Net Assets

Consolidated balance sheet structure

At the end of the reporting year, the Volkswagen Group had total assets of €632.9 billion, 5.4% more than at the end of 2023. At €196.7 (189.2) billion, the Group’s equity was slightly higher than at the end of 2023. The equity ratio was 31.1 (31.5)%.

On December 31, 2024, the Group had off-balance-sheet commitments in the form of contingent liabilities in the amount of €10.3 (10.4) billion and in the form of financial guarantees in the amount of €0.8 (0.9) billion. The contingent liabilities relate primarily to legal risks in connection with the diesel issue, as well as to potential liabilities from tax risks in the Commercial Vehicles Business Area in Brazil. Compared with the previous year, other financial obligations increased by €6.5 billion to €44.7 billion as of December 31, 2024. The rise was due largely to the equity investment in Rivian, an increase in the obligation from irrevocable credit commitments in the Financial Services Division and higher purchase commitments for property, plant, equipment and services. In addition to the other financial obligations, there are purchase commitments for inventories with a short turnover period, which arise primarily from the Master Collaboration Agreement with Ford Motor Company for the joint development of vans and mid-sized pickups for the global market. Long-term purchase obligations under battery purchase agreements also exist.

CONSOLIDATED BALANCE SHEET STRUCTURE 2024¹

in percent

Automotive Division balance sheet structure

At the end of the year, the Automotive Division’s intangible assets were up slightly compared to December 31, 2023, mainly because of additions to capitalized development costs, which exceeded amortization. Property, plant and equipment were noticeably higher compared with the prior year, as additions to property, plant and equipment exceeded depreciation. Equity-accounted investments decreased, due primarily to the Chinese joint ventures’ dividend resolutions, which exceeded the result of equity-accounted investments, and to impairment losses as a result of changes in share prices and in response to impairment tests (especially Northvolt). Total non-current assets stood at €196.5 (186.3) billion, up noticeably on the figure recorded at the end of the previous year.

Current assets amounted to €123.6 (120.2) billion on December 31, 2024, an increase compared to the end of 2023. Inventories expanded slightly. Current other receivables and financial assets went up. Cash and cash equivalents were down by €4.6 billion to €24.1 billion.

At the end of the reporting year, the Automotive Division reported equity of €151.7 (145.6) billion, slightly up on the prior-year figure. Earnings performance and lower actuarial losses from the remeasurement of pension plans following the change in the discount rate, and beneficial currency translation effects were set against the dividend paid to the shareholders of Volkswagen AG, the redemption of the hybrid note called in May 2024 and adverse effects arising from the measurement of derivatives, which are recognized directly in equity. Non-controlling interests, which increased slightly, included mostly the non-controlling interest shareholders of the Porsche AG Group and of the TRATON Group. The equity ratio was 47.4 (47.5)%.

Non-current liabilities were noticeably higher than at the end of the previous year, amounting to €94.6 (87.7) billion at the end of fiscal year 2024. Non-current financial liabilities grew very strongly, while pension provisions decreased noticeably, driven primarily by actuarial remeasurement following a change in the discount rate.

On December 31, 2024, current liabilities of €73.8 (73.2) billion were virtually unchanged compared with the end of 2023. Current financial liabilities amounted to €−12.0 (−8.6) billion. The figures for the Automotive Division also contain the elimination of intragroup transactions between the Automotive and Financial Services divisions. As the current financial liabilities for the primary Automotive Division were lower than the loans granted to the Financial Services Division, a negative amount was disclosed in both periods. Current other provisions included in current other liabilities rose significantly for reasons such as the planned restructuring measures in the Passenger Cars Business Area: the reversal of personnel-related provisions as a consequence of the outcome of collective bargaining achieved at Volkswagen AG in the reporting year had an offsetting effect.

On December 31, 2024, the Automotive Division had total assets of €320.1 billion, 4.4% more than at the end of 2023.

Financial Services Division balance sheet structure

At the end of December 2024, the Financial Services Division had total assets of €312.8 billion, 6.4% more than at the end of 2023.

At €191.2 (174.7) billion, total non-current assets were up compared to December 31, 2023. The property, plant and equipment included in this item was unchanged. Lease assets and non-current financial services receivables increased, driven mainly by higher volumes.

Current assets climbed by 1.9% to €121.7 billion. The inventories, financial services receivables and cash and cash equivalents of the Financial Services Division included in this item went up, while other receivables and financial assets declined.

At the end of the 2024 fiscal year, the Financial Services Division accounted for around 49.4(49.0)% of the Volkswagen Group’s assets.

Equity in the Financial Services Division stood at €45.0 billion at the end of December 2024, 3.4% more than at the end of the previous year. The equity ratio was 14.4 (14.8)%.

Non-current liabilities in the Financial Services Division rose to €124.6 (117.7) billion, mainly due to a noticeable increase in non-current financial liabilities. Current liabilities were also up compared to December 31, 2023, at €143.2 (132.8) million. The current financial liabilities included in this item increased noticeably, driven in particular by higher deposits, while trade payables were significantly lower.

Deposits from the direct banking business amounted to €57.5 billion on December 31, 2024, compared with €38.8 billion at the end of 2023.