大众汽车第三季度税后亏损58亿欧元。保时捷64亿欧元的减值计提导致了这一亏损。在华销量萎缩、美国进口关税以及电动汽车利润率下降也加剧了亏损。去年同一季度，亏损为11亿欧元。
Volkswagen lost €5.8bn after tax in the third quarter. A €6.4bn write-down on Porsche drove the loss. Shrinking sales in China, US import tariffs and thinner margins on electric cars added to it. In the same quarter last year, the loss was €1.1bn.
该集团周四公布了九个月业绩数据。大众汽车一位发言人向路透社表示，这是大众自2015年底以来最大的季度亏损。
The group published the figures on Thursday in its nine-month results. It was Volkswagen’s largest quarterly loss since the end of 2015, a company spokesperson told Reuters.
营收下降6.3%，至753亿欧元，营业亏损达59亿欧元。交付量下降14.3%，至189万辆。该季度一次性费用达78亿欧元。
Revenue fell 6.3% to €75.3bn, and the operating loss reached €5.9bn. Deliveries dropped 14.3% to 1.89 million vehicles. One-off charges in the quarter came to €7.8bn.
“九个月的业绩清楚表明了一件事：我们耗不起任何时间，必须迅速而果断地采取行动，”首席财务官阿诺·安特利茨在公司声明中表示。
“The nine-month results make one thing clear: We cannot afford to lose any time and must act quickly and decisively,” said chief financial officer Arno Antlitz in the company’s statement.
保时捷与关税 保时捷的这笔费用是对商誉的非现金减值，即大众为其豪华品牌支付的溢价。保时捷更新了其长期规划，并下调了销量假设。集团中期报告称，该品牌在大众账面上的价值现已降低。大众曾在9月就这一冲击发出警告。当时，该公司将2026年利润率预期从4%至5.5%下调至最高1%。
Porsche and tariffs The Porsche charge is a non-cash impairment of goodwill, the premium Volkswagen booked on its luxury brand. Porsche updated its long-term planning and cut its volume assumptions. The brand is now worth less on Volkswagen’s books, the group’s interim report says. Volkswagen warned of the hit in September. At the time, it cut its 2026 margin forecast to up to 1%, from 4% to 5.5%.
美国进口关税在前九个月使营业利润减少约21亿欧元，与上年同期持平。电动汽车尽管销量不错，也拖累了利润。
US import tariffs cut the operating result by about €2.1bn in the first nine months. That matches a year earlier.
“我们电动汽车的市场成功给盈利带来了额外压力，因为我们目前从电动汽车上赚到的钱少于燃油车，”安特利茨说。他表示，电动车型占集团订单量的40%。
Electric cars also weighed on profits, even as they sell well. “The market success of our electric vehicles is putting additional pressure on our earnings, as we currently earn less from electric vehicles than from combustion-engine vehicles,” Antlitz said.
中国正在萎缩 中国曾是大众的利润引擎。根据集团的交付数据，第三季度在华交付量下降38.5%，至40.58万辆。该公司在那里面临本土车企激烈的价格竞争。与此同时，大众正将中国开发的汽车技术融入其新车型。
Electric models make up 40% of the group’s order book, he said. China is shrinking China was once Volkswagen’s profit engine. In the third quarter, its deliveries there fell 38.5% to 405,800, according to the group’s delivery figures. It faces fierce price competition from local carmakers there.
大众汽车中国负责人拉尔夫·布兰德施泰特对《商报》的拉扎尔·巴科维奇表示：“中国不再是增长引擎。”（译自德语）据《商报》报道，到2030年，大众汽车在华年销量可能仅约220万辆。此前的目标是320万辆。在巅峰时期，该集团在华年销量超过400万辆。
Meanwhile, Volkswagen builds China-developed car technology into its new models. “China is no longer a growth machine,” Volkswagen’s China chief, Ralf Brandstätter, told Lazar Backovic of Handelsblatt (translated from German). Volkswagen may sell only about 2.2 million cars a year in China by 2030, Handelsblatt reported. Its earlier target was 3.2 million.
接下来会怎样？大众汽车维持2026年业绩预期不变。公司预计营收约为2300亿欧元，营业利润率最高可达1%。一项价值约200亿欧元的成本削减计划将以减少车型、精简结构和提高工厂效率为基础。
At its peak, the group sold more than four million cars a year there. What comes next Volkswagen kept its 2026 forecast unchanged. It expects revenue of about €315bn and an operating margin of up to 1%. Antlitz pointed to a cost programme worth around €31bn, built on fewer models, simpler structures and more efficient plants.
据美联社报道，此举可能涉及多达10万个工作岗位，并关闭四家德国工厂。大众汽车提出了裁减10万个岗位的方案。保时捷自身也在额外裁减数千个岗位，而大众汽车本月表示，其电动汽车销量在一个季度内下降了90%。
The restructuring could cost up to 100,000 jobs and close four German plants, The Associated Press reported. Volkswagen set out the 100,000 job cuts in September. Porsche is cutting thousands more jobs of its own, and Volkswagen’s US EV sales fell 90% in a quarter, it said this month.
联合投资公司的莫里茨·克罗嫩贝格对路透社表示：“大众汽车今天公布的亏损对整个行业和产业是一个警示信号，对政策制定者也应如此。”
“The loss reported by VW today is a warning sign for the entire sector and industry, and should also serve as one for policymakers,” Moritz Kronenberger of Union Investment told Reuters.