(ANSA-AFP) - WOLFSBURG, MAR 11 - German auto giant Volkswagen
said Tuesday its net profit nosedived last year, as Europe's
largest carmaker struggled 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. The group's operating result, a closely watched measure
of underlying profitability, also fell to 19.1 billion euros, 15
percent lower than in 2023. The drop was due to a "significant
increase in fixed costs" and one-off expenses totalling 2.6
billion euros, primarily aimed at restructuring, the company
said. Volkswagen has been hit hard not just by rising costs but
limped on with a switch to electric vehicles, where it faces
stiff competition from Chinese rivals. Volkswagen deliveries
fell almost 10 percent in China last year, even as they were
flat or rose in the rest of the world. (ANSA-AFP).
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