The VW Group recorded a significant drop in profits in the second quarter. After taxes, the Wolfsburgers earned a good third less than a year earlier with 2.29 billion euros, as they announced. The reason was, among other things, the poor performance in day -to -day business with the expensive brands Porsche and Audi – and the tariffs in the USA.
1.2 billion euros alone cost the group’s import duties in the United States. There have been 27.5 percent inches on cars since April. This also caused the sales figures to break in there – by 16 percent. VW also cited high renovation costs and the currently good run of the still weaker electric cars. In an interview with Manager Magazin in mid -April CEO Oliver Blume (57) spoke extensively about the group renovation
. In China, the group also earned significantly less.
The operational group result dropped by a good 29 percent to 3.83 billion euros, which corresponds to an operational margin of 4.7 percent. That was in the context of the expectations of analysts. Despite somewhat increased deliveries, sales were 3 percent in the red 80.6 billion euros.
Burden audi and Porsche
The former earnings pears Audi and Porsche developed particularly weakly. At the Ingolstadt from Audi, the operational profit dropped by two thirds to 550 million euros in the second quarter. The sports car manufacturer Porsche earned only 154 million euros after 1.7 billion a year earlier in the car business – i.e. without financial services.
The Wolfsburg core brand VW, on the other hand, earned significantly more in the months of April to June: 991 million euros, almost six times as much as in the very weak period of the previous year. The long-weaking core brand thus collected more operational profits than the two premium sister brands.
VW share on the Dax top
The numbers on the stock exchange initially arrived badly. The Volkswagen share started the trade significantly in the minus. Later the course turned into the plus. Most recently, Volkswagen wrote down with an increase of around 3.5 percent on the Dax tip, followed by other car values that were apparently pulled along.
One reason for the turnaround was the good performance of the group’s volume brands and progress in the renovation. The brands VW and Skoda, for example, developed better than expected. The Core brand group around the VW brand came up with an operational return on sales of 4.8 percent. So she is now in front of the rival Stellantis and Renault. Skoda even came up with an operational return of 8.5 percent in the first half of the year.
The renovation program for the brand also showed initial effects. The group apparently progresses in particular when reducing the enormous staff. VW employed 106,200 men and women in Germany at the end of June 2025. At the end of December 2023 there were still 115,100.
The works in Emden and Wolfsburg made significant progress in product costs, said CFO Arno Antlitz (55). The effect is not quite as large as planned, but that is “really good progress”. CEO Blume added: “We are fighting for every cent.”
Background: The group had adopted a large savings program at the end of last year and wants to delete over 35,000 jobs by 2030. That corresponds to around every fourth place. A total of 20,000 employees have already agreed to a job waiver, mostly as part of partial retirement. 4000 jobs have already been dismantled.
Constitution factor US tariffs
Nevertheless, there are further problems in the group. Porsche and Audi is particularly difficult in China
, at the moment, high renovation costs are also burdening their profits. Audi wants to delete 7,500 jobs
and Porsche at least 1,900 jobs. Audi also launches new models, which in the meantime makes sales stall.
In the current year, Volkswagen expects less profit because of the US tariffs and also because of the weakness at Porsche and Audi. The Wolfsburg Dax group said that the proportion of operational profit in sales should only land between 4.0 and 5.0 percent. For the first time, VW included the US tariffs. So far, VW had targeted 5.5 to 6.5 percent return, but still without taking into account the tariffs.
The proceeds are also expected by CEO Oliver Blume: Instead of up to 5 percent plus, the manager is now aiming for sales at the previous year’s level. Meanwhile, the sale of Porsche and Volkswagen has long since started
. Blume put a number of daughters, even participation in the robotaxis, for sale.
Blume: “Order books are well filled”
In contrast, Blume is satisfied with the increasing sales figures for electric cars. “In Europe, we also expanded our top position in electromobility with a 28 percent market share,” he said according to the message. “Our order books are well filled.”
More on the subject
However, the growing e-car business is currently the result, added CFO Arno Antlitz. The half-year profit “also decreased due to the margin-weaker e-models”.