July 25 (UPI) -- Volkswagen said Friday its year-over-year operating profit fell by $1.84 billion in the second quarter, as the German automaker navigates the effects of tariffs imposed by U.S. President Donald Trump.
The company, headquartered in Wolfsburg, Germany, released its latest financial results Friday, showing a second-quarter operating profit of $4.49 billion, down from $6.33 billion during the same quarter last year, a 29% decline.
"Our half-year figures present a contrasting picture: on the one hand, we achieved strong product success and made progress in realigning the company," Arno Antlitz, who serves as the company's chief operating officer and chief financial officer, said in the statement Friday.
"On the other, the operating result declined by a third year-on-year -- also due to higher sales of lower-margin all-electric models. In addition, increased U.S. import tariffs and restructuring measures had a negative impact. Excluding these items, the operating margin in the second quarter is at nearly 7%, representing the upper end of our expectations."
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