An exhaust system is manufactured in the following manner. Initially, a plurality of pipe sections are put into each other with a clearance fit, so that connecting points are formed, at which two pipe sections overlap each other. The pipe sections then are calibrated at the connecting points, so that a narrow gap is obtained. Subsequently, the connecting points are soldered. The exhaust system thus includes a plurality of pipe sections which are put into each other and soldered to each other. Outer pipe sections of the plurality of pipe sections are calibrated.