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Motor1
Motor1
Business
Adrian Padeanu

VW Boss: 'Decades of Structural Problems' Led to Crisis

Oliver Blume Group Volkswagen BILD
  • Volkswagen CEO Oliver Blume says costs in Germany must be "massively reduced."
  • VW Group profits fell 63.7% in Q3 2024 when sales decreased by 8.3%.
  • Pay cuts are planned to avoid closing factories.

To say Volkswagen is going through a rough patch would be an understatement. The Group’s latest numbers look terrible: Earnings after tax collapsed by 63.7% in the third quarter when sales dropped by 8.3%. Through this year's first nine months, profits are down 30.7% and sales are 4.4% lower. CEO Oliver Blume believes ghosts of the past are haunting the German automotive conglomerate, culminating with the ongoing hurdles.

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