Volkswagen has swung to its first quarterly loss since the start of the coronavirus pandemic and warned of an annual tariff hit of up to €5bn after luxury brand Porsche made costly adjustments to its electric-vehicle plans.
The estimated tariff burden would make Europe’s largest carmaker one of the hardest hit by President Donald Trump’s trade war. US rivals GM and Ford recently forecast less exposure in 2025 to tariffs than previously estimated.
The group recorded an operating loss of €1.3bn in the third quarter, from a €2.8bn profit in the same three-month period last year, it said on Thursday. Analysts expected a loss of €1.7bn, according to a forecast compiled by Visible Alpha.
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