The group reported a 2.7% rise in sales revenue for the first three months of the year, up €47.8 billion (€46.6 billion) despite negative currency effects while operating profit grew by 21.8% to €2.9 billion (€2.3 billion).

The group noted that market trends showed a mixed performance in new car registrations across the regions, with the Asia-Pacific region, Western Europe, North America and Central Europe up year-on-year, while the emerging markets in South America and Eastern Europe recorded lower market volumes. The weak currencies of key emerging economies pushed prices up and thus put pressure on demand.

Looking at the performance of the brands, Volkswagen Passenger Cars brand recorded an operating profit of €440m (€590m) in the first quarter of 2014, not including the Chinese joint ventures.

Audi’s operating profit was on a level with the prior-year period, at €1.3 billion (€1.3 billion) while Skoda generated an operating profit of €185m (€112m) in the first quarter of 2014, up 65.2% on the previous. SEAT’s operating loss improved by €10m to €36m (€46m).

Bentley’s operating profit climbed by 65.7% year-on-year to €45m in the first quarter (€27m). Porsche recorded an operating profit of €698m (€573m) in the first three months.

Volkswagen Commercial Vehicles more than doubled its operating profit to €136m, compared with the first quarter of 2013 (€60m). Scania posted an operating profit of €254m (€227m). MAN generated an operating profit of €68m (previous year: operating loss of €102m).

The group said it will press ahead with its product initiative across all brands in 2014, and modernise and expand its offering by introducing attractive new vehicles.

It added that it is expecting a moderate increase in deliveries to customers in fiscal year 2014, saying that challenges would come from the difficult market environment and fierce competition, as well as interest rate and exchange rate volatility and fluctuations in raw materials prices.

Depending on economic conditions, Volkswagen is expecting 2014 sales revenue for the group and its business areas to move within a range of 3% around the prior-year figure. In terms of the Group’s operating profit, Volkswagen is forecasting an operating return on sales of between 5.5% and 6.5% in 2014 in light of the challenging economic environment, and the same range for the Passenger Cars Business Area.