Volkswagen’s Profit Eroded by Slow Sales
From Associated Press
The gloom over the global auto industry spread as Volkswagen became the latest major manufacturer to report that its profit was slashed by weak demand in Europe and the United States.
The Germany-based automaker said its earnings fell 49% to $453 million in the second quarter. Global sales fell 2.9% to $25.4 billion.
The results underlined the difficult times for major automakers worldwide. All are struggling with weak consumer demand that has led them to lure customers with expensive incentives that have eaten into profits.
