London, July 25, 2025 , (Oilandgaspress) –––Slight growth in vehicle sales and a significant increase in sales revenue at Financial Services; currency effects had an offsetting impact. €158.4 billion sales revenue in H1 2025, roughly in line with prior-year level (H1 2024: EUR 158.8 billion) . €6.7 billion Operating Result in H1 2025, 33% below H1 2024 (EUR 10 billion); Operating Margin of 4.2%
Decline in Operating Result primarily due to high costs from increased U.S. import tariffs (EUR 1.3 billion), provisions for restructuring at Audi, Volkswagen Passenger Cars, and Cariad (EUR 0.7 billion), and expenses related to CO₂ regulation. Negative mix effects also weighed on the result, for example due to a higher share of fully electric vehicles as well as price and currency effects. Before increased US tariffs and restructuring, the operating margin was 5.6 percent. –1.4 billion EUR Net Cash Flow in the Automotive Division in H1 2025 (H1 2024: EUR 0.4 billion)
In addition to the developments of the operating result, the main drivers of the lower Net Cash Flow were M&A expenditures, including EUR 0.9 billion for the acquisition of additional Rivian shares, as well as payments related to restructuring measures and U.S. import tariffs. A lower level of cash tied up in working capital had a positive effect compared to the prior year period. 4.36 million vehicle sales in H1 2025, slightly above H1 2024 (4.34 million vehicles)
Order intake for vehicles in Western Europe rises by 19% in H1 2025
Growth in South America (+19 %), Western Europe (+2 %) and Central and Eastern Europe (+5 %) more than compensated for the expected declines in China (–3 %) and, mainly due to tariffs, North America (–16 %).
Significant year-on-year increase in incoming orders in Western Europe. Key drivers were new models across all drive types, such as the VW ID.7 Tourer, CUPRA Terramar, Škoda Elroq, Audi Q6 e-tron, and Porsche 911. Order intake for all-electric vehicles was particularly strong, with an increase of 62 percent.
The Volkswagen Group expects sales revenue to be in line with the previous year’s figure (previously: increase of up to 5 percent). The Group’s operating return on sales is expected to range between 4.0 and 5.0 percent (previously: 5.5 to 6.5 percent).
In the Automotive Division, the Volkswagen Group continues to expect an investment ratio between 12 and 13 percent in 2025. Automotive net cash flow for 2025 is expected to be between EUR 1 and EUR 3 billion (previously: EUR 2 to EUR 5 billion). This includes cash outflows for investments for the future as well as for restructuring measures. Net liquidity in the Automotive Division in 2025 is expected to be between EUR 31 and EUR 33 billion (previously: EUR 34 to EUR 37 billion). The Group continues to pursue its objective of maintaining a solid financing and liquidity policy.
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