German auto industry profits fall sharply

Profits in the German automotive industry have plummeted this year. Audi's after-tax profit in the first half of the year was €1.346 billion, a 37.5% year-on-year decrease. Porsche's profit in the second quarter plummeted 91% year-on-year to €154 million, while Mercedes-Benz's net profit plummeted 69% year-on-year to €957 million. Furthermore, the German automotive industry is facing job losses.