Volkswagen reported Q1 operating profit of €2.5bn, down 14% year‑on‑year, missing analyst expectations.
Revenue slipped 2.5% to €75.7bn, below the €77.6bn forecast, yielding a 3.3% operating margin.
Finance chief Arno Antlitz said existing cost cuts are insufficient and outlined a fundamental overhaul targeting manufacturing, overhead, plant efficiency and technology.
Volkswagen reaffirmed full‑year margin target of 4‑5.5% and plans up to 50,000 job cuts by decade‑end amid geopolitical and EV adoption headwinds.