German carmakers hit a dead end as China drives past
FROM THE WIRE · FINANCE.YAHOO.COM
Volkswagen CEO Oliver Blume has said Volkswagen can be seen as 'a Chinese player' (Pedro PARDO) After decades of making bumper profits in China, Germany's carmakers have run out of road and sales have slumped dramatically, forcing painful job losses at home. Volkswagen's woes in…
Read at the source ↗MARKET IMPACTHIGH✦ News Impact agent estimateTone: expected bearishVolkswagen's China losses and job cuts weigh on a key European sector.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01Volkswagen posted a 5.8 billion euro loss for the three months to end-September.
- 02The group could shed up to 120,000 jobs by the end of the decade.
- 03BMW and Mercedes-Benz are also cutting jobs, and all three issued profit warnings this year.
NEWS IMPACT AND MARKET REACTIONChange since the story · reference
Volkswagen AG71.92 EURMarket closedtoday +1.01%Negative Bayerische Motoren Werke AG61.34 EURMarket closedtoday +0.59%Negative Mercedes-Benz Group AG42.91 EURMarket closedtoday +1.38%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets