Volkswagen's second-quarter net profit fell 32.9 percent to 1.54 billion euros, down from 2.29 billion euros a year earlier, as deliveries dropped nearly 9 percent to 2.08 million vehicles. Sales in China tumbled more than a third to 424,300 units, underscoring the automaker's struggle in its largest market.
Chief Executive Oliver Blume and Chief Financial Officer Arno Antlitz presented the first-half results alongside sweeping cost-cutting proposals that met resistance from the state of Lower Saxony and worker representatives on the supervisory board. Blume said roughly 50,000 positions worldwide could be affected, while four German plants — Emden, Hanover, Zwickau, and Audi's Neckarsulm facility — are under review.
Volkswagen has already pledged to cut 50,000 jobs in Germany by 2030, including 35,000 at the core brand, with more than 37,000 employees having signed related agreements. The operating margin stood at just 3.3 percent in the first quarter, while full-year 2025 profit slumped nearly half.