""The cost reductions planned so far are not enough," said VW chief financial officer Arno Antlitz. "We need to fundamentally change our business model and achieve structural, sustainable improvements - in all areas and at all levels. If we fail to do that, we will jeopardise our future.""
""Chinese automakers were not just competing on their home turf but also gaining market share in Europe," he warned. Carmakers like BYD have emerged as fierce rivals to Volkswagen in China, traditionally a key source of profits for the German manufacturer, particularly when it comes to EVs.""
""US President Donald Trump's tariffs, introduced a year ago, were burdening the group with an extra four billion euros in costs annually.""
Volkswagen's profits fell 28 percent to 1.56 billion euros, with revenues dropping to 76 billion euros, worse than expected. The company plans to cut 50,000 jobs by 2030 due to challenges from Chinese competition, US tariffs, and weak electric vehicle demand. CFO Arno Antlitz emphasized the need for structural improvements across all areas. Deliveries decreased by 15 percent in China and 13 percent in North America, with EV deliveries down 64 percent. The company forecasts modest sales growth and a core profit margin of 4 to 5.5 percent.
Read at The Local Germany
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