Volkswagen is accelerating one of the most sweeping restructurings in its history after reporting weaker-than-expected second-quarter earnings, with the company's chief financial officer acknowledging that the automaker must take additional steps to restore profitability while insisting plant closures and job cuts are not the preferred outcome.
Europe's largest carmaker reported an operating profit of 3.5 billion euros ($3.98 billion) for the April through June quarter, a decline of nearly 10% from the same period last year and well below analysts' expectations of 4.3 billion euros, according to LSEG data cited by CNBC.
