Europe's largest carmaker Volkswagen said business remained tough after third-quarter earnings plunged on Thursday, while Japan's Mazda predicted a smaller full-year operating loss. French carmaker Renault also published a drop in third quarter sales, but the year-on-year fall was less steep than in previous quarters, and it said positive trends seen in the second quarter carried on into the third. [ID:nLT85492]
Value brands like Volkswagen and Mazda have generally enjoyed a better year than premium names like Daimler's Mercedes-Benz thanks to government subsidies that have distorted underlying demand, including incentives to scrap old cars in exchange for buying new ones.
In a conference call, VW's head of group sales Detlef Wittig confirmed that the schemes were creating a slippery slope where customers were becoming used to low prices.
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