VW shares climb despite €1bn charge

Sales of higher-margin sports utility vehicles and cost cuts helped Volkswagen shrug off a €1bn legal charge to meet first-quarter operating profit forecasts, sending its shares 4% higher.

Earnings before interest and taxes, or Ebit, fell to €3.9bn from €4.2bn a year earlier but were in line with the €3.92bn expected by analysts despite the extra legal charges.