Brands and Business Fields

In 2024, the Volkswagen Group’s sales revenue and unit sales figures were similar to the previous year, despite the demanding market environment. The operating result was negatively impacted by restructuring costs.

GROUP STRUCTURE

The Volkswagen Group consists of two divisions: the Automotive Division and the Financial Services Division. The Automotive Division comprises the Passenger Cars, Commercial Vehicles and Power Engineering business areas. Activities of the Automotive Division comprise in particular the development of vehicles, engines and motors, vehicle software and batteries, the production and sale of passenger cars, light commercial vehicles, trucks, buses and motorcycles, as well as businesses for genuine parts, large-bore diesel engines, turbomachinery and propulsion components. Mobility solutions are gradually being added to the range. The Ducati brand is allocated to the Audi brand and thus to the Passenger Cars Business Area. The Financial Services Division’s activities comprise dealer and customer financing, leasing, direct banking and insurance activities, fleet management and mobility services.

REPORTING STRUCTURE OF THE VOLKSWAGEN GROUP

SALES REVENUE AND OPERATING RESULT BY BRAND GROUP AND BUSINESS FIELD

The Volkswagen Group generated sales revenue of €324.7 (322.3) billion in the period from January to December 2024. The operating result stood at €19.1 (22.5) billion.

The Core brand group sold 5.0 (4.8) million vehicles in fiscal year 2024. Sales revenue amounted to €140.0 (137.8) billion. The operating result fell to €7.0 (7.2) billion.

Unit sales for the Volkswagen Passenger Cars brand in the reporting year were 3.1 (3.0) million vehicles, which was above the previous year’s figure. Demand rose for the Polo, Golf, ID.7 and Atlas. The new Passat, the new Tiguan and the ID.7 Tourer were successfully launched on the market. At €88.3 (86.4) billion, sales revenue was above the previous year. The operating result amounted to €2.6 (3.5) billion. This result was negatively affected by an increase in fixed costs as well as the cost of restructuring measures. Positive impacts came from volume and mix effects, optimized cost of materials and the reversal of personnel-related provisions as a result of the collective bargaining agreement.

Škoda sold a total of 1.1 (1.1) million vehicles in the reporting year. Its bestseller remained the Octavia; the Fabia, Kamiq, Karoq and Kodiaq model series also recorded growth. Demand for the all-electric Enyaq continued at a high level. Sales revenue amounted to €27.8 (26.5) billion. The operating result rose to €2.3 (1.8) billion, mainly due to positive volume, mix and exchange rate effects.

Amid a challenging environment, unit sales at SEAT/CUPRA increased to 637 thousand vehicles in the period from January to December 2024, 5.9% more than a year earlier. The figure includes the A1 manufactured for Audi. The new CUPRA Formentor and the SEAT Ibiza were particularly popular. The all-electric CUPRA Tavascan, the CUPRA Terramar and the new CUPRA Leon were successfully launched on the market. At €14.5 billion, sales revenue was up 1.4% year-on-year. The operating result increased by 1.3% year-on-year to €633 million due to volume effects.

In fiscal year 2024, unit sales of Volkswagen Commercial Vehicles declined to 404 (423) thousand units worldwide. The Multivan and Caddy models recorded growth. At €15.1 (15.3) billion, sales revenue was similar to the previous year. The operating result decreased to €743 (869) million, which in addition to volume effects was due in particular to expenses for restructuring measures.

In the period from January to December 2024, Tech. Components generated sales revenue of €20.6 (21.3) billion. At €703 (583) million, the operating result was higher than in the previous year, due, among other factors, to positive effects coming from material costs. Restructuring costs had a negative impact.

Unit sales at the Progressive brand group (Audi, Bentley, Lamborghini, Ducati) came to 1.1 (1.3) million vehicles globally in the reporting year. A further 595 (668) thousand Audi vehicles were sold by the Chinese joint ventures FAW-Volkswagen and SAIC VOLKSWAGEN. Ducati sold 57.4 (58.4) thousand motorbikes in the year under review. Sales revenue amounted to €64.5 (69.9) billion. The operating result fell to €3.9 (6.3) billion. The trend in the volume figures and financial performance indicators of the Progressive brand group is a reflection of the current challenging situation, especially the difficult economic environment, the intense competition, the current model initiative and the costs of restructuring the Brussels site.

The Sport Luxury brand group (Porsche Automotive) sold 313 (334) thousand vehicles globally in fiscal year 2024. The Cayenne was the best-selling series. Sales revenue decreased to €36.4 (37.3) billion and the operating result contracted to €5.3 (6.9) billion. This was mainly due to lower sales volumes attributable to the current model launches, along with higher material costs, the increased impact of development activities on profit or loss and the continuation of the digitalization strategy.

CARIAD pools the Volkswagen Group’s software expertise. The business model comprises the development and operation of standardized software platforms for current and future vehicle models. Sales revenue rose to €1.3 (1.1) billion in the period from January to December 2024, mainly attributable to a rise in license fees thanks to higher volumes of vehicles fitted with CARIAD software. The operating result benefited from a year-on-year reduction in upfront expenditures for new software products and in fixed costs. Transformation costs incurred as a result of the strategic realignment of CARIAD had an offsetting effect. Overall, this led to an operating result of €−2.4 (−2.4) billion.

The Battery business field brings together the Group’s global battery activities, which relate to the future manufacture of battery cells and other activities along the battery value chain. The operating result in the Battery business field in the reporting year amounted to €−1.1 (−0.4) billion. This was primarily due to the effect of fixed costs incurred during the establishment of the business field.

At 335 (339) thousand vehicles, the number of vehicles sold by TRATON Commercial Vehicles (Scania, MAN, International (formerly Navistar), Volkswagen Truck & Bus) was on a par with the prior-year figure. Nevertheless, sales revenue was up by 1.0% to €46.2 billion. The operating result improved to €4.2 (3.7) billion. The increase is mainly attributable to a favorable market and product mix and strong price positioning.

MAN Energy Solutions generated sales revenue of €4.3 (4.0) billion in the period from January to December 2024. The operating result amounted to €337 (369) million. In particular, expenses in connection with the discontinuation of the new-build business with MGT gas turbines had a negative impact.

The number of new financing, leasing, service and insurance contracts signed with Volkswagen Group Mobility (formerly Volkswagen Financial Services) in the reporting year stood at 10.3 million. Since January 1, 2024, other types of insurance contracts have also been taken into account; the number of contracts as of December 31, 2023 has been adjusted. With credit eligibility criteria remaining unchanged, the penetration rate, expressed as the ratio of leased or financed vehicles to relevant Group delivery volumes, stood at 34.1 (32.6)%. At 26.7 (25.8) million, the total number of contracts at the end of December 2024 was higher than the figure for December 31, 2023. The number of contracts in the customer financing/leasing area amounted to 10.2 (10.2) million, and in the service/insurance area to 16.5 (15.6) million. On December 31, 2024, Volkswagen Bank managed 1.9 (1.8) million deposit accounts. The operating result contracted to €3.0 (3.2) billion. The decline was mainly the result of higher risk costs as well as foreign exchange losses realized in connection with the deconsolidation of Volkswagen Bank Rus.

UNIT SALES AND SALES REVENUE BY MARKET

In the Europe/Other Markets region, the Volkswagen Group’s unit sales for the 2024 fiscal year totaled 4.2 (4.2) million vehicles, which was similar to the previous year. Sales revenue rose to €194.1 (187.9) billion, mainly due to higher sales revenue in the Financial Services Division.

In the North American markets, the Volkswagen Group sold 1.1 (1.1) million vehicles in the reporting year. Sales revenue amounted to €67.7 (67.9) billion.

Unit sales in South America rose year-on-year to 606 (513) thousand vehicles in the period from January to December 2024. As a result, sales revenue improved to €19.0 (17.1) billion.

In the Asia-Pacific region, the unit sales of the Volkswagen Group – including those of the equity-accounted companies in China – decreased by 12.6% to 3.1 million vehicles in the reporting year. Sales revenue amounted to €44.1 (50.1) billion. This figure does not include sales revenue from our equity-accounted companies in China.

Hedging transactions relating to the Volkswagen Group’s sales revenue in foreign currency made a negative contribution of €−0.2 (−0.8) billion in 2024.