Volkswagen Group Profit Falls Nearly 50% as Global Sales Stagnate
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Volkswagen Group reported a dramatic decline in profitability for the past year, with net profit after taxes falling nearly in half to 6.9 billion euros. The German automotive giant also saw revenues drop to approximately 322 billion euros as global sales stagnated. The company is now seeking ways to recover from the downturn amid challenging market conditions for the automotive industry.