STUTTGART (dpa-AFX) - The crisis at the three German car manufacturers continues to gather pace. From July to September, the operating profit (EBIT) of Volkswagen, BMW and Mercedes-Benz amounted to around 7.1 billion euros - and thus fell by almost half compared to the third quarter of 2023. Turnover fell by almost six percent to 145.4 billion euros. This is the result of an analysis for which the auditing and consulting firm EY analyzed the key financial figures of the world's 16 largest car manufacturers.

The first half of the year already looked anything but rosy for the German car manufacturers: Compared to the same period last year, profits fell by 18 percent and sales dropped slightly by 0.4 percent. According to EY market observer Constantin Gall, a "pitch-black quarter" lies behind the three companies in particular. The records of the post-corona years had concealed deep-rooted structural problems that are now coming to light without mercy. For example, the German automotive industry is finding it difficult to keep up with the pace of the new attackers in the electric sector - for example from China. The costs are too high, the equipment too cumbersome. "The next few years could be brutal."

Thousands of jobs are at stake

The automotive industry is in crisis due to the weak economy and is suffering from weak demand, especially for e-cars. Ford plans to cut 2,900 jobs in Germany by 2027. One in four jobs is to be cut at the Koln plant, which has been completely converted to electric and is already on short-time working. At VW, wage cuts, plant closures and job cuts are on the cards. According to the works council, three plants and tens of thousands of jobs are under threat. IG Metall intends to mobilize against this with warning strikes. Suppliers Bosch, ZF, Continental and Schaeffler also want to cut thousands of jobs./jwe/DP/mis