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Volkswagen's net profit slides 28% to €1.56 billion from January to March.
Volkswagen's Q1 net profit dropped 28% to €1.56 billion, exceeding analyst expectations for losses.
KEY POINTS
- US tariffs introduced a year ago are adding €4 billion in annual costs to Volkswagen.
- Chinese automakers, especially in EVs, are taking significant market share from Volkswagen in China and Europe.
- Volkswagen plans to cut 50,000 jobs across all its brands in Germany by 2030.
- Sales in China fell 20% year-on-year, significantly impacting Volkswagen's global performance.
COMPANIES
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