Volkswagen, quarter in the red. Cash alarm. Antlitz: cash flow close to zero
Estimates confirmed, but a year ago the Group was in profit by 1.6 billion. Porsche, the tariffs effect and electric vehicle launches are weighing heavily. The Nexperia (chip) emergency operational halt also looms large
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The Volkswagen Group closed the third quarter of 2025 with a negative operating result of EUR 1.3 billion, compared to a profit of EUR 2.8 billion in the same period of 2024. This is the first loss since the start of the pandemic. After six consecutive quarters of declining profits, the continent's leading manufacturer posted a net loss of EUR 1.07 billion in the third quarter compared to a profit of EUR 1.6 billion a year ago. This is the first loss since spring 2020, at the height of the Covid-19 crisis. This occurred despite a 2.3% year-on-year increase in sales to EUR 80.3 billion, driven by a 1% increase in global deliveries.
In comparison, the group posted a profit of EUR 1.6 billion in the same period last year.In the first nine months of the year, operating profit fell by 58% to EUR 5.4 billion, on revenues that grew slightly by 0.6% to EUR 238.7 billion. Net profit stood at EUR 3.4 billion (-61.5%), while the operating margin shrank to 2.3% (5.4% a year ago).
The quarter was significantly impacted by US trade tariffs and the restructuring of the Porsche brand, which together generated extraordinary expenses of EUR 7.5 billion, including goodwill write-downs and realignment of product strategy. Theramp-up of electric models, which are characterised by lower margins than conventional engines, also weighed heavily.
In detail, the Porsche brand, the flagship of the sports and luxury car division, posted an operating loss of 228 million (profit of 3.8 billion in 2024), with revenues down 7.9% to 23.8 billion. The main causes: the slowdown in China, costs related to the strategic repositioning on electric cars, and the impact of US tariffs.
However, for the full year 2025 the leading European car manufacturer confirms its forecast of an operating margin of between 2 and 3 per cent, with revenues in line with 2024 and net liquidity in the region of EUR 30 billion. In an increasingly complex global environment, the German group is trying to stay the course, balancing the electric transition with the need for stringent financial discipline. All this under the sword of Damocles of the new chip crisis (see below).
