One day after posting a significant drop in Q1 profits, Volkswagen Group is looking to trim down its administrative staff in Germany to bolster 2024 returns. Volkswagen said it is offering close to one billion dollars in bonuses for employees who opt to end their contracts early.
We were prepared for Volkswagen Group’s less-than-stellar Q1 2024 numbers yesterday, as the German automaker warned the public it would be down overall after sharing its delivery tallies in early April.
Deliveries for Q1 were, in fact, up 3% year-over-year, but BEV sales fell. EV sales were only in the green in China (+91% YOY) and stumbled in Europe (-24%) and the US (-16%). The auto conglomerate reported EUR 75.5 billion in sales revenue, down from 76.2 billion in Q1 2023, and EUR 4.6 billion in operating results, down 20% compared to a year ago, with an operating margin of 6.1%.
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