Global automakers face stark profit divides in Q1 2024 results

The world’s 19 biggest carmakers saw mixed financial results in the first quarter of this year. While total revenue climbed slightly, operating profits fell sharply across much of the industry. The figures highlight stark differences between regions and manufacturers. Combined revenue for the top 19 automakers grew by 1.7 percent in the first three months of the year. Yet overall operating profit (EBIT) dropped by 32.4 percent, landing at €17.2 billion.

European brands showed uneven performance. Stellantis and Renault reported a 6.7 percent rise in revenue. Meanwhile, German giants Volkswagen, Mercedes-Benz, and BMW faced a 4.3 percent decline in sales. Their operating profit also shrank by 23.3 percent. In Asia, Japanese carmakers saw a 4.3 percent increase in revenue. Chinese manufacturers, however, struggled with a 1.4 percent revenue dip and a steep 43.4 percent fall in operating profit. U.S. automakers stood out with strong gains. Ford, General Motors, and Tesla boosted their revenue by 5 percent. Their operating profit surged even more dramatically—up by 82.9 percent.

The first-quarter results reveal a divided global auto industry. Some companies expanded revenue and profits, while others faced declining sales and shrinking margins. The contrast between U.S. growth and struggles in China and Germany marks a clear split in performance.