Volkswagen Group’s first-quarter operating profit rose 17 percent, helped by cost cuts at the VW brand, a weaker euro and a profit at Spanish unit Seat. The group’s Audi and Porsche brands saw margins shrink on higher investments.
Ford Motor said its first-quarter net income fell 6.6 percent to $924 million as poor economic conditions in South America and the launch of the company’s aluminum-bodied pickup cut production in North America, hit sales.
Group of Chinese journalists had an action-packed visit to ŠKODA AUTO. They were taking part in the vintage car rally, visiting the museum, touring Prague’s historic Rudolfinum building, and experiencing the home of the Czech Philharmonic.
Ferdinand Piech, who resigned as chairman of Volkswagen over the weekend, sowed the seeds of his own demise by reneging on a deal to support CEO Martin Winterkorn and secretly plotting to oust him instead, according to sources close to the VW board.
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