Two German auto giants - Volkswagen and Mercedes-Benz - posted declining profits on Tuesday, with sales under pressure.
However the figure was higher than 3.3 billion euros expected by analysts surveyed by financial data firm FactSet."Our first quarter results show a slow start to the year," said Arno Antlitz, chief financial officer of Volkswagen, whose 10 brands range from Porsche to Seat and Skoda.The launch of more than 30 new models as well as previously announced savings programmes will boost VW as the year progresses, he said.
Last year, it announced plans for a 10-billion-euro savings programme to boost profitability and has flagged plans to cut its workforce over the coming years.Meanwhile, another German auto manufacturer, Mercedes-Benz, on Tuesday said profits fell significantly in the first quarter as supplier issues hit luxury car sales.
Revenues in the first quarter fell by 4.4 percent to 35.9 billion euros as a result of the sales hit. The increase propelled a 22.4-percent rise in the division's operating profit to 933 million euros - a closely watched measure of underlying performance.
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