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The operating profit of German carmaker Volkswagen’s subsidiary Audi plummeted by 91% in the third quarter compared to the same period of the previous year, reaching only €106 million ($116 million). Chief financial officer Jürgen Rittersberger cited several reasons on Tuesday for this decline: a 16% drop in Audi brand sales to 407,000 cars sold, “very intense price competition in Europe and in China,” and primarily the provisions for the closure of the Audi plant in Brussels amounting to €1.2 billion. The company’s finances remained in the black solely thanks to luxury brands Lamborghini and …

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