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International Business Times
International Business Times
Business

Volkswagen Profits Hit As High Costs, China Woes Weigh

Volkswagen China European Union Europe
Volkswagen has struggled with the shift to electric vehicles (Credit: AFP)

German auto giant Volkswagen said Tuesday its annual profits nosedived during a torrid year that saw Europe's top carmaker increasingly struggle with high production costs and fierce Chinese competition.

At 12.4 billion euros ($13.4 billion) in 2024, net profit fell 30.6 percent compared with the previous year, even as overall sales grew slightly to reach 324.7 billion euros.

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