Volkswagen reiterated its 2025 guidance but now expects results to come in at the lower end of the range
- Volkswagen Group reiterated its 2025 guidance: revenue is expected to grow by 5%; operating return on sales is forecast between 5.5% and 6.5%; automotive net cash flow is projected between €2.0 billion and €5.0 billion; and Automotive Division net liquidity is expected to range between €34 billion and €37 billion.
- However, the company now expects outcomes at the lower end of each guidance range, citing developments up to April 28, 2025.
- Importantly, the guidance does not yet reflect the potential impact of U.S. tariffs.
- Volkswagen shares shed 3% following the report.
Assessment
The reduced guidance was largely anticipated after Porsche lowered its outlook. However, it’s surprising to see the market reacting to it now.