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
NEWS: Volkswagen profits fell 42% in
Q3, while vehicle sales fell 8.3% YoY.
VW recently announced plans to shut down at least three factories in Germany, laying off tens of thousands of staff and shrinking its remaining plants in the country. https://t.co/wuZQFynY2a
— Sawyer Merritt (@SawyerMerritt) October 30, 2024
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