Škoda's operating profit down by a quarter in Q1 2022

The operating profit of Škoda Auto fell by roughly a quarter to EUR 337 million in the first quarter of 2022, the car brand’s owner Volkswagen Group announced on Wednesday in its interim report. Volkswagen also stated that Škoda Auto’s results were negatively affected by Russia’s war on Ukraine.

Škoda delivered 186,170 automobiles to customers during the first quarter of this year, around 25 percent less than in 2021. However, sales during the same period increased from last year’s EUR 5,05 billion to EUR 5,1 billion.

In early March, Škoda Auto announced that due to the Russian invasion of Ukraine, it would suspend production at its Russian plants in Kaluga and Nizhny Novgorod and stop exporting cars to Russia. Last year, Russia was the second largest market for the Czech car manufacturer.