US EditionGerman Car Manufacturers Hardest Hit Globally, Japanese's Suzuki Most Profitable
4 Articles
4 Articles
According to an analysis by the auditing and consulting company Ernst & Young (EY) ... The post As in the financial crisis: Why the profit of German car manufacturers crashes by 76 percent appeared first on Apollo News.
German car manufacturers hardest hit globally, Japanese's Suzuki most profitable
German car manufacturers faced unprecedented pressure in the quarter from July to September, exceeding even that of the financial crisis. While sales and revenue for Volkswagen, BMW, and Mercedes-Benz remained largely stable, earnings before interest and taxes for the manufacturers plummeted by nearly 76%. Together, they reached just over €1.7-billion (R34-billion), the lowest value since the third quarter of 2009, according to an analysis by …
The global automotive industry experienced a mixed picture in the third quarter: While many manufacturers saw increases in revenue and sales, their profit figures showed a significant weakness. According to a recent analysis of the financial data of the 19 largest companies, total revenue rose by 4.1 percent, and sales also grew by a similar amount, at 3.8 percent. However, this was followed by a significant decline in operating profit, which fe…
Volkswagen, BMW, and Mercedes-Benz suffered heavy losses in the third quarter. The German automakers are currently suffering particularly badly, according to the consulting firm EY. Holding on to combustion engine technology for longer is initially costing "a great deal of money," but should pay off in the long run.
Coverage Details
Bias Distribution
- 100% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
