U.S. tariffs could cost up to 2.5 billion euros, says Volkswagen CEO

by SpeedLux
herbert diess images

The biggest threat to Volkswagen’s 2019 profit is possible tariffs from the United States, Chief Executive Herbert Diess informed the Financial Times.

“It’s becoming tense once again,” Diess informed the Financial Times. “You know it’s a pity because we can’t solve it from the auto industry [alone]. It’s more of a tariffs negotiation between Europe and the United States.”

Experts at London-based Evercore ISI stated tariffs could cost Volkswagen 2.5 billion euros ($2.8 billion) annually, about 13 percent of expected revenues.

“In the worst-case situation, that would probably be close to the real figure,” Diess stated of the Evercore projection.

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