Business
Volkswagen: Profit Plunges One-Third in Q2 2026, Additional 50,000 Job Cuts Announced
German automaker Volkswagen — whose brands include Audi, Porsche, and Škoda — reported net profit of €1.54 billion in Q2 2026, down 32.9% year-over-year. Global deliveries fell 9% to 2.08 million vehicles; China sales plunged over one-third to 424,300 units. CEO Oliver Blume announced up to 50,000 additional job cuts worldwide, on top of 50,000 already planned by 2030. The plans face opposition from unions, the works council, and Lower Saxony state — which holds roughly 20% of Volkswagen's capital and wields substantial influence through supervisory board representation.