Volkswagen Group revenues increased by 10.3 per cent for the first three months of 2017.
The company revealed that its first quarter operating profit of €4.4 billion (£3.7bn) “significantly exceeded expectations”.
The number of cars delivered to customers was actually down 0.5 per cent compared with the same period last year, but production was up 7.1 per cent.
The Volkswagen Group, which owns a number of automotive manufacturers such as Audi, Skoda and Seat, reported that a number of factors contributed to its impressive start to the year.
For example, its brands have been on a product offensive this year and have expanded into untapped segments, while positive exchange rates and product optimisation were also cited as contributing factors.
— Volkswagen News (@vwpress_en) May 4, 2017
Matthias Muller, CEO of Volkswagen Group, said: “Our quarterly figures were positively impacted by the strong performance of the Group brands, the launch of new, compelling products and solid earnings in western Europe.
“Our efforts to improve efficiency and productivity across all areas of the company are also paying off.”
The Volkswagen Group has been pushing its ‘Together – Strategy 2025’ project, which was born out of the diesel ‘defeat device’ scandal that came to light in 2015.
Volkswagen had been using a device to trick emissions-testing software into registering lower figures than would realistically be found in real-world situations.
The company has since apologised, and is now working towards being the “world-leading provider of sustainable mobility”.
With no let-up in the brand’s sales, it appears the exercise has helped ease any shaken confidence in consumers.