Europe’s two largest carmakers suffered a slowdown in the first three months of this year as lower demand in China and at home buffeted the industry.
At Volkswagen, group profits in the three months to March 31 fell by a fifth on the same period last year to €4.6bn, largely because of falling resale values and supply problems at Audi, one of its most profitable brands.
Lower resale values are a problem for car companies such as VW that provide the majority of customer financing. If used cars sell for less than expected, they are forced to take writedowns on these loans.
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