Volkswagen has slashed its annual revenue outlook, piling pressure on chief executive Oliver Blume to push through new cost‑saving measures that include a record number of job cuts. The world’s second‑largest carmaker by volume now expects sales to fall by up to 3 % in 2026, reversing a previous forecast of a 3 % increase on last year’s €321.9bn revenues, because of a slump in China sales.

In the April‑June quarter the group generated €82.4bn in revenue, slightly above analyst consensus, but operating profit fell 9.5 % to €3.5bn, below the €3.9bn estimate. The weaker profit adds urgency to Blume’s programme, presented to the supervisory board this month, which could cut another 50,000 jobs globally — doubling the headcount reduction already agreed with unions — and close production at four German factories.

Blume said the plan would make Volkswagen “even more innovative, faster, more attractive and robust” and includes reducing the model lineup by up to 50 % and selling non‑core assets. Union representatives warned that the additional cuts have caused an “enormous loss of trust.”