Volkswagen Faces Profit Drop and Job Cuts Amid Geopolitical Tensions
Energy price shocks from Iran war pushed German inflation to 2.9% in April.
Government halved 2026 growth forecast to 0.5% due to inflation.
Unemployment in Germany rose to 3.006 million in April.
Volkswagen's first-quarter net profit fell 28.4% to $1.82 billion.
CEO Oliver Blume cited wars and geopolitical tensions as headwinds.
Volkswagen plans to cut 50,000 jobs in Germany by 2030.
Finance chief Arno Antlitz said current cost-cutting measures are insufficient.
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