The largest German automakers have reported a sharp drop in profits. The companies are considering closing factories and cutting jobs.

Volkswagen's profit in the third quarter of 2024 fell by 64% to 1.58 billion euros, mainly due to falling sales in China and high restructuring costs. Volkswagen is preparing to close three plants in Europe, which will lead to the loss of tens of thousands of jobs.

"We must intensify our efforts to remain competitive. Any delay here would be irresponsible," said VW Group CFO Arno Antlitz.

Audi's revenue fell by 91% to 106 million euros. The main reason is a sharp decline in sales in the European, Chinese and US markets. In response, the company is considering closing its Brussels plant, which would affect 3,000 employees. BMW's profit fell 84% in the third quarter, while Mercedes-Benz saw its net profit fall 54%.