Tough Times for the Automotive Industry

The automotive sector faced a significant decline in profitability in the third quarter of this year. After reporting a record drop in profits, Porsche became the second German automaker to experience such a decline. Daimler faced a similar situation.

Meanwhile, Renault has been the only company so far to confirm its year-end financial targets. Industry analysts suggest that Porsche and Daimler anticipated this year’s losses and reflected them in their financial statements, aiming for a cleaner start next year.