Profit Plummets: Volkswagen’s Shocking 20% Drop in Q1 Operating Profit Sparks Concerns in Auto Industry
Munich, Germany – Volkswagen, a leading German carmaker, reported a 20% decrease in operating profit for the first quarter due to a decline in sales of its premium brands. The company stated that operating profit amounted to 4.6 billion euros ($4.9 billion) in the initial three months of 2024, attributing the decrease to lower sales and increased fixed costs. The automotive industry has been facing challenges with shifting consumer demands and market conditions affecting companies …