More bad news from the car world with Volkswagen announcing a 76 percent drop in operating profits for the first quarter. It remained in the black only because it sold its Brazilian heavy truck business to MAN.But with a 300 million euro investment for luxury brand Audi in Spain announced, it is better news for SEAT workers in Barcelona, despite their agreeing a two year pay freeze to clinch the deal. “We were on a training course when we got the news in a SMS from the unions. Everyone started to clap,” said one female worker. “The news has killed off the spectre of redundancies and made us all more confident,” said another at the Martorell plant. PSA Peugeot Citroen’s shares slipped on news of a 25 percent drop in first quarter earnings, and it confirmed it expects to lose money and suffer negative cash flow this year. And world number two truckmaker Volvo says it is slashing 1500 jobs as demand plummets. It is the second wave of cuts since October.