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Volkswagen Posts 1-Billion-Euro Loss on Tariffs, Porsche Woes
Volkswagen's €1.07 billion Q3 loss stems from US tariffs costing €5 billion annually, Porsche's delayed EV rollout, and chip shortages, marking its first quarterly loss in five years.
- Volkswagen booked a €1 billion loss due to US tariffs and a strategy reversal at Porsche regarding electric vehicles.
- Porsche, once Volkswagen's most profitable brand, has become a source of strain amid sluggish demand for electric sports cars and growing competition in China.
- The Volkswagen group's net profit shrank more than 60% to €3.4 billion from €8.8 billion last year due to higher tariffs, adjusting the product strategy at Porsche, and write-downs to Porsche's value.
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In the third quarter, due to Porsche's problems, the VW Group slipped deeply into the red. As the Wolfsburg-based company announced, a loss of 1.07 billion euros occurred between July and September.
·Germany
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In the third quarter, VW writes red figures - mainly because of Porsche and new US tariffs. How the austerity program works and what challenges are still ahead.
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Volkswagen posts 1-billion-euro loss on tariffs, Porsche woes
Volkswagen reported its first quarterly loss for five years Thursday, topping one billion euros, as the German auto giant struggles with US tariffs and a troubled electric shift at subsidiary Porsche.
Coverage Details
Total News Sources96
Leaning Left8Leaning Right16Center20Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 18%
C 46%
R 36%
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