Volkswagen Group CEO Oliver Blume has issued a frank warning to shareholders that the company must take urgent steps to become more cost-efficient and agile.
Speaking at the company’s AGM in Wolfsburg, Blume acknowledged early progress in the company’s restructuring strategy but stressed that inefficiencies continue to hamper its financial performance.
In the first quarter of 2025, the Volkswagen Group reported an operating profit of €2.9 billion (£2.5bn), a significant decline from the €4.6bn (£3.9bn) achieved in the same period of 2024. This represents a year-on-year decrease of approximately 37%.
