Audi drags VW profits lower

Volkswagen reported an 86 per cent fall in their third-quarter profits yesterday due to plunging vehicle prices and declining Audi sales. Net income fell to €172m (£154m), while sales declined 10.3 per cent to €26m (£23m). The company said full year sales would be lower than in 2008. It added rising refinancing costs and poor sales would drag on its earnings.