A Volkswagen automobile mill stands connected October 28, 2024 successful Osnabrueck, Germany.
Sean Gallup | Getty Images
German automaker Volkswagen connected Wednesday reported a 42% driblet successful operating nett successful the 3rd quarter.
Operating nett fell to 2.86 cardinal euros ($3.1 billion), portion 3rd 4th income revenues slipped 0.5% twelvemonth connected twelvemonth to astir 78.5 cardinal euros.
Vehicle income fell 8.3% successful the 3rd 4th of 2024 compared to the aforesaid clip play a twelvemonth earlier, Volkswagen said.
Net liquidity crossed the Volkswagen Group stood astatine antagonistic 160.6 cardinal euros astatine the extremity of September 2024, it said. The company's nett liquidity stood astatine antagonistic 147.4 cardinal euros astatine the extremity of 2023.
The 3rd 4th results travel aft Volkswagen past period cut its 2024 yearly outlook for the 2nd clip successful conscionable a fewer months. At the time, the car shaper said it was expecting a nett borderline of astir 5.6% for the year, on with a 0.7% driblet successful sales.
Volkswagen has been successful blistery h2o successful caller months, informing of potential works closures successful Germany and scrapping a slew of labour agreements with section workers successful September. The institution besides said it would extremity its employment extortion agreement, which has been successful spot for its German workforce since 1994.
On Monday, the Volkswagen works assembly said the company's absorption was readying wide wage cuts and layoffs, arsenic good arsenic the closure oregon size simplification of each of its German plants.
In response, Volkswagen reiterated the request for restructuring and said that it would contiguous plans for enactment outgo cuts during a circular of negotiations astir the labour agreements, which is besides taking spot connected Wednesday.
This breaking quality communicative is being updated.
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