Volkswagen posts 15% fall in annual profit amid restructuring, expects revenue to rise in 2025

German autos giant Volkswagen reported a 15% year-on-year drop in annual operating profit on Tuesday, citing increasing costs and "extraordinary expenses" associated with its restructuring strategy.

It posted a revenue of 324.7 billion euros ($352.8 billion) in full-year 2024, up from 322.3 billion euros last year. The automaker said it expects sales revenue to exceed the previous year's figure by up to 5% in 2025.

This breaking news story is being updated.