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Reviews: Volkswagen continues to win a

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corona crisis? Chip deficiency? Ukraine war? The Volkswagen Group does not seem to be able to identify anything. At least not in the balance sheet: In the first quarter, the Wolfsburger posted a rich billions profit.

Provided by Deutsche Welle © Peter Steffen / Picture Alliance / DPA Provided by Deutsche Welle

Volkswagen has booked despite the Ukraine war and binding production because of the Corona fight in China at the beginning of the year. The Wolfsburg's massif benefited from financial instruments with which the Group has secured itself against the increase in commodity prices and exchange rate risks.

The operating result from special items thus jumped to around 8.5 billion euros in the first quarter, as the car maker reported on Thursday on the basis of first estimates. before the year of operation was the operating profit at 4.8 billion euros . In the first three months, the operational return doubled almost 13.5 percent, in the same period of the previous year, it had been 7.7 percent.

Software Development for Autonomous Driving - Volkswagen subsidiary Cariad cooperates with Bosch

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Auch wenn das Russlandgeschäft der Wolfsburger wegen des Krieges weggebrochen ist, der Bilanz schadet es nicht © Vyacheslav Prokofyev / TASS / DPA Even though the Russian business of Wolfsburg has broken away because of the war, the balance that does not harm

weakening section

VW explained, for the increase in profits, in addition to , the robust operational business also has a positive fair value - assessment ensured on security instruments of 3.5 billion euros. Due to long-term hedging by financial instruments, the Group still pays prices for raw materials, as they were before the Ukraine war. The difference to the current price level ensures a book gain.

The cash inflow in the automotive business shrank due to production interruptions and sales break in the first quarter to 1.5 (4.7) billion euros. Because of the persistent semiconductor Mangel , Volkswagen delivered only around 1.9 million vehicles worldwide, a fifth less than in the previous year. In March alone, as wire harbors were scarce because of Ukraine War, and VW had to temporarily pause the ribbons, deliveries fell by almost a third to around 655,800 units.

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Sorbing Market China

In the Heimatmarkt Western Europe, deliveries decreased by almost 15 percent. In China, a minus of 23.9 percent was available. In the world's largest car market, VW is the market leader, about 40 percent of the total consolidated deliveries makes the group there.

As one of the reasons for the bad results in China, Volkswagen called the pandemic restrictions by China's zero-Covid strategy. The Corona wave is just in regions such as the Northeast Jilin, Jangtse Delta or Provinces such as Shandong and Hebei, where Volkswagen usually sell a lot, it was in the message. The Group had to suspend operation in works in Shanghai and Changchun in Northeast China because of Lockdowns.

"Since mid-March, we have been heavily hit by Covid-19 outbreaks, which means that we can not temporarily comply with the high customer demand," said VW-China boss Stephan Wöllenstein. But he confidently showed himself to deal with these challenges. There is a clear plan to come back on course. "We hope that the situation soon relaxes and we are able to balance the delays in production in the coming months."

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Konzernchef Diess am Montageband für die Produktion des Elektroautos ID.3 - die Stromautos von VW sind derzeit sehr gefragt © Jens Büttner / DPA / Picture Alliance Group Chefs This on the assembly line for the production of electric car ID.3 - the electricity cars of VW are currently highly in demand

risks remaining

An increase in all-electric cars: VW sold around 99,000 in the first quarter Electric cars, an increase of 65 percent year-on-year. Demand for electric cars is high worldwide and the order books were well filled, explained distribution leader Hildegard Wortmann. Without the current supply bottlenecks, this number would therefore have been significantly higher.

outlooking out the management by Group Chef Herbert this , it continues to have the risk that the progress of Ukraine war is negatively impacting the business. This could also result from supply bottlenecks in the supply chain. The development of the commodity markets remain unpredictable. This in turn could have significant effects on the evaluation of the hedging transactions. Volkswagen also referred to potential negative effects from a resalient Corona pandemic and from the continued supply bottlenecks in semiconductors.

DK / KD (DPA, RTR, AFP)

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