The German automotive giant Volkswagen's profitability sank to its lowest level since the pandemic, according to its report for the third quarter.
The car giant reports an operating profit of 2.86 billion euros for the third quarter – a decrease of 42 percent compared to the same period last year.
The automotive industry in Germany is under great pressure. As recently as in September, Volkswagen lowered its forecast for the second time this year due to weak demand for passenger cars.
Earlier in the week, the company's trade union warned that Volkswagen wants to close at least three factories in Germany, which it claims risks "tens of thousands of jobs". According to the union, the car manufacturer also wants to implement wage cuts of 10 percent.
