Volkswagen controlling families demand overhaul after dent to profit
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Volkswagen's controlling family shareholders are urging the automaker to overhaul its business model following a significant drop in first-quarter profits. Porsche SE, Volkswagen's largest investor, reported a 21% decline in adjusted profit after tax, alongside a substantial loss due to a writedown on its Volkswagen stake. The company is exploring investments in defense and AI as its automotive sector faces challenges from tariffs and competition. Volkswagen's CEO has committed to further cost-cutting measures, including ongoing job cuts, while addressing under-utilized plants in Germany.
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