Interim Report
January – September 2025

“In the first nine months of the year, we have seen a mixed picture. On the one hand, there is the market success of our combustion engine and electric vehicles. The product offensive is paying off: In Europe, every fourth electric car comes from the Volkswagen Group. And we are continuing to make good progress with restructuring. On the other hand, the financial result is significantly weaker compared to the previous year. This is partly due to the ramp-up of lower-margin electric vehicles. Additionally, we recorded charges of 7.5 billion EUR, primarily from increased tariffs, the adjustment of the product strategy at Porsche, and a goodwill impairment at Porsche. Excluding these charges, the Group operating margin is 5.4 percent – at first glance a respectable figure in the current economic environment. But increased trading tariffs and the resulting negative volume effects burden us by up to 5 billion EUR on a full-year basis. Those effects will continue to persist – and that is why we must rigorously implement the performance programs in place, push forward efficiency measures and develop new approaches. Our focus will be – among others - on the targeted use of our scale and exploiting synergies within the Group even more effectively.”