受关税冲击，大众汽车Q2全球销量仅同比微增1.2%，美国销量骤降16%

Core Viewpoint - Volkswagen's global sales growth has significantly slowed down due to high tariffs in the U.S. and declining demand in key markets [1] Group 1: Sales Performance - In Q2, Volkswagen's global vehicle deliveries increased slightly by 1.2% year-on-year, reaching 2.27 million vehicles [2][4] - In the U.S., Volkswagen's overall sales dropped by 16% year-on-year in Q2, contrasting with a 4.4% growth in Q1, indicating the direct impact of tariff policies on demand [2] - Sales of high-profit brands such as Porsche, Audi, Lamborghini, and Bentley fell by 7.7% year-on-year in Q2, totaling 480,200 units [3] Group 2: Market Dynamics - The U.S. has imposed a 20% tariff on products from the EU, which has adversely affected Volkswagen's North American operations [3] - In China, Volkswagen's electric vehicle sales plummeted by nearly one-third due to intensified competition from local brands like BYD, although overall sales in China grew by 2.8% driven by an increase in gasoline vehicle sales [3] - Despite pressures in major markets, Volkswagen's electric vehicle sales globally rose by 38% year-on-year in Q2, with a remarkable 73% increase in the European market [3] Group 3: Profitability Concerns - Volkswagen's profit in Q1 declined by 40%, raising concerns about profitability due to a structural shift towards lower-margin vehicles [5] - The management emphasized the continuation of electric vehicle strategies and expansion into emerging markets to adapt to changing global market dynamics [5]