A Volkswagen automotive manufacturing facility stands on October 28, 2024 in Osnabrueck, Germany. Sean Gallup | Getty ImagesGerman automaker Volkswagen on Wednesday reported a 42% drop in working benefit within the 3rd quarter.Working benefit fell to two.86 billion euros ($3.1 billion), whilst 3rd quarter gross sales revenues slipped 0.5% yr on yr to round 78.5 billion euros.Automobile gross sales fell 8.3% within the 3rd quarter of 2024 in comparison to the similar time frame a yr previous, Volkswagen stated.Internet liquidity around the Volkswagen Workforce stood at unfavourable 160.6 billion euros on the finish of September 2024, it stated. The corporate’s internet liquidity stood at unfavourable 147.4 billion euros on the finish of 2023.The 3rd quarter effects come after Volkswagen remaining month lower its 2024 annual outlook for the second one time in only some months. On the time, the automobile maker stated it was once anticipating a benefit margin of round 5.6% for the yr, in conjunction with a nil.7% drop in gross sales.Volkswagen has been in scorching water in contemporary months, caution of possible plant closures in Germany and scrapping a slew of work agreements with native staff in September. The corporate additionally stated it might finish its employment coverage settlement, which has been in position for its German team of workers since 1994.On Monday, the Volkswagen works council stated the corporate’s control was once making plans standard pay cuts and layoffs, in addition to the closure or measurement relief of all of its German vegetation.In reaction, Volkswagen reiterated the will for restructuring and stated that it might provide plans for paintings price cuts all through a spherical of negotiations in regards to the hard work agreements, which may be happening on Wednesday.This breaking information tale is being up to date.
