VW is confronting a severe crisis in its key European and Asian markets, with plummeting sales and profits, but its business in Brazil is on the upswing — for now. Volkswagen — long a symbol of German engineering and automotive prowess — is staring at an uncertain future , faced with a raft of challenges as the global auto market transitions away from internal combustion engines to more environmentally friendly alternatives, particularly electric mobility. The company on Wednesday reported its least profitable quarter in years , with profit down as much as 64% between July and September to just €1.
58 billion ($1.7 billion), from the €4.35 billion it earned a year earlier.
Revenue was also marginally lower, slipping 0.5% to €78.49 billion.
The figures came as VW, Europe's largest automaker, was locked in talks over potential mass layoffs and wage cuts. The company's works council said earlier this week that management had informed employee representatives that it wants to close at least three plants in Germany and cut tens of thousands of jobs. Management on Wednesday presented a cost-savings proposal to workers, including a 10% pay cut and a revised bonus system.
They said it might be possible to avoid factory closures if there's an agreement on the plan and other necessary steps to bolster the carmaker. Foreign rival or domestic issue: What’s plaguing Volkswagen? To view this video please enable JavaScript, and consider upgrading to a web browser that supports .
