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Volkswagen Profit Plunges 9.5%, Cuts Up to 100,000 Jobs

7/24/2026

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Summary

Story summary

Volkswagen AG reported a 9.5% drop to €3.5 bn and cut its sales outlook to a decline of up to 3%.
Volkswagen plans to cut up to 100,000 administrative jobs, doubling the prior union agreement.
The supervisory board rejected CEO Oliver Blume’s plan to close four German factories.
The restructuring calls for halving the model lineup and selling assets.
Volkswagen shares fell 1.5% after the results, down 66% over five years.

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Story summary

Volkswagen AG reported a 9.5% drop to €3.5 bn and cut its sales outlook to a decline of up to 3%.
Volkswagen plans to cut up to 100,000 administrative jobs, doubling the prior union agreement.
The supervisory board rejected CEO Oliver Blume’s plan to close four German factories.
The restructuring calls for halving the model lineup and selling assets.
Volkswagen shares fell 1.5% after the results, down 66% over five years.