Volkswagen has reported a rise in revenue of 22% to €76 billion but saw a drop in operating profit to €5.7 billion, after last year's first quarter profit was boosted by commodity hedging.
The carmaker said the rise in revenue was attributed largely to strong growth in Europe and North America, and said its order book in western Europe totalled 1.8 million vehicles, including 260,000 battery-electric cars.
Total deliveries in the first quarter were up 7.5% from the previous year, in line with BMW, which also reported higher deliveries that month.
But Volkswagen's deliveries in China were down 14.5% throughout the quarter.
"The company is confident that the deliveries in this region can recover throughout the year on the broadened model offering and China-specific technology," the company said.
The carmaker's earnings before interest and taxes still beat expectations of five analysts polled by Refinitiv SmartEstimate of €5.48 billion.
It also confirmed its outlook for 2023.
