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Volkswagen profit plunges on high costs, Chinese slump

Energy Daily Thursday, 31 October 2024
Volkswagen profit plunges on high costs, Chinese slumpFrankfurt, Germany (AFP) Oct 30, 2024

Europe's biggest carmaker Volkswagen reported a 64-percent drop in third-quarter net profit Wednesday, as it struggles with high costs and slowing sales in China. Net profit fell to 1.58 billion euros ($1.7 billion) year-on-year, said the group, which is planning an unprecedented restructuring that could include thousands of job cuts. The German car giant - whose 10 brands range from it
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