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Sales shock: Volkswagen profits plunge 64% after a drop in sales in China
Volkswagen highlighted the “urgent need” to close factories after profits plunged 64 percent following a drop in sales in China.
As the crisis in German industry deepened, Europe’s biggest carmaker posted third-quarter profits of £1.3bn.
The grim results came days after it emerged that VW plans to close factories in Germany for the first time in its 87-year history.
The company is understood to be planning to close three plants in its territory, as well as lay off thousands of employees and cut salaries 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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