Autoindustrie Milliardenverlust: Volkswagen verkündet neue Horrorzahlen

Volkswagen Group reported an operating loss of 5.86 billion euros for the third quarter of 2025, marking its worst quarterly performance in over a decade. The German automaker disclosed the figures on Thursday, attributing the majority of the deficit to non-cash writedowns associated with its stake in Porsche. Revenue declined by 6.3 percent year-on-year to 75.3 billion euros. Unit deliveries dropped approximately 15 percent, reflecting a deliberate reduction in production volumes to align with weakening global demand. This represents a sharp reversal from the previous year, when the group recorded an operating profit of 1.3 billion euros during the same period. The primary driver of the loss was a 6.4 billion euro impairment charge on the value of Porsche shares. Porsche, which listed on the stock exchange in late 2022, has seen its share price fall by nearly half since then. The writedown reflects lowered expectations for the sports car manufacturer’s future business development. While this accounting adjustment does not involve an immediate cash outflow, it significantly reduced the group’s bottom line. Total special items for the quarter amounted to 7.8 billion euros according to some filings, while other reports cited 8.7 billion euros for the nine-month period, with the Porsche charge being the largest component. Beyond the one-off charges, the group faces structural pressures in its core markets. Sales in China, traditionally a vital growth engine, collapsed by 38.5 percent in the third quarter. The company sold just under 406,000 vehicles in the region during the three-month period. Year-to-date declines in China exceed 30 percent. Executives cited intense competition from local Chinese manufacturers, particularly in the electric vehicle segment, alongside weaker consumer demand. Globally, the group delivered 1.89 million vehicles in the quarter, a decrease of 14.3 percent compared to the same period last year. For the first nine months of the year, Volkswagen generated an operating profit of merely 100 million euros, down drastically from 5.4 billion euros in the corresponding period of 2024. Excluding special items, the operating margin stood at 3.8 percent. Chief Financial Officer Arno Antlitz stated in a written release that this margin is insufficient to fund necessary investments in the company’s future. He emphasized the urgency of the situation, saying, "We cannot afford to lose any time. We must act quickly and decisively." The group’s outlook for the full year has been revised downward. Volkswagen now projects an operating margin of no more than 1 percent for 2025, a significant drop from initial targets of 4 to 5.5 percent. Total revenue for the year is expected to reach approximately 315 billion euros. Despite the decline in volume, order intake for new cars rose by 4 percent year-on-year, with orders for battery electric vehicles surging by 39 percent. However, management noted that profit margins on electric vehicles remain below those of comparable internal combustion engine models, adding pressure to the balance sheet. In response to these challenges, CEO Oliver Blume is overseeing a comprehensive restructuring plan aimed at cutting costs by roughly 31 billion euros. The strategy involves shrinking the model portfolio, streamlining administrative structures, and reducing production costs. A central element of this plan is a workforce reduction of up to 100,000 jobs globally. This target combines previously agreed cuts of around 50,000 positions with an additional 50,000 roles identified in a September supervisory board decision. The reductions will be achieved through layoffs and by not backfilling vacancies created by retirements or departures. Specific manufacturing sites face uncertain futures. Volkswagen indicated that it cannot guarantee economically viable successor production for plants in Emden, Zwickau, Hanover, and Neckarsulm between 2031 and 2034. The company is exploring alternative uses for these facilities. Concurrently, European production capacity is set to shrink by 500,000 units annually. Factory closures remain a possibility as the group seeks to right-size its operations. Market reaction to the earnings announcement was mixed. Volkswagen shares had already hit multi-decade lows prior to the release due to prolonged negative news flow regarding job cuts and production adjustments. On Thursday, the stock initially dipped at the open but subsequently recovered. By midday in Frankfurt, shares had gained 2 percent relative to the start of trading on the DAX index. Investors appeared to focus on the clarity of the cost-cutting measures despite the magnitude of the reported loss. The broader context includes shifting geopolitical dynamics and trade policies. Rising tariffs imposed by the United States under President Donald Trump have added unpredictability to export costs. Additionally, the transition to electric mobility presents technical and financial hurdles, with slower-than-expected adoption rates affecting return on investment. Industry analysts suggest that without decisive factory closures and automation upgrades in Europe, the group may struggle to halt its slide against cheaper competitors from Asia. The current crisis highlights deep-seated structural issues within the European automotive sector, where high labor and energy costs collide with aggressive pricing strategies from emerging rivals. German President Frank-Walter Steinmeier visited a Volkswagen research lab in China earlier this week during a state trip, underscoring the political importance of maintaining ties with the country that accounts for a large share of the group’s historical sales. However, the recent data suggests that this relationship is becoming increasingly strained by market forces. As the group moves forward, the execution of its 31 billion euro savings program will be critical. Failure to achieve the targeted margins could further jeopardize the viability of several legacy production sites, leaving regional economies dependent on the automaker facing significant economic disruption. The coming quarters will test whether the proposed austerity measures can stabilize the group before deeper structural damage occurs.