VW winnings break in: threatens massive job cuts in Germany?

VW winnings break in: threatens massive job cuts in Germany?

Wolfsburg, Deutschland - Volkswagen is on the abyss! In the third quarter, winning the car giant broke down! From July to September, the operational result fell by 42 percent to just 2.9 billion euros. But that's not all: the profit after taxes shot 63.7 percent into the basement, just 1.576 billion euros. Despite sales that is only below the previous year's value, these terrifying numbers come, and a return of 3.6 percent, which has reduced more than two percentage points. The decline in the return on the crisping core brand VW is particularly dramatic, which now only reaches 2 percent!

urgent measures required!

The top lead of VW raises the alarm! In the middle of a "challenging market environment", those responsible recognize the "urgent need for significant cost reductions and increases in efficiency". The group is particularly struggling with a drastic drop in sales on the important market of China, while the high production costs in Germany additionally strain the balance sheet. VW CFO Arno Antlitz makes it clear: The sunken profits illustrate the acute need for action!

job losses on the march!

The problems of the car manufacturer are so serious that the winning forecast for the overall year was corrected downwards at the end of September. And the situation could get worse: for the first time in the company's history, VW plans to close works in Germany! This could lead to massive employment reduction, of which at least three works would be affected. While the works council sets everything to prevent these developments, negotiations on VW's house collective agreement continue in Wolfsburg on Wednesday. The future for many employees is on the brink!