Volkswagen’s profit after taxes in the first quarter of 2022 jumped by 96.9% to € 6.72 billion, according to the company’s press service.

At the same time, revenue for the quarter amounted to € 2.74 billion against € 2.38 billion a year earlier.

The company confirmed its forecast for annual revenue growth in the range of 8-13%. The automaker noted that it managed to mitigate the effects of the global semiconductor shortage.

At the same time, VW emphasized that it is still difficult to assess the impact of the events in Ukraine and the COVID-19 pandemic on the group’s business, the automotive industry and the global economy as a whole.