Volkswagen announces “significant” cost-cutting for H2

Volkswagen Group has shared its earnings report for Q2 2024 on 1 August. The automaker reported a decline of 2.4% in its operating profits to €5.5bn (US$5.9bn). This was due primarily to expenses relating to its “one-off” restructuring—including €900m towards job cuts in the passenger vehicle division—as well as growing difficulties within the Chinese vehicle market. However, the result was still less severe than analyst expectations of a decline in the region of 3-4%.