The largest automobile manufacturing company in Europe announces a decrease in deliveries in the third quarter.

Volkswagen announced on Friday a 7% decline in global deliveries during the third quarter of the year, reflecting the challenges facing the automotive sector in Europe, as well as weak demand in China and rising production costs.

Volkswagen - the largest car manufacturer in Europe - stated that some updates will be introduced to industrial operations, as the company considers closing German factories for the first time due to weak European demand, competition from China, the challenges posed by electric vehicles, and high costs in Germany.

Volkswagen's shipments to China - the largest car market in the world - fell by 15% to 711,500 vehicles, due to strong domestic competition, which resulted in a decline in global shipments for the German company, dropping to 2.176 million vehicles.

In this regard, Marco Schubert, a member of the executive committee at Volkswagen, stated in a statement that providing a better cost base, especially in Germany, is essential to remain successful in this environment in the future.