Auto: Volkswagen, in 2024 -30.6% net profit to 12.39 billion euros

Frankfurt (Germany), March 11 (LaPresse) – Last year, the Volkswagen Group, the leading European car manufacturer, reported significantly lower profits due to strong competition in China and high restructuring costs. Volkswagen earned 12.39 billion euros, a 30.6% decrease compared to the previous year, the company based in Wolfsburg said. The Chinese market, once a profit-generating country, delivered significantly lower gains. Additionally, high costs, including the closure of the Audi plant in Brussels, contributed to the decline. In daily operations, operating profit dropped by 15%, reaching 19.1 billion euros. This corresponds to a margin of 5.9%, compared to 7.0% in the previous year. However, Volkswagen achieved better results than previously announced. Revenue increased by just under 1%, reaching 324.7 billion euros. The dividend will be reduced by 30%, to 6.36 euros per preferred share listed on the Dax. This is a more significant reduction than expected.