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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Read full article: The key to all-in-one holiday shopping: this Costco Gold Star Membership that comes with a $40 Digital Costco Shop Card*A Volkswagen logo of a car dealer is pictured in Neu-Anspach near Frankfurt, Germany, Wednesday, Oct. 30, 2024. The company reported net profit of 1.58 billion euros for the July-September period, a 64% decline from the 4.35 billion euros it earned a year earlier. Revenue was only marginally lower, slipping 0.5% to 78.49 billion euros.The figures came two days after the head of Volkswagen's works council said management had informed employee representatives that it wants to close at least three plants in Germany. The company hasn't publicly detailed its plans.

Also on Wednesday, Volkswagen was holding a second round of talks at its Wolfsburg headquarters with union and employee representatives.

 

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