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Source: AFP
German car elephantine Volkswagen said Wednesday that tariffs connected car imports into the United States ordered by President Donald Trump had dragged down its archetypal 4th operating profit.
Europe's largest car shaper said its operating nett successful the archetypal 3 months of 2025 fell to 2.8 cardinal euros ($3.1 billion) from 4.6 cardinal euros successful the aforesaid play past year.
The effect "deviates significantly" from marketplace expectations that operating nett would travel successful astatine astir 4 cardinal euros, Volkswagen said successful a statement.
The steep driblet was owed to one-off impacts which totalled 1.1 cardinal euros, the radical said.
These included 600 cardinal euros successful provisions related to the European Union's emissions targets for car manufacturers and different 200 cardinal euros to restructure Volkswagen's struggling bundle unit.
In addition, Volkswagen said it felt a 300 cardinal euro interaction from adjustments successful "provisions for the diesel issue" and a constitute down successful the outgo of "vehicles successful transit successful transportation with the import duties introduced successful the United States astatine the opening of April".
Trump past period announced a 25-percent tariff connected autos imported to the United States, which is the fig 1 destination for German car exports.
Volkswagen -- a 10-brand radical which besides includes Audi, Porsche, Seat and Skoda -- sold conscionable implicit 1 cardinal vehicles successful North America past year, 12 percent of its income by volume.
About 65 percent of the cars it sells nether the Volkswagen marque are shipped into the United States. The fig rises to 100 percent for its high-end Audi and Porsche brands.
The deed to Volkswagen's operating nett came contempt the group's income gross for the archetypal 4th rising to 78 cardinal euros from 75.5 cardinal euros successful 2024, an summation of 3 percent.
The Wolfsburg-based radical kept its outlook for 2025, but noted that "announced accrued import tariffs, peculiarly successful the United States of America, are inactive not included successful the forecast".
The omission was down to the information that "the effects and their interactions cannot beryllium conclusively assessed astatine present".
Volkswagen, which has struggled with overseas competition, said it presently expected income gross to summation 5 percent implicit the afloat twelvemonth successful 2025.
The car radical volition people its afloat results for the archetypal 4th connected March 31.
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Source: AFP
