""Wars, geopolitical tensions, trade barriers, stricter regulations, and fierce competition are creating headwinds," said CEO Oliver Blume, highlighting the challenges faced by the company."
"Finance chief Arno Antlitz stated that rising tariffs alone were adding around 4 billion in annual costs, warning that existing cost-cutting plans were no longer sufficient."
"Volkswagen plans to step up savings efforts and overhaul its business model to restore profitability after last year's steep earnings slump."
"The company has already stated plans to cut some 50,000 jobs in Germany by 2030 as part of its restructuring efforts."
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. Deliveries decreased by 4% to 2.05 million vehicles, primarily due to declines in China and the US. CEO Oliver Blume cited geopolitical tensions and rising tariffs as significant challenges. Finance chief Arno Antlitz indicated that tariffs are adding 4 billion in annual costs. Volkswagen plans to enhance savings efforts and restructure its business model to regain profitability, alongside announcing job cuts of 50,000 in Germany by 2030.
Read at www.dw.com
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