Business · 24 July 2026
Volkswagen cuts revenue forecast, plans 100,000 job cuts
Volkswagen announced a significant drop in profits and revised its revenue projections for 2026, anticipating a sales revenue decrease of up to 3% this year. The German car manufacturer is implementing a cost-reduction initiative that involves eliminating as many as 100,000 jobs worldwide, primarily within administrative departments. Volkswagen faces intense competition from Chinese manufacturers and a significant sales slump in the Chinese market.
Reported by Guardian · How we write briefs