Volkswagen Profit Drops 42%, Sales Decline 8.3% in 3rd Quarter Amid Announcement of Mass Layoffs, Plant Shutdowns: Report

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

(SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.)