Volkswagen Group today reported higher first quarter sales and revenue, though its operating profit was off from a year ago.
"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," said Volkswagen AG Chief Executive Dr. Herbert Diess, in a statement.
Deliveries to customers of the group brands rose in the first quarter to 2.7 million vehicles, up from 2.5 million a year ago, according to the company that has an auto assembly plant in Chattanooga.
Group sales revenue increased by $2.44 billion to $71 billion, the automaker reported.
Operating profit in the quarter of $5.1 billion was off from last year's $5.3 billion due to a change in the reporting of the valuation of derivatives, the company said.