Volkswagen says cost cuts are urgently needed as its earnings decline sharply

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Volkswagen says significant cost cuts are urgently needed as it reports a steep decline in third-quarter earnings and faces employee representatives angry at the possibility of the automaker’s first plant closures in Germany

A traffic light shines in front of a Volkswagen logo at the Volkswagen plant in Osnabruck, Germany, Tuesday, Oct. 29, 2024. Volkswagen said significant cost cuts are urgently needed as it reported a steep decline in third-quarter earnings on Wednesday and faced employee representatives angry at the possibility of the automaker's first

The latest results “demonstrate the urgent need for action in a volatile environment characterized by intense competition,” chief financial officer Arno Antlitz said. “This is why we are facing important and painful decisions that we need to make together and to bear together.” Also on Wednesday, Volkswagen was holding a second round of talks at its Wolfsburg headquarters with union and employee representatives.

 

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