Business
Volkswagen: profit tumbles by a third in Q2 2026, 50,000 job cuts planned by 2030
Volkswagen Group posted net profit of €1.54 billion in Q2 2026, down 32.9% from the prior year's €2.29 billion. Global vehicle deliveries fell nearly 9%, while sales in China collapsed by more than one-third. CEO Oliver Blume has announced a restructuring plan targeting 50,000 job cuts by 2030 and closure of four German factories. The union, works council, and Lower Saxony state—which holds a 20% stake—are publicly opposing the plan.