Volkswagen AG operating profit fell 46.5% to €604 million ($687 million) during the first quarter, from €1.13 billion ($1.29 billion) in like-2002. VW blames the drop on the rising value of the euro and weak new-vehicle demand throughout most of its major markets. The strength of the euro, which has increased in value more than 8% since January, reduced pre-tax profits by €400 million ($455 million), VW says. Costs for new-product launches reduced profits by an additional €300 million ...

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