奥迪利润暴跌37.5％！关税重拳与转型阵痛重创德国汽车工业

Core Insights - Audi's half-year report sets a bleak tone for the German automotive industry, showing a slight revenue increase overshadowed by a dramatic profit decline [1][2] - The company's operating profit plummeted by 45.2% to €1.087 billion, with a net profit drop of 37.5% to €1.346 billion, indicating severe financial strain [1][2] Financial Performance - Audi's revenue for the first half of 2025 reached €32.57 billion, a year-on-year growth of 5.3% [1] - Operating profit margin fell from 6.4% to 3.3%, and net cash flow decreased to €900 million from €1.13 billion [1] External Challenges - The increase in U.S. tariffs on EU cars from 2.5% to 25% has led to additional costs exceeding €600 million, which accounts for 55% of Audi's operating profit for the period [2][3] - High tariffs on raw materials have further squeezed profit margins, as suppliers pass on increased costs to manufacturers [2] Internal Transformation Costs - Audi is undergoing its largest transformation in history, requiring significant upfront investments in electric platforms, smart driving technologies, and charging infrastructure [2][3] - The shrinking scale of traditional combustion engine vehicles has not been matched by a reduction in fixed costs, leading to increased cost allocation [2] Workforce and Cost-Cutting Measures - Audi plans to cut approximately 7,500 jobs by the end of 2029 to save €1 billion annually, although this will incur short-term restructuring costs [3][7] Sales Performance - Global deliveries fell by 5.9% to 783,531 vehicles, with significant declines in key markets: North America down 19.4% and China down 10.2% [3][4] - The only market showing growth was Germany, with a slight increase of 0.7% in sales [3] Electric Vehicle Market Position - Audi's electric vehicle sales in Germany surged by 76.2% to 20,505 units, but in China, they plummeted by 23.5% to 7,897 units, highlighting weaknesses in the Chinese market [4][6] - The company struggles to compete with local Chinese brands in terms of product strength and market adaptability [4][6] Industry-Wide Implications - Audi's challenges reflect a systemic crisis in the German automotive industry, with major players like Volkswagen and Mercedes-Benz also reporting significant profit declines due to similar pressures [5][6] - The collective cash flow reduction among these companies could exceed €10 billion, indicating a broader industry crisis [5] Strategic Responses - The German automotive industry is seeking to rebalance through strategic partnerships, such as Volkswagen's investment in Guoxuan High-Tech and collaboration with XPeng Motors [7] - The industry faces a critical need to redefine its operational DNA to survive in a rapidly changing market landscape [7]