The CEO of car maker Volkswagen has been forced to apologise for evoking the Nazi's Auschwitz slogan 'work sets you free' while discussing profits.

Herbert Diess said 'Ebit macht frei' at a corporate meeting on Tuesday, evocative of the slogan 'Arbeit macht frei,' which stood at the gates of Auschwitz.

Mr Diess soon issued an apology for his 'unfortunate choice of words.'

His phrase had been a reference to the acronym 'ebit,' meaning 'earnings before interest and taxes,' but the sinister ring was overwhelming.

Herbert Diess, CEO of German automaker Volkswagen AG, speaks at the company's annual press conference at Volkswagen headquarters on March 12, 2019 in Wolfsburg

Volkswagen traces its history back to Adolf Hitler, whose nationalist socialism - 'ein volk ein reich ein führer' - called for there to be a 'people's car.'

Hitler wanted a simple motor, capable of carrying a couple and their three children at 62mph, which could be offered to Germans for an affordable price.

The Volkswagen was used by the Third Reich as a propaganda symbol, pictured chuntering along the new autobahns of the proud German state.

In a statement obtained by City A.M., Mr Diess emphasised his company's 'special responsibility in connection with the Third Reich.'

Diess had been speaking about the company's plans for a new compact electric car, known as the ID, to be rolled out in 2020.

The notorious 'Arbeit Macht Frei' gate is seen at the former Nazi German concentration and extermination camp Auschwitz in Oswiecim, Poland

Volkswagen released detailed 2018 results after announcing some figures last month, when it said group operating profit rose 0.7 percent to 13.92 billion euros (£11.84 billion), below the 14.53 billion euros forecast in a poll.

Audi and Porsche made up the lion's share of group operating profit - 4.7 billion euros and 4.1 billion euros respectively, before one-off items. The VW brand contributed 3.2 billion.

Volkswagen stuck to its forecast for revenue to grow up to 5 per cent this year, and for a group operating return on sales of 6.5-7.5 per cent.

Volkswagen said it was still dealing with the fallout from its 2015 emissions cheating, which has cost it more than 27 billion euros so far.