Q1 Results: How Did Toyota, Ford and Volkswagen Perform?

Global automotive manufacturers faced pressure from rising energy costs and geopolitical tensions in the first quarter of 2026. Some companies reported potential raw materials shortages linked to conflict in the Middle East.

Western carmakers confronted competition from Chinese manufacturers in the electric vehicle market, as key Chinese brands entered the sector with lower production costs and faster manufacturing cycles.

Finance Chief has analysed first quarter 2026 results from multiple global automotive brands.

Ford reports improved earnings

According to Ford, the company posted first quarter revenue of US$43.3bn in 2026. Net income reached US$2.5bn with adjusted earnings before interest and taxes of US$3.5bn.

The figures show improvement over the same period in 2025. Ford's first quarter revenue that year was US$40.7bn with net income of US$471m and adjusted EBIT of US$1bn.

Jim Farley, President and CEO at Ford, says: "Our strong first-quarter results and raised full-year guidance reflect the momentum of the Ford+ plan. We built the foundation for a more modern, resilient Ford, improving cost and quality and building our world-class team. We are well prepared to deliver for our customers and shareholders as we enter one of the most intensive product, software and physical services rollouts in our history."

Total sales reached 457,315 vehicles, down 8.8% from the previous year. Ford is also revising its EV strategy following a US$19.5bn writedown earlier this year related to electric vehicle operations.

In response, the company is developing its Universal Electric Vehicle programme, an initiative that aims to reduce EV manufacturing costs to compete with other brands including Chinese competitors.

Stellantis increases net revenues

Stellantis reported net revenues of €38.1bn (US$44.8bn) in the first quarter of 2026. The figure represents a 6% increase from €35.8bn (US$42bn) in the first quarter of 2025.

According to the business, volume growth across all regions supported the improvement. North America was the primary contributor.

Net profit reached €0.4bn (US$471m). Adjusted operating income was €1.0bn (US$1.8bn) with an AOI margin of 2.5%.

Shipments totalled 1,361,000 units in the first quarter of 2026, up from 1,217,000 in 2025. Antonio Filosa, CEO at Stellantis, says: "As we initiate quarterly reporting, the first three months of 2026 reflect the early results of our actions to return Stellantis to sustainable, profitable growth. 

“The products we launched in 2025 have been well received and we're confident that the 10 new vehicles planned for 2026 will build on this momentum."

Stellantis announced a partnership with Microsoft for what it describes as an AI led strategy across customer care and operations.

BMW Group profit declines

BMW Group posted profit before tax of €2.35bn (US$2.96bn) in 2026. The figure represents a 24.6% decrease from the previous year with an EBIT margin at 5%.

Deliveries totalled 42,735 units, down 4.2% from 44,609 in the previous year. According to BMW Group, economic growth in the United States during the first quarter was stronger than in the fourth quarter of 2025 but remained below expectations.

The company's Quarterly Statement notes: "In Europe, economic output increased only marginally in the first quarter; at the same time, there are first signs that the conflict in the Middle East is weighing on economic activity."

In Europe, all electric automobile sales increased from the previous year. BMW delivered 59,936 units, up 2% from 58,761 units in 2025.

BMW is working on the rollout of its Neue Klasse. The new generation of vehicles is designed for a fully electric era and includes the i3.

Toyota records tariff impact

According to Toyota, the company recorded a ¥1.4tn (US$8.9bn) hit from tariffs in financial year 2025/26. The carmaker projected a negative ¥670bn (US$4.3bn) Middle East impact from the Iran war for the current fiscal year.

The business posted record sales of 10,477,000 units across its Toyota and Lexus brands. Takanori Azuma, Accounting Group Chief Officer at Toyota, told shareholders that vehicle sales increased due to strong demand from customers mainly in Japan and the US.

Taking into account the Middle East impacts and other factors, Toyota forecasts operating income of ¥3tn (US$19.4bn) for the fiscal year ending March 2027, a figure that represents a year-on-year decrease of ¥800bn (US$5.11bn).

Operating income for financial year 2025/26 was ¥3.8tn (US$24.2bn), down ¥1tn (US$6.4bn) year on year. The company recorded a 168.4% increase in battery electric vehicle sales, representing 145,000 units in the financial year ending in 2026.

The group forecasts 243,000 battery electric vehicle sales this year.

Volkswagen and Chinese market

Volkswagen recorded €75.7bn (US$81.76bn) in sales revenue in the first quarter of 2026. The figure is 2% below the first quarter of 2025 at €77.6bn (US$91.4bn).

The company reported an operating result of €2.5bn (US$2.95bn) in the first quarter of 2026, which is 14.3% below the first quarter of 2025. 

Oliver Blume, CEO at Volkswagen, said in a statement accompanying the results: "The world is undergoing fundamental change and we are aligning our strategy consistently. Wars, geopolitical tensions, trade barriers, stricter regulations and intense competition are creating headwinds. In this challenging environment, we have managed to make tangible progress."

Arno Antlitz, CFO and COO at Volkswagen Group, said in a statement: "We made further progress in the first quarter of 2026: order intake in Europe improved, our 'In China, for China' strategy is progressing."

The German carmaker is expanding into the Chinese market through a partnership with XPENG. The collaboration forms part of its In China, for China strategy.

The jointly developed ID.UNYX 08 EV rolled off the production line.

BYD profit falls

According to Reuters, Chinese brand BYD's quarterly profit fell at its fastest pace since 2020. The company faced competition from other Chinese brands.

BYD's first quarter net profit dropped 55.4% from a year earlier to 4.1bn yuan (US$599.46m). BYD is developing new EV battery technology in competition against other brands.

BYD's Blade Battery 2.0 was announced in March 2026. The battery offers more than 1,000 km in range.