German car manufacturers are not, after all, immune from the debt crisis that has already affected the rest of their European rivals. After Mercedes-Benz reportedly implemented a US$1.3 billion cost-cutting program to maintain profitability, VW is expected to announce its lowest profits since 2009.
Europe's biggest auto manufacturer will report its third-quarter earnings on October 24. According to a Bloomberg survey of six analyst forecasts, its operating profit will be €2.3 billion (US$3 billion), a 21 percent drop compared to the same period last year.
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