Sales shock: Volkswagen profits crashed 64% following a slump in sales in China
Volkswagen stressed the ‘urgent need’ to close factories after profits crashed 64 per cent following a slump in sales in China.
As the crisis in German industry deepened, Europe’s largest car maker posted third quarter profits of £1.3billion.
The bleak results came days after it emerged VW is planning to close factories in Germany for the first time in its 87-year history.
The company is understood to be planning to shut three plants on home soil as well as shedding thousands of staff and cutting pay by 10 per cent.
Responding to the results, VW finance chief Arno Antlitz said: ‘This highlights the urgent need for significant cost reductions and efficiency gains.’
But IG Metall union negotiator Thorsten Groeger warned of strikes unless management backs down.
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