Volkswagen scraps revenue growth forecast as tariffs, China weigh

Volkswagen now expects sales revenue to decline by up to three percent this year. The company announced a radical overhaul to counter costly tariffs and competition. Second-quarter results showed a significant profit slump, prompting a restructuring plan. This plan includes a proposed reduction of approximately 100,000 jobs across the group. The German auto giant aims to improve its cost competitiveness in challenging markets.