Volkswagen profit drops 20% in first quarter on lower sales

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

Christof Stache | Afp | Getty Images

German carmaker Volkswagen on Tuesday said its operating profit dropped by 20% in the first quarter as weaker demand for its premium brands drove a drop in sales.

Operating profit came in at 4.6 billion euros ($4.9 billion) in the first three months of 2024, the company said. In the same time period in 2023, operating profit was 5.7 billion euros.

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