The group noted that this result was primarily driven by a recovery in sales volumes in Europe and North America, while improved pricing also had a positive effect.

Operating profit for the quarter was up by 35% to €7.1 billion, with a margin well above targets at 9.3%.

The Automotive division of the group generated net cash of €2.2 billion in the period, and Volkswagen noted that working capital suffered from continuing disruptions in the supply chains increased by €1.9 billion year-on-year.

In the first quarter of 2023, Volkswagen Group delivered 7.5% more units over results in 2022, with global deliveries up by 23.9% in March alone. The group noted that deliveries in China fell by 14.5% in the quarter, but it expects this to recover through 2023.

The group has also continued its electrification strategy, with a 42% year-on-year increase of deliveries of battery-electric vehicles (BEVs) in Q1 for a total of 141,000 or 7% of total deliveries.

CFO Arno Antlitz said: “Volkswagen Group has made an encouraging start to 2023 with strong growth in revenues and operating profit before negative valuation effects from commodity hedging transactions. Based on this solid performance and an order book of 1.8 million vehicles at the end of Q1, we confirm our financial outlook for 2023.”