Volkswagen will close several factories in the fight for survival. Now the parent company is losing billions, the accounts show.
The accounts in large parts of the German car industry are grim reading. And now Porsche's holding company, which owns Volkswagen, is reporting billions in losses.
Reuters writes that.
The profit after tax has fallen by a third. Maintained, the Porsche SE still makes money. The profit amounted to 2.5 billion euros. But that is far less compared to 2023.
Porsche SE, which also owns shares in the German bus company Flix and the Swiss charging station manufacturer ABB E-mobility, presented financial figures last week.
And here it appeared that the planned cutbacks at Volkswagen are being supported. There i.a. means a wage decrease of 10 percent for the rank-and-file employees.
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But the Germans are not the only ones struggling against an economy in reverse gear. So does American-European Stellantis. And at Nissan, the situation is so serious that the administrator is now taking a 50 percent pay cut.
Even among those who only build electric cars, the money is gushing out. Ford's electric car division, Model e, adds more than a quarter of a million kroner to each and every car that leaves the assembly line.
At the same time, the production of electric cars in Europe is being cut back because customers are leaving.
The employees have already been told that they must largely stay away from the factory. There is simply not enough to do at the facility, which Ford has spent two billion kroner rebuilding. So precisely for the sake of electric cars.
At American Rivian, the money also continues the same way. Namely out of the box. The brand, which recently lost several cars in a violent fire, noted that it is losing almost as much money as Ford.
However, it is not everywhere in the car industry that there are messy numbers and ills to be found on the bottom line. A brand is so busy that they have hired 200,000 new people in just three months. Read more about it here .
