German auto giant Volkswagen continues to disappoint the market after Chief Financial Officer Hans Dieter Poetschs made some pessimistic remarks about the start of 2013 in an interview with Frankfurter Allgemeine Sonntagszeitung over the weekend.

Poetsch said that this year's first-quarter profit will be clearly below the first quarter of 2012.

He did not offer additional details but his statement added to last Friday's disappointment when the company announced a lower-than-expected profit of €21.72bn for 2012. Analysts were looking for €22bn.

Volkswagen also said that 2013 operating profit will match last year's level, short of analysts estimates.

The company also revealed that earnings before interest and taxes will probably not increase this year as the shrinking car market in Europe weighs on earnings.

Shares were down 2.22% at €156.98 by 15:07 in Frankfurt.

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