Volkswagen shares were down 3% in early trade on Monday with analysts citing uncertainty about the automaker's cost-cutting deal with unions and likely headwinds in 2025. It fell short of management's initial ambitions and market expectations, and lacked a sense of urgency, according to Jefferies analyst Philippe Houchois. VW's earnings momentum is also unlikely to improve significantly next year given weak demand in China and potential tariffs after Donald Trump's election, they added.