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.

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Volkswagen cars of a car dealer are parked in Neu-Anspach near Frankfurt, Germany, Wednesday, Oct. 30, 2024. “We've not forgotten how to build great cars, but the costs — specifically in our German operations and factories — are far from being competitive,” Antlitz said. “This is why things cannot continue as they are now.”

The head of the employee council, Daniela Cavallo, said workers want to see a “comprehensive plan for the future," which needs to involve more than labor and plant costs.

 

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