Reported 27 days ago
Volkswagen reported a significant 42% drop in operating profit for Q3 to €2.86 billion, amid falling global demand and increased competition from Chinese automakers. Alongside an 8.3% decrease in vehicle deliveries, the company is struggling with high production costs and a tough Chinese market, where sales fell 12%. To counteract these challenges, VW is implementing a $10 billion cost-cutting plan and adjusting its 2024 financial forecasts.
Source: YAHOO