德国大众业绩“爆雷”！三季度亏损超10亿欧元，保时捷成“拖累”

Core Insights - Volkswagen Group reported a significant decline in net profit for Q3 2025, with a loss of €1.072 billion, marking a 61.5% decrease in net profit for the first nine months compared to the previous year [1][2] - The decline in performance is attributed to increased production of low-margin electric vehicles and additional burdens totaling €7.5 billion, including U.S. import tariffs and strategic adjustments at Porsche [1][3] Financial Performance - Q3 2025 net profit was negative €1.072 billion, compared to a profit of €1.558 billion in Q3 2024 [2] - Operating result for Q3 2025 was negative €1.299 billion, a 57.8% decrease in operating profit for the first nine months, which stood at €5.408 billion [2] - Sales revenue for Q3 2025 was €80.305 billion, a 2.3% increase from €78.478 billion in Q3 2024 [2] Production and Deliveries - Volkswagen delivered 2.199 million vehicles in Q3 2025, a 1.0% increase from 2.176 million in Q3 2024 [2] - Vehicle sales for the first nine months increased by 1.8%, totaling 6.581 million units compared to 6.463 million units in the previous year [2] Porsche's Performance - Porsche's operating profit plummeted 99% to €40 million in the first nine months of 2025, with a Q3 operating loss of €966 million [3][4] - The decline is primarily due to a strategic shift from a fully electric model lineup to a mix of internal combustion engines, hybrids, and electric vehicles, incurring costs of up to €1.8 billion [3][4] Market Dynamics - Volkswagen's sales in North America decreased by 9.8% to 246,900 units, while sales in China fell by 7.2% to 660,300 units due to increased competition from domestic electric vehicle manufacturers [4] - The company faces challenges in maintaining market share as competitors offer better pricing, advanced battery technology, and enhanced smart features [4]