Volkswagen on Wednesday said its third-quarter operating profit plunged 42% as weak performance in the core passenger car unit and high costs, including for model revamps, hit the automaker.
After nine months, the operating return on sales in the core unit fell to 2%. "This highlights the urgent need for significant cost reductions and efficiency gains," finance chief Arno Antlitz said in a statement.
Complex governance structures, misjudged investments in electric vehicles (EVs), poor management decisions, sliding revenues from China and Germany's crippling bureaucracy have all been blamed for the challenges facing the world's second-biggest automaker.
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