大众汽车集团上半年营业利润暴跌33% 下调全年业绩展望

Core Insights - Volkswagen Group reported its H1 2025 financial results, showing revenue of €158.4 billion, nearly flat year-on-year, but a significant decline in operating profit by 33% to €6.7 billion and a post-tax profit drop of over 38% to €4.47 billion, falling short of market expectations [1][3][5] Financial Performance - Revenue for H1 2025 was €158.4 billion, compared to €158.8 billion in the same period last year [3] - Operating profit decreased by approximately 33% to €6.7 billion from €10 billion year-on-year [3] - Post-tax profit fell over 38% to €4.477 billion [3] Factors Affecting Performance - A key factor for the profit decline was the new import tariffs imposed by the U.S. government on electric vehicles and components, resulting in an additional cost burden of €1.3 billion for the group [3][5] - The company is undergoing a major restructuring and has set aside €700 million for restructuring provisions related to Audi, Volkswagen passenger cars, and its software division Cariad, along with costs associated with CO2 emission regulations [5] Cash Flow Situation - The net cash flow for H1 2025 was -€8.39 billion, worsening from -€7.05 billion in the previous year [7] - Automotive net cash flow turned negative at -€1.35 billion, down from a positive inflow of €367 million in the same period last year [7] - As of June 30, the group's cash and cash equivalents stood at €34.8 billion [7] Sales Performance - Volkswagen Group sold 4.363 million vehicles globally in H1 2025, a 0.5% increase year-on-year [9] - Sales of pure electric vehicles surged by 46.7% to 465,000 units, accounting for 10.6% of total deliveries, up from 7.3% in the previous year [9][10] - Regional sales showed mixed results, with Europe and other regions growing by 3.3%, while North America saw a decline of 6.9%, and China experienced a 2.3% drop in deliveries [12] Strategic Outlook - Despite the decline in sales in China, Volkswagen remains optimistic about long-term growth potential in the Asian market, emphasizing collaboration in key technology areas such as software and battery development [12][13] - The company plans to launch over 20 new smart connected models in China by 2026, with a long-term goal of introducing approximately 50 new energy models by 2030, including around 30 pure electric vehicles [13]