German automaker Volkswagen on Wednesday reported a 42% drop in operating profit in the third quarter.
Operating profit fell to 2.86 billion euros ($3.1 billion), while third quarter sales revenues slipped 0.5% year on year to around 78.5 billion euros.
Vehicle sales fell 8.3% in the third quarter of 2024 compared to the same time period a year earlier, Volkswagen said.
Net liquidity across the Volkswagen Group stood at negative 160.6 billion euros at the end of September 2024, it said. The company’s net liquidity stood at negative 147.4 billion euros at the end of 2023.
The third quarter results come after Volkswagen last month cut its 2024 annual outlook for the second time in just a few months. At the time, the car maker said it was expecting a profit margin of around 5.6% for the year, along with a 0.7% drop in sales to 320 billion euros.

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