Overview
- Volkswagen, which reported results Thursday, said first‑quarter net profit fell 28.4% to €1.56 billion as revenue slipped to about €75.7 billion.
- Finance chief Arno Antlitz said current savings are not enough and the group must change its business model to restore profitability.
- In a later interview, he outlined plans to cut model complexity and remove about 1 million vehicles of factory capacity worldwide, roughly half in Europe, a shift that could deepen job cuts toward the 50,000 planned by 2030.
- U.S. import tariffs now cost VW about €4 billion a year, with roughly €0.6 billion hitting the quarter, while deliveries fell to around two million on weaker demand in China and North America.
- Weak units added pressure, with Porsche’s Q1 profit down to €391 million as it spends on a strategic reset and the Traton truck division posting heavy special charges.