“Pushed by the success of our new merchandise, Volkswagen Group held its floor in an especially difficult setting. We made noticeable enhancements in design, know-how, and high quality, and achieved vital progress in software program. Our gross sales figures stay steady in a aggressive world market. In Europe we expanded our main place in electrical mobility, with a market share of 28 p.c and order books stay properly crammed.
Supported by our ongoing product offensive and constantly good demand, we count on the optimistic pattern to proceed in second half of the yr.”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 end result declined by a 3rd year-on-year – additionally as a consequence of increased gross sales of lower-margin all-electric fashions. As well as, elevated US import tariffs and restructuring measures had a detrimental impression.
Excluding this stuff, the working margin within the second quarter is at almost seven p.c, representing the higher finish of our expectations. This exhibits 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 packages to enhance earnings and choose up the tempo the place essential.”
Arno Antlitz, CFO & COO Volkswagen Group
Key Figures
| 158.4 billion EUR gross sales income in H1 2025, roughly consistent with prior-year degree (H1 2024: EUR 158.8 billion) |
Slight progress in automobile gross sales and a major improve in gross sales income at Monetary Companies; foreign money results had an offsetting impression. |
| 6.7 billion EUR Working Consequence in H1 2025, 33% beneath
H1 2024 (EUR 10 billion); Working Margin of 4.2% |
Decline in Working Consequence primarily as a consequence of 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 CO₂ regulation. Destructive combine results additionally weighed on the end result, for instance as a consequence of a better share of totally electrical autos in addition to value and foreign money results. Earlier than elevated US tariffs and restructuring, the working margin was
5.6 p.c. |
| –1.4 billion EUR Internet Money Circulate within the Automotive Division in H1 2025 (H1 2024: EUR 0.4 billion) |
Along with the developments of the working end result, the primary drivers of the decrease Internet Money Circulate have been M&A expenditures, together with EUR 0.9 billion for the acquisition of further Rivian shares, in addition to funds associated to restructuring measures and U.S. import tariffs. A decrease degree of money tied up in working capital had a optimistic impact in comparison with the prior yr interval. |
| 4.36 million automobile gross sales
in H1 2025, barely above H1 2024 (4.34 million autos) |
Development in South America (+19 %), Western Europe (+2 %) and Central and Jap Europe (+5 %) greater than compensated for the anticipated declines in China (–3 %) and, primarily as a consequence of tariffs, North America (–16 %). |
| Order consumption for autos in Western Europe rises by 19% in H1 2025 |
Vital year-on-year improve in incoming orders in Western Europe. Key drivers have been new fashions throughout all drive varieties, 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 notably sturdy, with a rise of 62 p.c. |
Outlook for the yr 2025 as of July 25, 2025
The Volkswagen Group expects gross sales income to be consistent with the earlier yr’s determine (beforehand: improve of as much as 5 p.c). The Group’s working return on gross sales is predicted to vary between 4.0 and 5.0 p.c (beforehand: 5.5 to six.5 p.c).
Within the Automotive Division, the Volkswagen Group continues to count on an funding ratio between 12 and 13 p.c in 2025. Automotive internet money circulation for 2025 is predicted 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 predicted 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 strong financing and liquidity coverage.
On the decrease finish of the forecast ranges for working end result, internet money circulation and internet liquidity, it’s assumed that particularly the present US import tariffs of 27.5 p.c will proceed to use within the second half of 2025; on the higher finish, it’s assumed that these tariffs can be decreased to 10 p.c. 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 setting of political uncertainty, increasing commerce restrictions and geopolitical tensions, the rising depth of competitors, risky commodity, power and international trade markets, and emissions-related necessities which have been extra stringent for the reason that starting of the yr.
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, it will result in a decrease funding ratio, specifically by 130 foundation factors to 13.0 p.c within the 2024 monetary yr. Primarily based on the adjusted reporting logic, we count on the funding ratio within the Automotive Division to scale back to between 12 and 13 p.c in 2025 and to round 10 p.c 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 yr. This optimistic growth confirms the path taken by way of restructuring initiatives, notably on the Volkswagen model. Škoda achieved a robust working margin of 8.5 % and delivered by far the perfect quarterly end in its historical past with round EUR 740 million.
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ProgressiveModel group Progressive generated an working results of EUR 1.1 billion, formed by quite a few mannequin adjustments in addition to bills for restructuring, U.S. import tariffs, and CO₂ compliance. The working margin got here in at 3.3 %. On the identical time, the Group is driving its realignment ahead by way of a complete product portfolio renewal and an settlement for the long run.
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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 end result declined to EUR 0.8 billion, primarily as a consequence of particular costs associated to battery actions, U.S. tariffs, and strategic realignment measures.
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TRATON GROUPWithin the first half of the yr, the business automobile enterprise of TRATON GROUP recorded a decline in unit gross sales as a consequence of continued buying reluctance in North America, weaker demand in Europe, and tough market circumstances in Brazil. Because of this, gross sales income fell by 7 % to approx. EUR 21.2 billion. The working end result declined sharply by 39 % to EUR 1.2 billion, pushed by decrease volumes, increased fastened prices, and detrimental foreign money results.
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CARIADBecause of 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 end result stood at EUR –1.2 billion, roughly consistent with the prior yr. Earlier than restructuring bills associated to the transformation program, the end result improved by approx. EUR 0.2 billion in contrast with H1 2024. |
Group MobilityThe working end result reached EUR 1.8 billion, supported by improved margins and progress in new contracts and the contract portfolio. The total-year steering is confirmed.
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Key figures Volkswagen Group
| Q2 | H1 | |||||||||||
| 2025 | 20241 | % | 2025 | 20241 | % | |||||||
| Quantity Information2 in hundreds | ||||||||||||
| Deliveries to prospects (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 end result | 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 circulation | -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 yr has been adjusted (see explanations to IAS 8).
2) The figures additionally embrace the equity-accounted Chinese language joint ventures. Prior-year deliveries have been up to date to mirror subsequent statistical developments.
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 discipline from January 1 to June 30
| Car gross sales | Gross sales income | Working end result | 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 | ||||||||
| CARIAD | – | – | 564 | 426 | -1,172 | -1,182 | – | – | ||||||||
| Battery | – | – | 11 | 0 | -592 | -166 | – | – | ||||||||
| TRATON Industrial Automobiles | 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 yr has been adjusted.
2) Together with Porsche Monetary Companies: gross sales income EUR 18,157 (19,457) million, working end result EUR 1,007 (3,061) million.
3) The gross sales income and working results of the equity-accounted firms in China will not be included within the consolidated figures; the share of the working end result generated by these firms amounted to EUR 506 (801) million.
4) Within the working end result, primarily intragroup objects acknowledged in revenue or loss, particularly from the elimination of intercompany income;
the determine consists of depreciation and amortization of identifiable property as a part of buy value allocation, in addition to firms not allotted to the manufacturers.
SOURCE: Volkswagen Group
