Volkswagen expects full-year revenue squeeze after quarterly profit slump
German auto giant Volkswagen reported weaker-than-expected second-quarter profit of 3.5 billion euros, down nearly 10% year-on-year and missing analyst expectations of 4.3 billion euros. The company revised its 2026 sales revenue forecast to a range of -3% to 0% from the previous 0% to 3%, citing the discontinuation of its top electric vehicle (ID.4) in the U.S. and negative mix effects. The results follow news that Volkswagen is considering cutting up to 100,000 jobs, double previous estimates, to counter a profit slump driven by billions in tariff costs and competition from Chinese car brands. CEO Oliver Blume stated in a memo that group costs are 20% higher than comparable businesses. The company also faces uncertainty over four German factories previously threatened with closure. Shares fell 3.3% in premarket trading and are down nearly 30% year-to-date.
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