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International Business Times
International Business Times
Business
Lea PERNELLE, Michelle FITZPATRICK

Volkswagen Sees 'Painful' Cost Cuts Ahead As Profit Plunges

Arno Antlitz Volkswagen Germany IG Metall
Volkswagen is planning an unprecedented restructuring that could include thousands of job cuts (Credit: AFP)

Ailing auto giant Volkswagen warned Wednesday that "painful" cost cuts were unavoidable as third-quarter profit plummeted, fuelling tensions with unions which fear mass job losses and factory closures on home turf Germany.

Europe's biggest carmaker reported net profit of 1.58 billion euros ($1.7 billion) between July and September, down 64-percent from a year earlier.

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