German carmaker Volkswagen reported a jump in first-quarter profits Thursday thanks to a strong recovery in demand, but said it expected an industry-wide shortage in semiconductors to have a "more significant impact" in the second quarter. The 12-brand group, which includes Porsche, Skoda and Audi, reported after-tax profits of 3.4 billion euros ($4.0 billion), up from 517 million euros over the January-March period in 2020 when the first wave of the pandemic closed showrooms and production lines. mfp/lth