Volkswagen CEO: tariffs have cost group billions so far

MUNICH (Reuters) -U.S. tariffs have cost Volkswagen, Europe's largest carmaker, billions of euros so far, its chief executive said on Monday, adding that its key brand Porsche was being squeezed in a "sandwich" of duties and a weak Chinese market. "Up to now, it's several billion euros on our balance sheet that this situation costs this year," Oliver Blume told Reuters during the IAA Munich car show. Like its rivals, Volkswagen is still waiting for current U.S. auto import tariffs to fall to 15% from 27.5% currently, severely hitting its Porsche and Audi brands that have no production in the United States.