The German auto giant saw its earnings fall last year, as it pushed ahead with a restructuring in the face of tariff uncertainty in the United States and lost market share in China.

Volkswagen said Tuesday its profits nosedived in 2024 amid high costs and fierce Chinese competition as the German carmaker geared up for another tricky year navigating an industry transition and global trade tensions.

Volkswagen, Europe's top carmaker, expects at best a slight increase in its 2025 operating profit margin, it said, joining rivals in giving a subdued outlook for the year ahead as the sector battles weak demand and simmering trade tensions.