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Volkswagen CEO's Speech to Workers Drowned Out By Boos After He Says Company 'Isn't Operating in a Fantasy World' (www.latintimes.com)

submitted 1 day ago by [email protected] to c/[email protected]

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The carmaker has been in heated discussions with unions after announcing this fall that it would have to take drastic measures to cut costs

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[–] sylver_dragon 18 points 1 day ago (1 children)

Based on their Q3 2024 Financial Report (p. 23):

The Volkswagen Group generated sales revenue of €237.3 (235.1) billion in the period from January to September 2024.

The Volkswagen Group’s operating result amounted to €12.9 (16.2) billion in the first nine months of 2024. The operating return on sales was 5.4 (6.9)%.

So ya, they are plenty profitable. The line just isn't going up this year. Time to cut jobs.

[–] [email protected] 1 points 17 hours ago

https://companiesmarketcap.com/volkswagen/total-debt/

Sales slowing and “Total debt on the balance sheet as of September 2024 : $219.94 Billion USD”

I don’t think the point of negative profit isn’t too far with these numbers, especially if sales keep going down. They keep taking on more debt than they make profit for many years.