Europe · Business news · Corporate · 24 Jul 2026
EU Consumer Discretionary Industrials
Volkswagen Group reported first-half sales revenue of €158.1bn, down 0.2%, and an operating result of €5.9bn, 11.6% below a year earlier, for a 3.8% operating margin. About €0.5bn of the decline came from ending US production of the ID.4. Vehicle sales fell 8.4% to 4.0 million as China dropped 31.6%, partly offset by growth in Western Europe (+1.3%) and South America (+5.2%). The group now sees 2026 revenue between -3% and 0% against the prior year (previously 0% to +3%) and kept its 4.0–5.5% operating margin range. Its European order bank was 12% above the end of 2025, with battery-electric orders up more than 50%.
Volkswagen is Europe's largest carmaker, and its numbers describe conditions shared by BMW, Mercedes-Benz, Stellantis and Renault and by parts suppliers whose volumes follow its production plans. The exposure is through China unit sales, where the group's deliveries fell by almost a third, and through pricing in Europe, where its finance chief said Chinese competitors are increasing exports. Management said current measures are not sufficient and that it has to lower its cost base faster, which bears on supplier contracts and plant employment. The outlook assumes the present tariff situation stays unchanged.
Reported by Volkswagen Group — “Volkswagen Group stays on track in challenging environment and expects improved margin in the second half of the year” ↗ on 24 Jul 2026.
Official series on 24 Jul 2026 or the last day before it, and the latest observation.
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