Volkswagen's third-quarter operating profit fell more than 40%, impacted by increased fixed costs and restructuring efforts. Volkswagen's sales revenue dropped slightly, with vehicle sales down from the previous year's third quarter. Amid challenging market conditions, Volkswagen cut its 2024 profit outlook, targeting a nearly 5% margin and a slight sales decline. Upcoming labor negotiations address cost-cutting plans and possible workforce reductions at German plants.
Category
🗞
NewsTranscript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Volkswagen's third quarter operating profit fell more than 40 percent,
00:05impacted by increased fixed costs and restructuring efforts.
00:09Volkswagen's sales revenue dropped slightly,
00:11with vehicle sales down from the previous year's third quarter.
00:15Amid challenging market conditions, Volkswagen cut its 2024 profit outlook,
00:19targeting a nearly 5 percent margin and a slight sales decline.
00:23Upcoming labor negotiations address cost-cutting plans
00:26and possible workforce reductions at German plants.
00:29For all things money, visit Benzinga.com slash GSTV.