Volkswagen Reports 14% Drop in First-Quarter Profit, Missing Analyst Expectations
Volkswagen reported a 14.3% decline in first-quarter operating profit to 2.5 billion euros, missing analyst expectations of nearly 4 billion euros. The drop was attributed to higher U.S. tariffs and increased competition from Chinese automakers. Sales revenue also fell 2.5% year-over-year to 75.66 billion euros.
Topics: competition earnings electric vehicles job cuts profit tariffs Volkswagen