Volkswagen profit falls 14%

Volkswagen reported a 14% drop in first-quarter operating profit, missing analyst estimates as the automaker faces mounting pressure from weak demand and global disruptions.

The company has pledged to accelerate cost-cutting measures to protect its future in an increasingly competitive market.

Executives cited high energy costs and a sluggish transition to electric vehicles as primary factors for the decline.

The company is now reviewing its global production footprint to identify further efficiencies as it navigates a challenging economic environment.