Volkswagen warns of more cost cuts as profits plunge

The carmaker is struggling with Chinese competition, US tariffs and patchy demand for electric vehicles, and already has plans to axe 50,000 jobs across all its brands in Germany by 2030. From January to March, the group's net profit slid 28 percent to 1.56 billion euros ($1.8 billion) and revenues dropped to 76 billion euros, worse than analyst forecasts. "The cost reductions planned so far are not enough," said VW chief financial officer Arno Antlitz. "We need to fundamentally change our business model and achieve structural...