Volkswagen reported a drop of nearly 10% in first-quarter profit, as the auto industry struggles with slower growth in China, uncertainties in the global economy, and rising costs to develop new technologies and electric vehicles.
BERLIN—Volkswagen AG said Thursday that profit dropped nearly 10% in the first quarter, hit by slowing growth in China, fresh diesel-related charges, and weaker earnings in its core brands. But it surprised a market that had factored in worse news, boosting the company’s share price.
The results, largely in line with analysts’ expectations, are reflective of a global auto industry that is struggling to cope with slower growth in China—the world’s biggest auto market by sales—uncertainties in the global economy in the wake...
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