"Volkswagen's net profit fell 28.4% to 1.56 billion in the first quarter of 2026, while revenue slipped 2.5% to 75.7 billion, reflecting weak global demand."
"CEO Oliver Blume stated, 'Wars, geopolitical tensions, trade barriers, stricter regulations, and fierce competition are creating headwinds' for the company."
"Finance chief Arno Antlitz warned that rising tariffs are adding around 4 billion in annual costs, indicating that existing cost-cutting plans are no longer sufficient."
"Volkswagen plans to cut approximately 50,000 jobs in Germany by 2030 as part of efforts to restore profitability after last year's steep earnings slump."
Volkswagen reported a 28.4% drop in net profit to 1.56 billion in Q1 2026, with revenue declining 2.5% to 75.7 billion. CEO Oliver Blume cited wars, geopolitical tensions, trade barriers, and competition as significant challenges. Deliveries decreased by 4% to 2.05 million vehicles, particularly in China and the US. Rising tariffs are adding 4 billion in annual costs, leading to insufficient cost-cutting measures. The company plans to enhance savings efforts and restructure its business model, alongside cutting 50,000 jobs in Germany by 2030 due to poor performance in subsidiaries Porsche and Traton.
Read at www.dw.com
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