German automakers Volkswagen and BMW have reported significant declines in profits for the first half of the year, attributing the decrease to higher expenses and weaker sales in China. Both companies faced challenges from intense competition and a decline in consumer demand in the Chinese market.
BMW's profits decreased by 14.6%, while Volkswagen's profits dropped by 13.9%. The lower profits were also influenced by higher material and fixed costs, as well as increased spending on research and development.
In addition, the companies experienced slight decreases in deliveries and revenue. Meanwhile, Japanese automaker Toyota reported a 1.7% increase in profits for the second quarter, largely due to the weak Japanese yen and cost savings.
The German automakers are now focusing on cost-cutting measures and future investments to improve profitability.
infobud.news is an AI-driven news aggregator that simplifies global news, offering customizable feeds in all languages for tailored insights into tech, finance, politics, and more. It provides precise, relevant news updates, overcoming conventional search tool limitations. Due to the diversity of news sources, it provides precise and relevant news updates, focusing entirely on the facts without influencing opinion. Read moreExpand
