Volkswagen profit drops in first quarter
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Volkswagen reported a 14% decline in operating profit for Q1, totaling 2.5 billion euros, below analyst expectations of 2.9 billion euros. The drop is attributed to tariff pressures, geopolitical uncertainty, and competition from Chinese brands. Revenue also fell by 2.5% to 75.7 billion euros, missing estimates. CEO Oliver Blume announced job cuts of around 50,000 in Germany by 2030 and aims for an operating margin of 4-5.5% by 2026, up from 2.8% in 2025.
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