FRANKFURT: After decades of making bumper profits in China, Germany’s carmakers have run out of road, with sales slumping dramatically and forcing painful job losses at home.
Volkswagen’s woes in China pushed Europe’s largest carmaker to a loss of 5.8 billion euros (US$6.5 billion) for the three months to the end of September.
The 10-brand group’s declining fortunes in the world’s largest car market are the main reason behind a historic restructuring drive that could see it shed up to 120,000 jobs by the end of the decade.
BMW and Mercedes-Benz are also cutting jobs, and all three have issued profit warnings this year.
