Volkswagen’s operating profit fell to 2.86 billion euros ($3.1 billion), with third-quarter sales revenue experiencing a 0.5% year-on-year decrease to roughly 78.5 billion euros.
These figures come after Volkswagen lowered its annual outlook for 2024 last month, which was the second adjustment within a few months.
The company has recently encountered several challenges, including potential plant closures in Germany and the cancellation of many labour contracts with local workers in September 2024.
According to Volkswagen, vehicle sales reportedly dropped by 8.3% in the third quarter of 2024, compared to the same period the previous year.
Reports indicate that the Volkswagen Group’s net liquidity was negative 160.6 billion euros at the end of September 2024. At the end of 2023, the company’s net liquidity was negative 147.4 billion euros.