Volkswagen Group restructuring crisis
The developments in this story so far, most recent first.
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· date approximate Development
Porsche SE reports 2.2 billion euro loss due to Volkswagen stake write-down
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· date approximate Background
Volkswagen's Supervisory Board rejected Oliver Blume's cost-cutting plan in late June 2026 due to resistance from employee reps and Lower Saxony state.
In late June 2026, Volkswagen's Supervisory Board rejected a strict cost-cutting plan proposed by CEO Oliver Blume. The proposal had faced opposition from employee representatives and the state of Lower Saxony, which is a shareholder in the company.
Blume's plan included the potential closure of four plants in Germany and the elimination of up to 50,000 additional jobs worldwide, following 50,000 jobs that had already been cut.
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· date approximate Background
Porsche SE reported a profit of 300 million euros in the full year of 2025.
In the previous year, Porsche SE recorded a profit of 300 million euros.