Volkswagen net profit plunges 32.9% as carmaker weighs up to 100,000 job cuts

Earnings Impact 4
โดย Yahoo Finance·Read original
Summary · why it matters

Volkswagen reported a 32.9 percent drop in second-quarter net profit to 1.54 billion euros, as the crisis-hit carmaker weighs up to 100,000 job cuts worldwide. The result was hit by a 500-million-euro charge for stopping US production of its electric ID.4 and negative mix effects from selling more lower-margin products. The group, which includes brands such as Lamborghini, Audi, Skoda and Porsche, also cut its full-year guidance and now expects sales to be flat or fall up to three percent. CEO Oliver Blume told staff that four plants could close and a further 50,000 jobs might have to go on top of the 50,000 departures already agreed across the group, which would be the largest restructuring in automotive history. The company is grappling with slimmer margins from electric cars, US tariffs and intense Chinese competition, with vehicle deliveries in China falling a further 31.6 percent in the first six months of the year.

Impact on stocks 4

Consumer Discretionary▼ · 2 stocks
Volkswagen AG
VOW
▼ NegativeCapitalrelevance

Volkswagen reported a 32.9% drop in net profit, cut full-year guidance, and announced potential job cuts and plant closures.

Porsche Automobil Holding SE
PAH3
▼ NegativeDemandrelevance

Volkswagen group's poor performance and outlook, including falling China deliveries, negatively affect Porsche Automobil Holding SE as a major shareholder.

Electrification & Mobility▼ · 2 stocks
Volkswagen AG VZO O.N.
VOW3
▼ NegativeCapitalrelevance

Volkswagen reported a 32.9% drop in net profit, cut full-year guidance, and announced potential job cuts and plant closures.

Porsche AG
P911
▼ NegativeDemandrelevance

Volkswagen group's weak sales and guidance, including falling China deliveries, negatively affect Porsche AG as part of the group.

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