Q1 headwinds can’t blow VW off course

Despite turmoil in the boardroom, Volkswagen Group performed above expectations in the first quarter, driven by continued strength at its premium brands. Overall sales revenue jumped 10% year-on-year, bolstered in part by favourable exchange rates, while operating profit grew nearly 17%, with operating margin rising to 6.3%. Chief Executive Martin Winterkorn, who has just emerged victorious from a power struggle with the now former Chairman Ferdinand Piech, has commented that the OEM is "optimally positioned to master the divergent trends in the global automotive markets.”