US tariffs have cost Volkswagen, Europe's largest carmaker, billions of euros so far, its CEO said on Monday, adding its key brand Porsche was being squeezed in a "sandwich" of duties and a weak Chinese market.
Speaking to Reuters during the IAA Munich car show, Oliver Blume said: "It's several billion euros on our balance sheet this situation costs this year."
The comments lay bare the full impact tariffs are having across the sprawling Volkswagen group, which includes the Audi, Porsche, Cupra and Skoda brands, among others.
So far, Volkswagen has only disclosed a €600m (R12,353,352,000) hit to Audi in the first half of 2025 and a €300m (R6,176,418,000) blow to Porsche in April and May.
The two brands have no local US production.
Like its rivals, Volkswagen is waiting for US car import tariffs to fall to 15% from 27.5%, something the administration under President Donald Trump has pledged but so far not delivered.
Blume said it was important how the tariff situation would play out in the future, also pointing to "very positive discussions" the carmaker is holding with the US government around tax breaks for planned investments.
That includes a possible local production plant for Audi, a decision expected to be made by the end of the year.
Blume, who also serves as CEO of Porsche, said the luxury sportscar maker was in a "sandwich position more than any other automotive manufacturer" as its two biggest markets, China and the US, were either faltering or hit by tariffs.
Blume confirmed the dual CEO role, which has drawn criticism from shareholders and unions, was not permanent, and added it was open which of the two posts he would give up.
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