Volkswagen reports sharp drop in second-quarter net profit, eyes up to 100,000 job cuts

FRANKFURT, Germany — Volkswagen said its net profit fell sharply in the second quarter, as the German carmaker faces rising costs, weak demand in China and heavy spending on its electric-vehicle transition. The company did not disclose the exact figure but said the result marked a clear decline from the same period a year earlier. Volkswagen announced it is considering cutting up to 100,000 jobs globally as part of its cost-reduction drive. Management said details on which plants and divisions would be affected would be worked out in the coming period, while talks with employee representatives over the future of its European factories continue. The Wolfsburg-based automaker warned that demand could remain weak into the third quarter. Analysts have pointed to an expected acceleration of the company's cost-cutting program as it seeks to protect margins under intensifying competitive and structural pressure.