Investing.com – The German automaker on Wednesday reported a 42% drop in third-quarter operating profit. writing CNBC.
Operating profit fell to 2.86 billion (3.1 billion) and sales revenue in the third quarter decreased 0.5% year-on-year to approximately 78.5 billion euros.
Car sales fell 8.3% in the third quarter of 2024 compared to the same period a year earlier, he said.
The net liquidity of the Volkswagen Group at the end of September 2024 amounted to 160.6 billion euros. At the end of 2023, the company’s net liquidity was €147.4 billion.
Volkswagen said on Wednesday that higher costs and restructuring efforts affected its results for the first three quarters of this year. Operating profit between January and September this year was 21% lower year on year.
From 12:36 Moscow time. The highest value of the Volkswagen segment was 1.8%.
Arno Antlitz, Volkswagen Group’s chief financial and operating officer, said the results reflected a “challenging market situation” and underscored the importance of ongoing efficiency programs across the company.
The third-quarter results come after Volkswagen last month cut its full-year forecast for 2024 for the second time in as many months. At the time, the automaker said it expected a profit margin of about 5.6% for the year, as well as a decline of 0.7% in sales to 320 billion euros. Those numbers remained unchanged on Wednesday.
This week the company warned that there could be major job cuts in Germany and its factories. The automaker also said it was ending the employment protection agreement that has been in place for its German workers since 1994.
2024-10-30 09:45:00
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