2024-08-01 14:59:08
Automotive
Business

Higher Expenses and Challenging China Business: German Automakers Report Lower Profits

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.

AFP
1. August 2024 um 10:24

Higher Expenses and Challenging China Business: German Automakers Report Lower Profits

Economy
Politics
BMW and Volkswagen recorded profit declines of 14.6% and 13.9% respectively in the first half of 2023 due to higher costs, weaker sales in China due to ongoing reluctance to purchase, and intense competition; deliveries and revenue are slightly down.
Tagesschau - Wirtschaft und Börsen-Nachrichten
1. August 2024 um 09:16

Volkswagen and BMW - Less Profit for German Automakers

Economy
Finance
Technology
Status: 01.08.2024 11:16 AM Fewer sales, job cuts, growing competition in China: Things are not going well for the German automakers. Both Volkswagen and BMW earned significantly less in the second quarter. The German automotive giants VW and BMW have recently earned less. Thus, the Volkswagen Group recorded a decline in profits - but performed better than expected given the problems with its largest brands. BMW, on the other hand, made an even smaller plus than forecast due to increased compe..
n-tv.de
1. August 2024 um 12:15

High Costs Burden VW and BMW: Automakers Make Significantly Less Profit - n-tv.de

Economy
Finance
VW and BMW are experiencing declines in profits; high costs, weak demand in China are weighing on them; Toyota benefits from a weak yen.
DER SPIEGEL
1. August 2024 um 07:53

Volkswagen gana menos dinero - DER SPIEGEL

Finanzas
Finanzas
Volkswagen registra menores ganancias en el segundo trimestre, pero supera las expectativas debido a los buenos servicios financieros. Las ventas aumentan un 4,1%, mientras que las ganancias caen un 4,2% hasta los 3.630 millones de euros.
CW

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