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The Guardian - UK
The Guardian - UK
Business
Mark Sweney

Mass job cuts loom at VW as profits fall steeply on China sales slump

Volkswagen Oliver Blume Russ Mould China
Employees of Volkswagen and IG Metall union members rally near the Volkswagen headquarters on the day of a board meeting
A rally of VW employees and union members in the grounds of the companys’s headquarters. The German words read ‘We’re fighting for you.’ Photograph: Lisi Niesner/Pool Reuters/AP

Volkswagen has reported a steep fall in profits and cut its revenue forecast amid a sales slump in China, as the German carmaker pushes through a brutal cost-cutting programme that includes axeing up to 100,000 jobs.

VW said it expects sales revenue to fall by up to 3% this year, a reversal of a previous forecast for a 3% increase on last year’s €321.9bn (£275.3bn), because of a sales slump in the highly competitive Chinese market.

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