant build-up of working capital.

• Volkswagen's China JVs witnessed a decline in proportional operating result, down 31% from the previous year at €0.4 billion.

• Anticipate a burden of about €300 million due to changes in residual values and an upcoming provision of roughly €900 million for severance packages in Q2.

Business Progress:

• Q1 2024 saw an increase in global deliveries to 2.1 million vehicles, up by 3% compared to last year.

• The company launched various new vehicles and anticipates the successful launch of upcoming vehicles like ID.7 Tourer, Macan Electric and the Q6 e-tron.

• Volkswagen aims to introduce 40 new electrified models in China within the next three years, conforming to their BEV share target of 9%-11%.

• The company plans an efficiency program and a selective severance payments program to reduce personnel costs.

• Raw materials for battery production are being secured to handle demand, and plans for expanding their own battery production capacity are in motion.

More details: VOLKSWAGEN A G IR

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