Volkswagen and Daimler post upbeat Q1 results

Volkswagen and Daimler each released their figures for 2018's first quarter on Friday, with both automotive giants recording positive growth.

Daimler's overall revenues outscored Volkswagen's as it reached €39.8bn worth of sales compared to the €20.1bn of its German rival, though Volkswagen sold more units (912,200 to 806,900).

Volkswagen's profits improved 1.2% year-on-year to €879mn, while Daimler's net gains stood at €2.4bn for the quarter after selling more units that it has ever done before in the same period. Both firms also reported significant increases in their brand growth.

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New Volkswagen CEO Herbert Diess commented: "Our new models are being outstandingly well-received by customers, our efficiency measures are taking effect and we are on the way to gaining new strength in the regions. Our long-term goal is clear: we want to make Volkswagen fit for the future of mobility. We are making good progress in these efforts in line with our plans."

"We are sustainably continuing along our profitable growth course and sold more vehicles in a first quarter than ever before," said Daimler Chairman Dieter Zetsche. "We aim to continue building on this and to further consolidate our leading position in the premium segment, because we have big plans for the future.

"With the five pillars of our strategy – core, case, culture, company and customer – we are ideally prepared for the transformation of the industry and of our company."