Volkswagen expects full-year revenue squeeze after quarterly profit slump

A German national flag on a barge near the Volkswagen AG factory in Wolfsburg, Germany, on Tuesday, March 10, 2026.Bloomberg | Bloomberg | Getty ImagesGerman auto giant Volkswagen on Friday reported weaker-than-expected second-quarter profit, citing the discontinuation of its top electric vehicle in the U.S. and negative mix effects, as it revised down its sales forecast for 2026.Europe's biggest carmaker posted an operating profit of 3.5 billion euros ($3.98 billion) for the April to June period, down nearly 10% from a year ago and missing expectations of 4.3 billion euros, according to an LSEG-compiled consensus. The company also flagged it expects sales revenue in 2026 to develop within a range of -3 to 0% compared with the previous year, versus a previous forecast of 0 to 3%.The results come shortly after the company confirmed it is looking to cut up to 100,000 jobs, twice as many as previously stated, as it seeks to counter a profit slump amid billions of euros in tariff costs and intensifying competition from Chinese car brands.In a widely reported memo to staff earlier this month, CEO Oliver Blume said that the group's costs were 20% higher than comparable businesses and the...