Operating profits at Volkswagen slumped 15 per cent last year, as restructuring costs weighed heavily on Europe’s largest carmaker.
Sharp falls in sales in VW’s home market of Europe and in China have prompted the company to drastically cut production capacity. It is also looking for partnerships with car software providers, after its previous strategy of doing everything in-house led it to fall behind in new technology.
VW on Tuesday reported operating profits of €19.1bn in 2024, against €22.5bn in 2023. For this year, it expects profit margins in the range of 5.5-6.5 per cent, compared with the 5.9 per cent it reported for 2024.
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