German carmakers see profits slump by a quarter in Q1: EY

BERLIN, June 12 (Xinhua) -- German car manufacturers saw a 1.7 percent decline in revenues in the first quarter (Q1) of the year, while their profits plummeted by a quarter during the same period, according to consulting firm Ernst and Young (EY) on Wednesday.

The country's three major car makers, Volkswagen, BMW, and Mercedes-Benz, "suffered a major setback" at the start of the year and performed "significantly worse" than most of their international competitors, EY said in a report.