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VW profits fall almost 60% as closures loom in Germany
October 31, 2024
|The Guardian
Volkswagen has reported a near-60% drop in profits, amid a slump in sales in China, and spoken of the difficulties it faces as it prepares to close factories in Germany for the first time.
Germany's biggest carmaker has told workers it is considering shutting three plants serving its main VW brand in its home market and cutting staff pay, raising the prospect of an extended battle with unions representing 120,000 German employees.
Carmakers around the world are struggling with limp demand for new vehicles as higher interest rates take their toll, while several - including VW's German rivals BMW and Mercedes-Benz - report that demand in China in particular has dropped. The British sports car brand Aston Martin also confirmed yesterday that the "weak macroeconomic environment in China" was dragging it back.
هذه القصة من طبعة October 31, 2024 من The Guardian.
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