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Volkswagen:Quarterly Results/2025 Q2: Difference between revisions
→Q2 2025 earnings call summary
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* Increasing BEV share will continue being a headwind. | * Increasing BEV share will continue being a headwind. | ||
* Outlook will also be impacted by the US tariffs. | * Outlook will also be impacted by the US tariffs. | ||
* At 27.5% tariff level, a headwind of 200 basis points is guided before any mitigation measures. | * At 27.5% tariff level, a headwind of 200 basis points is guided before any mitigation measures (e.g. price increases). | ||
* At 10% tariff level, a headwind of 60 basis points is guided before any mitigation measures. | * At 10% tariff level, a headwind of 60 basis points is guided before any mitigation measures. | ||
* '''Antlitz said if we end up at 15% tariff for both EU and Mexico, then we would end up at the middle of the guidance (Q&A).''' | * '''Antlitz said if we end up at 15% tariff for both EU and Mexico, then we would end up at the middle of the guidance (Q&A).''' | ||
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* Antlitz said they expect cash flow tailwind in the second half of the year due to seasonality surrounding production (Q&A). | * Antlitz said they expect cash flow tailwind in the second half of the year due to seasonality surrounding production (Q&A). | ||
*'''Q2 was a peak for the Volkswagen brand core when it comes to operating margin due to slight positive effect from China and Q3 being impacted by summer production shutdowns. But they are on good tract to achieve the 4% target for 2025 (Q&A).''' | *'''Q2 was a peak for the Volkswagen brand core when it comes to operating margin due to slight positive effect from China and Q3 being impacted by summer production shutdowns. But they are on good tract to achieve the 4% target for 2025 (Q&A).''' | ||
*'''Antlitz said second half underlying operating profit is expected to be roughly on par with the first half (EUR 9 billion) (Q&A).''' | |||
==== Products ==== | ==== Products ==== | ||
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*Expect to dispose some non-controlling interests. Benefits of this is not expected this year (Q&A). | *Expect to dispose some non-controlling interests. Benefits of this is not expected this year (Q&A). | ||
*Audi restructuring (7,500 job cuts) is slightly behind on schedule but benefits will kick in in the coming quarters (Q&A). | *Audi restructuring (7,500 job cuts) is slightly behind on schedule but benefits will kick in in the coming quarters (Q&A). | ||
*First signs of product cost reduction are being seen in Germany, not | *First signs of product cost reduction are being seen in Germany, not the magnitude planned but significant progress (Q&A). | ||
=== Tariffs === | === Tariffs === | ||