VW Group’s Q3 profit crashes 42% - factories to close, thousands will be fired

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VW Group’s Q3 profit crashes 42% - factories to close, thousands will be fired

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electricviking
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The first VW Golf was sold in 1974 for the equivalent of 8 average net monthly salaries. The current Golf already costs 14 average monthly salaries. The VW ID.3 - Volkswagen's cheapest electric car - was launched 4 years late and cost 24 monthly salaries. Nobody in their right mind buys a small car for which they have to save a full 2 years salary.
VW became big by making affordable small cars. If they have forgotten how to do that, what reason does the company have to exist?

Julia-hfyk
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German automakers will still claim they're too good to make affordable vehicles, claiming their quality will carry them. Yeah good luck with that.

boxtears
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People are not buying their junk today and many people are broke and can't afford them.

roberts.
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About 20 years ago I did a design review in Wolfsburg on Christmas Eve. We suggest paint and laser etching instead of two shot molding, I made the mistake to mention that BMW used paint and laser etch. Mr Muller turned and spat in the garbage can and said VW makes good cars, not like BMM. They had no interest in even looking at a lower cost process. Perhaps some of the problems stem from the stubborn aged engineering teams.

glenmcneill
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They should never have sacked Herbert Diess. He knew what was needed. That was the end of VW right there.

NaughtyGoatFarm
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Who would've thought that skyrocketing prices while plummeting reliability will turn off people..

P.S: The same spec Tiguan I bought in 2019 for ~32 000 EUR now costs ~55 000 EUR..

hristanv
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We have had 8 years where interest rates were near zero, some even below that. So they borrowed huge amounts for buying back shares, increasing Directors pay, paying dividends above normal and building plants to over-supply inventory. . Now they have to pay it back, in a market where there are is an over-supply of cars for sale.

kevin-eht
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AGE 72 HERE, , legacy Car companies are famous for not being able to adapt.. it has always been like this. I have seen it repeated over and over during my lifetime.

SuperMassman
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The Consumer is done paying stupid prices for stupid cars

doughayden
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Their cars are expensive as hell to maintain. They put a hole in your pocket.

RamakrishnamurthyYeleswarapu
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This is how companies fail, slowly at first, then very quickly. Sad to see this happening.

philiptaylor
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*I'm glad you made this video, * it reminds me of my transformation from a nobody to good home, $89k biweekly and a good daughter full of love..

Anabel-yw
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Does this not have huge parallels with British Leyland in the 70s? Everyone then thought that BMC was too big to fail but fundamentally the tide was just against them. Workers wanted more money, the company wanted to pay them less….. sounds familiar.

NialPowerCork
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It sounds like the entire building has burned down not just the roof

paulconnolly
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Once Elon Musk's xAI42x passes $1, it may NEVER see that low again

AyushGamer
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All production in Europe is expensive while gas is imported from the US, just the beginning, all manufacturing is leaving because of the price of energy.

MrkBO
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Who else wants to hear Herbert's response to this!?!?! LOL
I've left a company that soon went under because I left but this is on an entirely different level! He's got to be laughing his ass off!

sterlingarcher
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They're selling Škoda Enyaq with ~300km range for €65k. I can buy a Tesla with ~500km range for €34k.

Marvellann
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VW should start turning the closed factories into museums. Some of their laid off workers could get jobs there.

hendrikbarboritsch