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Edge12 Jul 2023
The Porsche Family’s Race to the Top
Porsche's history, the family's wealth, the connections to Volkswagen, and how this German-Austrian dynasty traces back to pre-World War II Germany.
Volkswagen (VOW) investor relations material
Volkswagen Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary25 Jul, 2025
Executive summary
Sales revenue for H1 2025 was €158.4B, flat year-over-year, with operating result down by a third to €6.7B due to US tariffs, restructuring, and CO2 provisions.
Operating margin was 4.2%, within guidance, but full-year outlook was lowered to 4.0–5.0% due to tariff headwinds.
Deliveries increased 1–1.3% to 4.4M units, driven by Europe and South America, offset by declines in China and North America.
BEV deliveries surged 46.7–47% to 465,000 units (10.6–11% of group), with Western Europe BEV share doubling and order intake up 62%.
Major restructuring underway, with over 4,000 employees departed and 20,000 more contractually agreed; annual savings expected over €4B.
Financial highlights
Operating result declined 33% year-over-year to €6.7B; net cash flow in Automotive sector was -€1.4B for H1.
Profit before tax fell 36% to €6.4B; profit after tax dropped 38% to €4.5B; EPS down 36% to €8.0.
Net liquidity in Automotive business decreased by €6B to €28.4B at Q2 end.
Special effects totaled -€2.2B in H1, mainly from restructuring, US tariffs, and diesel provisions.
R&D investment in Automotive declined to €16.3B (11.4% of sales revenue).
Outlook and guidance
Full-year revenue expected at previous year's level; operating margin forecasted at 4.0–5.0% depending on US tariff scenarios.
CapEx ratio in Automotive to remain 12–13%; net cash flow expected at €1–3B, including €2B in restructuring cash outs.
Net liquidity forecasted at €31–33B; guidance reflects possible mitigation measures and seasonality.
Margin impact of US tariffs: 200bps at 27.5% tariffs, 60bps at 10% tariffs, 100bps at 15% tariffs.
Guidance assumes US import tariffs of 27.5% continue; reduction to 10% would improve results.
How did US import tariffs impact operating result?
Why did Automotive Division's net cash flow decline?
What is the outlook for commercial vehicle sales?
Quantify EBIT/FCF impact of a 15% tariff.
How will VW mitigate permanent tariff burdens?
Assess VW's robotaxi competitiveness.
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Next Volkswagen earnings date
Pre-Close Call13 Oct, 2025
Next Volkswagen earnings date
Pre-Close Call13 Oct, 2025
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Frequently asked questions
Das Auto
Volkswagen AG, recognized globally for its iconic "VW" logo, is one of the most well-known automotive manufacturers in the world. Founded in 1937 and headquartered in Wolfsburg, Germany, Volkswagen has grown to be a leading global automotive company. With a wide array of vehicle models and brands under its umbrella, Volkswagen’s portfolio ranges from economy vehicles to luxury cars and commercial vehicles.
The People’s Car
Volkswagen's inception was rooted in the desire to create a car that was affordable and practical for the German public. The result was the creation of the "Volkswagen," literally translated as the "people's car." The first model produced was the now-iconic Volkswagen Beetle, a car that is synonymous with the brand and one of the best-selling cars of all time. Over the years, Volkswagen expanded its product line, introducing classic models such as the Golf, Polo, and Passat, each finding significant success in global markets.
Global Reach and Diverse Portfolio
Today, Volkswagen is a brand rooted in Europe but with an extensive network of manufacturing and assembly facilities that span the globe, with plants in more than 27 countries. Apart from its core Volkswagen Passenger Cars brand, the Volkswagen Group also owns several high-profile automotive brands, including Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, and more. The company also owns several brands operating toward commercial customers with names such as MAN and Scania under their ownership. This means that regardless of whether a customer is looking for a high-performance supercar or a family vehicle, Volkswagen has several models available under its umbrella. Operating as a conglomerate is nothing unique in the automotive industry, and examples of this include Stellantis and General Motors.
The Future of The Industry
Volkswagen has always been committed to innovation and technology in its pursuit to create advanced vehicles. The company invests heavily in Research & Development, working on the continuous improvement of its internal combustion engines, while also focusing on the development of innovative and sustainable drive technologies. Like the rest of the automobile industry, Volkswagen will need to transform its business for an electrified future. This is something that they have begun to do, most notably with their line of “ID” models.
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