Volkswagen CEO Oliver Blume: U.S. Tariff Policy Has Cost the Group Billions of Euros

On September 9th, it was reported that during the Munich Auto Show, Volkswagen Group CEO Oliver Blume stated that the tariffs imposed by the United States have cost the company billions of euros.

Aubomu said: We do not discuss specific figures, because it depends not only on the agreements between Europe and the United States but also on the impact of the USMCA (United States-Mexico-Canada Agreement). We will calculate at the end, but as of now, the tariffs imposed by the United States have caused us losses of several billion euros on our balance sheet this year.

The future development of tariff policies is critical for the company. Like its competitors, Volkswagen is still waiting for the current U.S. import tariff on automobiles to be reduced from the current 27.5% to 15%. The current high tariffs have had a particularly severe impact on the company's Porsche and Audi brands, as neither of these brands have production facilities in the United States.

Obomu stated that Volkswagen is in discussions with the U.S. government regarding tax incentives for planned investment projects. This includes Audi's potential plan to establish a local manufacturing plant in the United States, with relevant decisions expected to be finalized by the end of this year.

It is understood that since early April, the U.S. government has implemented a 25% tariff policy on imported automobiles, a move that has had a significant impact on the European automotive industry.

Previously, only a 2.5% tariff was imposed on cars produced in Europe, but now the total tariff has reached 27.5%. As a result, in the first half of 2025, the number of new cars shipped from the Port of Antwerp-Bruges to the United States decreased by 15.9% year-on-year.

Although the U.S. government later reached an agreement with the EU in Brussels to reduce the import tariff on EU cars from 27.5% to 15% starting August 1, it is still much higher than last year's 2.5%.