VW brand profit plunges in third quarter
Reuters
Third-quarter operating profit at the VW brand plunged more than half to 363 million euros, underlinding the need for savings to finance the transition to electric cars, according to a Reuters report. The figure is well below analysts’ forecasts. “The results reinforce the need for cost cuts at the VW brand,” Commerzbank analyst Sascha Gommel told the newswire. The entire group posted a higher-than-expected profit of 3.3 billion euros thanks to strong gains at Porsche, and said it expected annual revenue to match last year’s 213 billion euros.
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