AUTOS
From Times Staff and Wire Reports
Volkswagen Posts 47% Drop in 3rd-Quarter Profit: Volkswagen, Europe’s largest auto maker, has reported a 47% collapse in third-quarter profit and warned of a further deterioration in the fourth quarter. Net profit at the VW group dropped to $65 million from $121.9 million, and parent net profit fell to only $4.4 million from $40.6 million. The decline occurred despite an increase in VW’s sales, both in Germany and abroad. The results illustrate a decline in the German auto market following a two-year boom after German unification in 1990.
