Volkswagen announces 32.9% drop in profits in the second quarter

Berlin, July 24 (KUNA) -- The German automaker Volkswagen Group announced on Friday that its profits in the second quarter of 2026 fell by 32.9 percent to 1.54 billion euros compared to the same period last year. Quarterly figures released by Volkswagen from its headquarters in Wolfsburg, central Germany, showed the group lowering its full-year revenue forecast, stating that revenues may remain at last year’s levels or decline by up to 3 percent.

Citing a group report, CEO Oliver Blume said that US tariffs, wars, geopolitical tensions, and intensifying global competition are placing increasing pressure on the company, prompting it to implement new austerity measures. This follows Volkswagen’s recent announcement of the potential closure of four plants in Germany, as well as a previously disclosed plan to eliminate 50,000 jobs worldwide by 2030.

The unprecedented plans in the group’s history have faced opposition from labor unions, the works council, and the government of Lower Saxony, where the company’s headquarters are located and which holds a 20 percent stake. (End)