Volkswagen's profits fall 20% in the first quarter due to lower sales

A man polishes a Volkswagen ID GTI Concept on display at the International Motor Show (IAA) in Munich, southern Germany, on September 5, 2023.

Christoph Stach | AFP | Getty Images

German automaker Volkswagen said on Tuesday that its operating profit fell 20% in the first quarter as weak demand for its premium brands led to a decline in sales.

The company said operating profits reached 4.6 billion euros ($4.9 billion) in the first three months of 2024. In the same period in 2023, operating profits reached 5.7 billion euros.

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