Volkswagen doubles job-cut target to 100,000 as profits fall and China sales slump

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Volkswagen reported a nearly 10% drop in second-quarter operating profit to 3.5 billion euros, falling short of analyst expectations. The German automaker also abandoned its 2026 revenue growth forecast amid mounting financial pressure. CFO Arno Antlitz described the roughly 4% profit margin as a wake-up call, calling for a second major restructuring of the company. Sales in China, a critical market for VW, plunged more than 31% in the first half of the year. The company is now considering cutting up to 100,000 jobs, with four German plants still without confirmed operational plans beyond 2030.

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