German carmaker Volkswagen reported a sharp drop in first-quarter profit. The company cited large one-off costs and weaker results in China, AFP reported.
Europe's largest carmaker reported a nearly 41% drop in profits year-on-year to €2.19 billion for the first three months of 2025.
Although the group's revenue rose by nearly 3% to €77.6 billion, several unfavorable factors weighed on the final result.

In addition to previously announced multi-billion euro special charges, Volkswagen earned significantly less from its joint ventures in China, a key market. Losses also worsened in the battery division.
The company confirmed its forecast for the year, although it does not yet reflect the potential impact of new US tariffs under President Donald Trump's administration. | BGNES