(ANSA-AFP) - WOLFSBURG, MAR 11 - German auto giant Volkswagen said Tuesday its net profit nosedived last year, as Europe's largest carmaker struggled with high production costs and fierce Chinese competition. At 12.4 billion euros ($13.4 billion) in 2024, net profit fell 30.6 percent compared with the previous year, even as overall sales grew slightly to reach 324.7 billion euros. The group's operating result, a closely watched measure of underlying profitability, also fell to 19.1 billion euros, 15 percent lower than in 2023. The drop was due to a "significant increase in fixed costs" and one-off expenses totalling 2.6 billion euros, primarily aimed at restructuring, the company said. Volkswagen has been hit hard not just by rising costs but limped on with a switch to electric vehicles, where it faces stiff competition from Chinese rivals. Volkswagen deliveries fell almost 10 percent in China last year, even as they were flat or rose in the rest of the world. (ANSA-AFP).