Volkswagen reports a significant drop in profit, Škoda, on the other hand, is growing

Volkswagen reported a significant decline in operating profit for the first nine months of the year, down 98.7% to €0.1 billion, largely due to extraordinary expenses and challenging market conditions in China. In contrast, Škoda Auto, part of the Volkswagen group, saw a 7.4% increase in operating profit to €1.92 billion, driven by higher sales of electric models and cost optimization. Volkswagen's third-quarter operating loss was €5.9 billion, exceeding analyst expectations, while Škoda's sales rose by 3.4% to 899,000 vehicles, benefiting from strong demand for electric models and new releases.