Volkswagen‘s share price has jumped after the German car manufacturer posted its first quarter financial results today.

Shares in VW Group shot after it said it had sold a record 2.7 million cars in the first three months of 2018, calling it “a good start to the fiscal year”.

VW share price
Source: Google Finance

Revenue at Volkswagen (which includes 12 car brands such as Porsche and BMW) also grew 3.6% to €58.2 billion.

Volkswagen Group said the “robust economic growth” was thanks to efforts to transform itself into a leader in the electric and automated vehicle market.

CEO of Volkswagen AG, Herbert Diess, said:

The Volkswagen Group is in a robust economic position, our ‘TOGETHER – Strategy 2025’ is taking effect.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Following an extremely successful initial phase, it is now a matter of pursuing this course in a strong and focused manner. After all, the speed of change in our industry is still increasing.

Our goal is to transform the Volkswagen Group into one of the industry’s leading companies in terms of profitability, innovative power and sustainability. The quarterly results confirm that we are on the right path.

Meanwhile, operating profit sank 3.6% to €4.2 billion. Profits after tax were also down 2.2% to €3.3 billion, missing targets of €3.46 billion.

The group blamed the profit slips on a change in the accounting rules used in the valuation of derivatives.