Auto supplier Volkswagen remains in alarming straits. This is underscored by the numbers for the 3rd quarter of 2024, which the team lately revealed.
Operating earnings dropped by 41.7% to EUR2.8 billion contrasted to the 3rd quarter in 2023, and really by 63.7% after tax obligation. The Volkswagen Team is having problem with decreasing sales in China and Europe. In the Chinese market, Volkswagen is shedding the fight with Chinese electrical automobiles. Over the entire of 2024, the team– whose brand names consist of Volkswagen, Porsche, Audi, Skoda and Seat– anticipates sales to drop by EUR2.3 billion to EUR320 billion.
The numbers are compeling the firm to take considerable activity, the monitoring revealed. In order to protect tasks and continue to be affordable, the firm is asking its workers to take a 10% wage cut. Consequently, in 2025 and 2026, incomes will certainly be iced up and incentives will certainly be surrendered. This is at probabilities with the monetary needs sent by the German profession unions, that are requesting a 7% wage rise.
Closure of 3 manufacturing facilities
Furthermore, the Volkswagen Team wishes to make considerable cost savings which, according to the jobs council, will certainly cause the loss of 10s of countless tasks and the feasible closure of 3 manufacturing facilities. The unions are thinking about acting if the Volkswagen monitoring does disappoint ‘a genuine need to discuss a practical future principle for all plants’. Virtually 300,000 individuals operate at the 10 Volkswagen plants in Germany. The wage reduced that Volkswagen is currently recommending would certainly influence a a great deal of the workers.
The message Volkswagen is in dire straits showed up initially on Supply Chain Movement.
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