“Pushed by the success of our new merchandise, Volkswagen Group held its floor in a particularly difficult surroundings. We made noticeable enhancements in design, expertise, and high quality, and achieved important progress in software program. Our gross sales figures stay secure in a aggressive international market. In Europe we expanded our main place in electrical mobility, with a market share of 28 % and order books stay nicely crammed.
Supported by our ongoing product offensive and persistently good demand, we anticipate the constructive development to proceed in second half of the 12 months.”Oliver Blume, CEO Volkswagen Group
“Our half-year figures current a contrasting image: on the one hand, we achieved sturdy product success and made progress in realigning the corporate. On the opposite, the working consequence declined by a 3rd year-on-year – additionally resulting from larger gross sales of lower-margin all-electric fashions. As well as, elevated US import tariffs and restructuring measures had a unfavorable impression.
Excluding this stuff, the working margin within the second quarter is at almost seven %, representing the higher finish of our expectations. This reveals that we’re heading in the right direction. However what actually issues is money within the financial institution. That’s why we should press forward with our ongoing applications to enhance earnings and choose up the tempo the place needed.”
Arno Antlitz, CFO & COO Volkswagen Group
Key Figures
| 158.4 Billion Eur Gross sales returned in H1 2025, roughly in step with prior-year stage (H1 2024: EUR 158.8 billion) |
Slight progress in automobile gross sales and a big improve in gross sales income at Monetary Providers; forex results had an offsetting impression. |
| 6.7 billion EUR Working Outcome in H1 2025, 33% under
H1 2024 (EUR 10 billion); Working Margin of 4.2% |
Decline in Working Outcome primarily resulting from excessive prices from elevated U.S. import tariffs (EUR 1.3 billion), provisions for restructuring at Audi, Volkswagen Passenger Vehicles, and Cariad (EUR 0.7 billion), and bills associated to CO? regulation. Destructive combine results additionally weighed on the consequence, for instance resulting from the next share of absolutely electrical autos in addition to worth and forex results. Earlier than elevated US tariffs and restructuring, the working margin was
5.6 %. |
| –1.4 billion EUR Internet Money Circulation within the Automotive Division in H1 2025 (H1 2024: EUR 0.4 billion) |
Along with the developments of the working consequence, the primary drivers of the decrease Internet Money Circulation had been M&A expenditures, together with EUR 0.9 billion for the acquisition of extra Rivian shares, in addition to funds associated to restructuring measures and U.S. import tariffs. A decrease stage of money tied up in working capital had a constructive impact in comparison with the prior 12 months interval. |
| 4.36 million automobile gross sales
in H1 2025, barely above H1 2024 (4.34 million autos) |
Progress in South America (+19 %), Western Europe (+2 %) and Central and Japanese Europe (+5 %) greater than compensated for the anticipated declines in China (–3 %) and, primarily resulting from tariffs, North America (–16 %). |
| Order consumption for autos in Western Europe rises by 19% in H1 2025 |
Important year-on-year improve in incoming orders in Western Europe. Key drivers had been new fashions throughout all drive sorts, such because the VW ID.7 Tourer, CUPRA Terramar, Škoda Elroq, Audi Q6 e-tron, and Porsche 911. Order consumption for all-electric autos was significantly sturdy, with a rise of 62 %. |
Outlook for the 12 months 2025 as of July 25, 2025
The Volkswagen Group expects gross sales income to be in step with the earlier 12 months’s determine (beforehand: improve of as much as 5 %). The Group’s working return on gross sales is anticipated to vary between 4.0 and 5.0 % (beforehand: 5.5 to six.5 %).
Within the Automotive Division, the Volkswagen Group continues to anticipate an funding ratio between 12 and 13 % in 2025. Automotive web money circulate for 2025 is anticipated to be between EUR 1 and EUR 3 billion (beforehand: EUR 2 to EUR 5 billion). This consists of money outflows for investments for the long run in addition to for restructuring measures. Internet liquidity within the Automotive Division in 2025 is anticipated to be between EUR 31 and EUR 33 billion (beforehand: EUR 34 to EUR 37 billion). The Group continues to pursue its goal of sustaining a stable financing and liquidity coverage.
On the decrease finish of the forecast ranges for working consequence, web money circulate and web liquidity, it’s assumed that particularly the present US import tariffs of 27.5 % will proceed to use within the second half of 2025; on the higher finish, it’s assumed that these tariffs might be diminished to 10 %. There’s excessive uncertainty about additional developments with regard to the tariffs, their impression and any reciprocal results.
Challenges will come up particularly from an surroundings of political uncertainty, increasing commerce restrictions and geopolitical tensions, the growing depth of competitors, unstable commodity, power and international alternate markets, and emissions-related necessities which were extra stringent because the starting of the 12 months.
Observe: Changes to the reporting logic from January 2025 will lead, amongst different issues, to a extra exact disclosure of the Automotive Division’s gross sales income. In mathematical phrases, this may result in a decrease funding ratio, specifically by 130 foundation factors to 13.0 % within the 2024 monetary 12 months. Based mostly on the adjusted reporting logic, we anticipate the funding ratio within the Automotive Division to scale back to between 12 and 13 % in 2025 and to round 10 % in 2027. For particulars, see web page 180 of the 2024 Annual Report.
Additional data on the model teams
CoreModel group Core achieved noticeable progress in value effectivity and recorded an working margin of 4.8 % within the first half of the 12 months. This constructive improvement confirms the path taken via restructuring initiatives, significantly on the Volkswagen model. Škoda achieved a robust working margin of 8.5 % and delivered by far the most effective quarterly end in its historical past with round EUR 740 million. |
ProgressiveModel group Progressive generated an working results of EUR 1.1 billion, formed by quite a few mannequin modifications in addition to bills for restructuring, U.S. import tariffs, and CO? compliance. The working margin got here in at 3.3 %. On the similar time, the Group is driving its realignment ahead via a complete product portfolio renewal and an settlement for the long run. |
Sport LuxuriousPorsche gross sales declined by 11 % to round 135,000 items, with the Macan remaining the best-selling mannequin. Gross sales income decreased by 9 % to EUR 16.1 billion. The working consequence declined to EUR 0.8 billion, primarily resulting from particular fees associated to battery actions, U.S. tariffs, and strategic realignment measures. |
TRATON GROUPWithin the first half of the 12 months, the business automobile enterprise of TRATON GROUP recorded a decline in unit gross sales resulting from continued buying reluctance in North America, weaker demand in Europe, and tough market circumstances in Brazil. Consequently, gross sales income fell by 7 % to approx. EUR 21.2 billion. The working consequence declined sharply by 39 % to EUR 1.2 billion, pushed by decrease volumes, larger mounted prices, and unfavorable forex results. |
LoveDue to the profitable supply of CARIAD software program to the Volkswagen Group manufacturers, CARIAD’s gross sales income elevated by approx. 30 % in contrast with H1 2024. The working consequence stood at EUR –1.2 billion, roughly in step with the prior 12 months. Earlier than restructuring bills associated to the transformation program, the consequence improved by approx. EUR 0.2 billion in contrast with H1 2024. |
Group MobilityThe working consequence reached EUR 1.8 billion, supported by improved margins and progress in new contracts and the contract portfolio. The complete-year steering is confirmed. |
Key figures Volkswagen Group
| Q2 | H1 | |||||||||||
| 2025 | 20241 | % | 2025 | 20241 | % | |||||||
| Quantity Information2 in 1000’s | ||||||||||||
| Deliveries to clients (items) | 2,272 | 2,244 | + 1.2 | 4,405 | 4,348 | + 1.3 | ||||||
| Car gross sales (items) | 2,263 | 2,260 | + 0.2 | 4,363 | 4,341 | + 0.5 | ||||||
| Manufacturing (items) | 2,325 | 2,340 | – 0.6 | 4,519 | 4,606 | – 1.9 | ||||||
| Workers (on Jun. 30, 2025/Dec. 31, 2024) | 667.2 | 679.5 | – 1.8 | |||||||||
| Monetary Information (IFRS), € million | ||||||||||||
| Gross sales income | 80,806 | 83,339 | -3.0 | 158,364 | 158,800 | – 0.3 | ||||||
| Working consequence | 3,834 | 5,427 | -29.4 | 6,707 | 9,979 | – 32.8 | ||||||
| Working return on gross sales (%) | 4.7 | 6.5 | 4.2 | 6.3 | ||||||||
| Earnings earlier than tax | 3,314 | 4,941 | -32.9 | 6,423 | 10,077 | – 36.3 | ||||||
| Return on gross sales earlier than tax (%) | 4.1 | 5.9 | 4.1 | 6.3 | ||||||||
| Earnings after tax | 2,291 | 3,599 | -36.3 | 4,477 | 7,278 | – 38.5 | ||||||
| Automotive Division | ||||||||||||
| Money flows from working actions | 5,714 | 8,999 | -36.5 | 10,410 | 12,074 | – 13.8 | ||||||
| Money flows from investing actions attributable to working activities3 | -6,237 | -6,094 | 2.3 | -11,760 | -11,706 | + 0.5 | ||||||
| Internet money circulate | -523 | 2,905 | – | -1,350 | 367 | – | ||||||
| Internet liquidity at Dec. 31 | 28,387 | 29,911 | – 5.1 | |||||||||
| Funding ratio | 11.6 | 11.5 | 11.4 | 12.3 |
1) Prior 12 months has been adjusted (see explanations to IAS 8).
2) The figures additionally embody the equity-accounted Chinese language joint ventures. Prior-year deliveries have been up to date to replicate subsequent statistical traits.
3) Excluding acquisition and disposal of fairness investments: Q2 EUR -5,563 (-5,462) million, January to June EUR -10,397 (-10,868) million.
Key figures by model group and enterprise area from January 1 to June 30
| Car gross sales | Gross sales income | Working consequence | Working margin | |||||||||||||
| Thousand autos/€ million | 2025 | 2024 | 2025 | 2024 | 2025 | 20241 | 2025 | 2024 | ||||||||
| Core model group | 2,527 | 2,494 | 72,480 | 69,051 | 3,455 | 3,405 | 4.8 | 4.9 | ||||||||
| Progressive model group | 574 | 539 | 32,573 | 30,939 | 1,087 | 1,982 | 3.3 | 6.4 | ||||||||
| Sport Luxurious model group2 | 135 | 152 | 16,138 | 17,695 | 832 | 2,904 | 5.2 | 16.4 | ||||||||
| Love | – | – | 564 | 426 | -1,172 | -1,182 | – | – | ||||||||
| Battery | – | – | 11 | 0 | -592 | -166 | – | – | ||||||||
| TRATON Industrial Autos | 153 | 161 | 21,195 | 22,738 | 1,245 | 2,050 | 5.9 | 9.0 | ||||||||
| Fairness-accounted firms in China3 | 1,242 | 1,265 | – | – | – | – | – | – | ||||||||
| Volkswagen Group Mobility | – | – | 29,362 | 27,514 | 1,811 | 1,374 | 6.2 | 5.0 | ||||||||
| Other4 | -267 | -269 | -13,959 | -9,563 | 40 | -387 | – | – | ||||||||
| Volkswagen Group | 4,363 | 4,341 | 158,364 | 158,800 | 6,707 | 9,979 | 4.2 | 6.3 | ||||||||
1) Prior 12 months has been adjusted.
2) Together with Porsche Monetary Providers: gross sales income EUR 18,157 (19,457) million, working consequence EUR 1,007 (3,061) million.
3) The gross sales income and working results of the equity-accounted firms in China aren’t included within the consolidated figures; the share of the working consequence generated by these firms amounted to EUR 506 (801) million.
4) Within the working consequence, primarily intragroup gadgets acknowledged in revenue or loss, particularly from the elimination of intercompany income;
the determine consists of depreciation and amortization of identifiable belongings as a part of buy worth allocation, in addition to firms not allotted to the manufacturers.
SOURCE: Volkswagen Group
