Volkswagen’s profit falls as restructuring, costs weigh on first half

Volkswagen on Thursday reported a 2.4% drop in its second quarter operating profit as Europe’s top automaker continues to cut costs and revamp its model range.

Earnings before interest and taxes (EBIT) came in at 5.46 billion euros ($5.91 billion) in the April-June period, with an operating return on sales of 6.6%, in line with LSEG’s mean estimates.

Daimler Truck orders fall on weakness in Europe and Asia

The group lowered its operating returns outlook in July to the 6.5-7.0% range because of higher expenses due to the possible closure of an Audi plant and a 3.8% drop in second quarter sales.