German car manufacturers made strong gains in the first quarter of 2023, thanks to high demand for luxury cars, and quarterly corporate profits exceeded 17 billion euros ($19 billion). It also witnessed a significant improvement in sales, with the easing of Corona restrictions and increased spending by consumers, especially in China. Mercedes-Benz reported a 12 percent rise in profit in the first three months of 2023 to 4 billion euros ($4.39 billion). BMW jumped 58.5 percent year-on-year to 5.38 billion euros ($5.96 billion) compared to the same period in 2022. Volkswagen's profit fell as operating profit fell 31 percent to 5.7 billion euros ($6.3 billion).
Source (Alkaleej Emirati Newspaper, Edited)
