Volkswagen Profit Shrinks as Unions Threaten Strike

Published On Oct 30, 2024, 10:37 AM

Volkswagen reported a 42% decrease in its quarterly profit, dropping to €2.86 billion ($3.1 billion) for August to September. This is the lowest profit in three years, attributed to declining demand in China and rising costs in Germany. As union leaders prepare for potential strikes over wage negotiations, the company is also exploring plant closures and layoffs. The outcome of these negotiations and the company's ability to cut costs will be crucial for its future stability.