According to the company's interim report, a turnaround is expected this autumn after heavy downward pressure on profitability in car manufacturing. The profit margin in the car segment was squeezed to 4.1 percent in the first quarter, down from 7.3 percent a year earlier.
Adjusted operating profit fell 47 percent to 933 million euros in the quarter. However, it was better than expected. The average forecast among analysts was 751 million euros, according to Bloomberg.
Sales during the quarter fell 4.9 percent to 31.6 billion euros, compared with expectations of 31.8 billion euros.
