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Story summary
- Volkswagen cut its 2026 profit outlook, targeting no more than a 1% operating margin.
- The company expects about €10 billion in charges this year, including restructuring costs and asset writedowns.
- A €6-billion writedown targets Porsche, reflecting revised long-term expectations for the sports-car brand.
- CFO Arno Antlitz said China sales contracted about 20% with no sign of stabilization.
- Volkswagen plans up to 100,000 global job cuts as it trims excess manufacturing capacity.