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German carmaker Volkswagen on Monday warned it will no longer be able to rule out plant closures in the country, citing the specter of major cost-cutting measures in order to "future-proof" the company.
FRANKFURT -- Europe's five biggest automakers reported falling profits for the first half due to weak demand for electric vehicles, cost competition from China and ballooning research and development costs.
Porsche on Tuesday warned that profitability will decline this year as it launches new models amid tough economic conditions, but hiked its dividend on the back of a rise in 2023 operating profit.