不赚钱了！大众三季度亏损10.7亿欧元

Core Insights - Volkswagen Group reported a revenue of €80.305 billion for Q3 2025, a year-on-year increase of 2.3%, but faced significant operating losses of €1.299 billion compared to an operating profit of €2.833 billion in the same period last year [1][2] - The company experienced a substantial decline in profitability, with a pre-tax loss of €364 million and a net loss of €1.072 billion, compared to profits of €2.331 billion and €1.558 billion respectively in the previous year [2][3] - The primary reasons for the losses include increased costs due to U.S. tariffs, estimated to cost the company up to €5 billion, and high expenses related to the strategic shift in Porsche's electric vehicle initiatives, including a €3 billion non-cash impairment [2][3] Financial Performance - Volkswagen's Q3 2025 operating margin was -1.6%, down from 3.6% in Q3 2024, indicating a severe decline in operational efficiency [2] - The cash flow from operating activities decreased by 9.7% to €8.521 billion, while the net cash flow increased by 4.6% to €3.147 billion [2] - The company’s net liquidity as of September 30, 2025, was €31.008 billion, a decrease of 5.5% from the previous year [2] Vehicle Deliveries and Market Performance - Volkswagen delivered 2.199 million vehicles in Q3 2025, a 1.0% increase year-on-year, but the growth rate is considered underwhelming given the rapid development of the global automotive market [5][6] - In terms of brand performance, Škoda saw a significant increase in sales by 15.1%, while Volkswagen brand sales slightly declined by 0.4% [5][7] - The company faced challenges in key markets, with a 7.2% drop in sales in China, highlighting increased competition from domestic brands like BYD and Geely [6][9] Strategic Initiatives - Volkswagen is implementing a localization strategy in China, planning to launch over 11 new models starting in 2026, and aims to expand its electric vehicle lineup to approximately 30 models by 2027 [9] - The introduction of new electric platforms and architectures is expected to enhance Volkswagen's competitiveness in the Chinese market, addressing consumer demands for smart and personalized vehicles [9]