Second profit warning exposes decline of VW

Poor performance: Blume addresses a news conference in Berlin. The VW CEO is battling to avoid what could be the biggest redundancy plan in the group’s history as Volkswagen slashes expectations for revenue, profit and cash flow. — AFP

BERLIN: Volkswagen AG’s second profit warning in three months makes one thing clear: Europe’s biggest automaker is in decline.

The German manufacturer last Friday slashed expectations for revenue, profit and cash flow due to waning demand for its cars. The company now expects to deliver fewer vehicles this year than in 2023 – its fourth annual sales slump in five years.