https://apnews.com/article/volkswagen-profits-china-electric-vehicles-9233173097d72828e0ca4421c340f02a

FRANKFURT, Germany (AP) — Volkswagen profits fell 30% in the first three months of the year despite booming business in Europe and North America because sales dropped in China, where the German automaker is facing increasing competition from homegrown models.

After-tax profit fell to 4.7 billion euros ($5.2 billion) from 6.7 billion euros in the first quarter of last year, the Wolfsburg-based company said Thursday.