电动车销量大涨，净利润却同比下降！大众汽车集团遭遇近五年来首次季度亏损，仍坚定推进电动化转型：明年将在中国市场推20余款新能源车

Core Insights - Volkswagen Group is facing challenges in its transition to electrification, as evidenced by its Q3 2025 financial results showing a significant decline in profitability [1][3] - The company reported a net loss of €1.072 billion in Q3, marking its first quarterly loss in five years, despite a slight increase in vehicle deliveries and revenue [1][3] - The decline in profitability is attributed to factors such as U.S. import tariffs, restructuring of the Porsche product line, and the costs associated with the electrification transition [1][3] Financial Performance - In Q3 2025, Volkswagen delivered 2.199 million vehicles, a 1.0% year-on-year increase, with revenues reaching €80.305 billion, up 2.3% [1] - The net profit for the first nine months of 2025 decreased by 61.5% to €3.4 billion compared to the same period last year [3] - The operating profit margin for the first nine months was 2.3%, which would be 5.4% if excluding special factors like restructuring and tariffs [3] Electric Vehicle Strategy - Volkswagen's electric vehicle sales reached 717,000 units in the first nine months of 2025, a 40% increase year-on-year, but this growth did not translate into improved overall financial performance [3] - The company plans to launch over 20 new electric vehicle models in China next year to enhance its market share in the growing electric vehicle segment [4] - Currently, 95% of Volkswagen's sales in China are from internal combustion engine vehicles, with a market share of 22% in that segment [4] Cost Management and Future Outlook - Volkswagen aims to achieve a net cash flow close to zero or break-even for the year, with an investment rate projected between 12% and 13% [4] - The company is focused on cost optimization, having reduced costs by 40% compared to previous global platforms, with an additional 10% cost reduction target [5] - Volkswagen Group (China) anticipates that by 2027, its operating profit in the Chinese market will reach €2 billion, increasing to €3 billion by 2030 [6]