Volkswagen Profit Drops 42%, Sales Decline 8.3% in 3rd Quarter Amid Announcement of Mass Layoffs, Plant Shutdowns: Report
Volkswagen profits dropped significantly low to 42% along with 8.3 decline in sales in third quarter amid the announcement of mass layoffs and shutdown plants.
Volkswagen reports poor performance amid the announcement of layoffs and three plant shutdowns this year. The profit of the German automobile company fell 42% in Q3 2024, whereas the sales fell 8.3% year-on-year. Besides, the company's operating profit fell to 2.86 billion euros, and the third quarter sales revenues also slipped by 0.5% YoY to nearly 78.5 billion euros, according to a report by CNBC. Recently, a significant round of Volkswagen layoffs was announced along with a shutdown of three of the company's plants, saying that factories in Germany were not as productive as intended and were operating 25-50% above targeted cost. The VW layoffs would affect tens of thousands of employees. Volkswagen’s To Close at Least 3 German Plants, Announce Layoffs Amid Rising Competition From Chinese EV Companies: Employee Council Chief Daniela Cavallo.
VW Profit Fell 42%, Sales Dropped 8.3% in Third Quarter
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