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New York Times
15 minutes ago
- New York Times
Volkswagen Hit Hard by Trump's Tariffs
Volkswagen's profit dropped by a third in the first half of the year, the German auto giant said on Friday, dragged down by the tough market for electric cars and President Trump's tariffs. The carmaker was the latest in Europe to report a dent in earnings because of the 25 percent additional tariff imposed by Mr. Trump on cars imported to the United States, following Stellantis and Volvo Cars. Volkswagen said that tariffs cost it 1.3 billion euros ($1.5 billion) in the first six months of the year, leading to a 33 percent decline in operating profit, to €6.7 billion. The company's revenue was roughly the same as the previous year. One bright spot was an increase in the number of cars delivered in Europe, where Volkswagen has overtaken Tesla as the market leader in electric vehicles. Arno Antlitz, Volkswagen's chief financial officer, said it was a 'mixed picture,' citing the contrast between the resonance among car buyers for its newest models and the general challenges that are electric cars are facing, along with the drag of tariffs. European carmakers have been squeezed since Mr. Trump imposed steep tariffs on imported vehicles. Automakers rely on global supply chains, making them vulnerable to increased import taxes. A 50 percent U.S. tariff on steel and aluminum — essential materials for car production — added further strain. Want all of The Times? Subscribe.
News24
15 minutes ago
- News24
Volkswagen takes R27bn global hit from Trump tariffs
For more financial news, go to the News24 Business front page. German auto giant Volkswagen said Friday that tariffs imposed by US President Donald Trump had cost it 1.3 billion (R27 billion) euros in the first half of the year as it reported falling profit. Overall net profit fell 38.5 percent year-on-year during the period to hit 7.28 billion euros (R150 billion). Higher-sales of lower-margin electric vehicles (EVs) as well as restructuring costs hit the result in addition to the tariffs, Volkswagen said. Finance chief Arno Antlitz said Volkswagen was nevertheless "on the right track" and that performance was at the "upper end of expectations", if tariffs and restructuring costs are excluded. The firm struck an unprecedented deal with unions last December to cut 35 000 jobs in Germany by 2030 as part of plans to save 15 billion euros a year. The 10-brand group also cut its revenue and profit outlook, warning of "political uncertainty and increased barriers to trade" for the remainder of the year. It now forecasts a profit margin for the year of between 4 and 5 percent, down from 5.5 to 6.5 percent previously, amounting to billions of euros for the firm. The range assumes that the United States will continue to levy tariffs of 10 percent on imported cars in the best case and stick to its current rate of 27.5 percent in the worst, Volkswagen said. Volkswagen's previous guidance, released in April shortly after new US tariffs took effect, did not take the increased duties into account. Sales by volume in North America fell 16 percent "mainly due to tariffs" in the first half even as they rose slightly worldwide, Volkswagen said. Trump in April slapped an additional 25-percent levy on imported cars as part of an aggressive trade policy he says will help boost US manufacturing. That has hit European carmakers. French group Stellantis - whose brands include Jeep, Citroen and Fiat - said on Monday that North American vehicle sales by volume plunged 25 percent in the second quarter of the year. US and European Union diplomats are currently negotiating ahead of the latest deadline set by Trump, with Trump threatening a blanket duty of 30 percent after August 1 if no agreement is reached.
Yahoo
an hour ago
- Yahoo
Luigi de Vecchi to Join Evercore's European Advisory Practice as Firm Continues to Build in Europe
LONDON, July 25, 2025--(BUSINESS WIRE)--Evercore (NYSE: EVR) announced today that Luigi de Vecchi will be joining the firm in September 2025 as senior managing director and chairman of its continental European advisory business. He will be based in Milan, Italy, where Evercore is in the process of opening an office. Mr. de Vecchi brings over 35 years of investment banking experience to Evercore and has advised on some of Europe and Italy's largest and most high-profile transactions. At Evercore, he will spearhead the buildout of the firm's presence in Italy, and Europe more broadly. He will work in close partnership with Evercore's existing team in Paris, focusing on the firm's large European and global strategic clients. "I am delighted to join Evercore and collaborate with such a talented group of like-minded, exceptional professionals. I am eager to contribute to the firm's ambitious growth plans in Europe and beyond," said Mr. de Vecchi. Matthew Lindsey-Clark, co-head of Evercore's EMEA investment banking business, said, "Luigi brings a wealth of experience and senior strategic relationships that complement Evercore's already strong presence across Europe as well as the firm's expansion plans going forward." Mr. de Vecchi joins Evercore from Citigroup, where he was chairman of continental Europe for corporate and investment banking. Prior to joining Citi in 2012, he was global co-head of investment banking at Credit Suisse, and previously worked at Goldman Sachs and Kleinwort Benson. Mr. de Vecchi received his MA in Business Studies and Economics from the L.U.I.S.S. University in Rome, where he is currently a finance professor and member of the advisory board. He is chairman of Fondazione Sylva, a charity focused on reforestation, and a member of the advisory board of both Save the Children Italia and Fondazione Nuovo Millennio. About EvercoreEvercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic and financial significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings and capital structure. Evercore also assists clients in raising public and private capital, delivers equity research and equity sales and agency trading execution, and provides wealth and investment management services to high-net-worth and institutional investors. Founded in 1995, the firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit View source version on Contacts Business Contact:Matthew Lindsey-ClarkCo-head of Evercore's EMEA Investment Banking businessCommunications@ Media Contact:FGS GlobalEvercore-Europe@ Jamie EastonGlobal Head of Communications & External AffairsCommunications@ Investor Contact: Katy HaberHead of Investor Relations & ESGInvestorRelations@
