全球第二盈利车企，遭遇五年来首次季度亏损

Core Insights - Volkswagen Group reported a Q3 revenue of €80.305 billion, a year-on-year increase of 2.3%, but faced a net loss of €1.072 billion, marking a 168.8% decline compared to a net profit of €1.558 billion in the same period last year, representing the first quarterly loss in five years [1] - The operating loss for Q3 was €1.299 billion, a significant drop from an operating profit of €2.833 billion in the previous year [1] - The total vehicle deliveries in Q3 reached 2.199 million units, a 1% increase year-on-year, while total sales for the first three quarters amounted to 6.518 million units, up 1.8% [1] - Volkswagen's net profit for the first three quarters fell sharply by 61.5% to €3.4 billion compared to the same period last year [1] Financial Performance - The profit margin for the first three quarters, excluding related costs, was 5.4%, while including costs, the profit margin was negative at -1.6% [2] - The company anticipates an annual pressure of up to €5 billion due to increased U.S. tariffs and the resulting decline in sales [2] - Volkswagen expects an operating profit margin between 2% and 3% for the current year, with revenue projected to remain flat compared to last year [3] Challenges and Strategic Adjustments - The decline in profitability is attributed to factors such as U.S. auto tariffs, the strategic restructuring of Porsche, and the transition to electric vehicles [1][2] - Porsche, once a significant profit contributor, reported its first quarterly loss since its IPO, with additional expenses from strategic restructuring amounting to €2.7 billion for the first three quarters of 2025 [2] - Volkswagen has set a cost-cutting plan to save €10 billion by 2026 and aims for an operating profit margin of 6.5% [2]