3 sources·Business

Volkswagen Faces Major Challenges Amidst Profit Decline and Potential Plant Closures

Volkswagen reports a significant profit drop and prepares for possible plant closures in Germany, citing intense competition and market challenges.

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Updated: Oct 30th, 2024, 7:10 AM ET

Summary

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Volkswagen has reported a steep decline in third-quarter profits, down 64% year-on-year, as the company grapples with increased competition and potential plant closures in Germany. The automaker's net profit fell to 1.58 billion euros, amid a challenging market marked by sluggish demand in China and rising pressure to restructure. Employee representatives express concern over plant closures, revealing tensions as the company seeks urgent cost-cutting measures. The decline in vehicle sales, particularly in China, coupled with high fixed costs, underscores the pressing need for Volkswagen to enhance its operational efficiency and competitiveness.

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Volkswagen Faces Major Challenges Amidst Profit Decline and Potential Plant Closures - Pano News