Volkswagen profits jump as China leads pandemic rebound

FRANKFURT, Germany (AP) — Volkswagen’s earnings bounced back strongly in the first quarter. The company is riding the strong recovery from the pandemic in China. That’s its single biggest market these days. After-tax profit rose to 3.4 billion euros for the first quarter, up from around a half-million euros in the same quarter in 2020. Volkswagen says it has plenty of cash and is pressing ahead with new tech such as electric cars. Sales of battery and hybrid vehicles more than doubled during the first three months of the year to 133,000.