Summary of business development and economic position

In view of the political and economic developments in 2024, as well as intensifying competition in the automotive industry, the Board of Management of Volkswagen AG considers business development and the economic position to be challenging, but solid overall.

In this environment, 9.0 million vehicles were delivered to customers in the past fiscal year; the figure was thus on a level with the last forecast we published.

At €324.7 billion, the Group’s sales revenue matched the most recent expectations, while the performance of sales revenue in the Financial Services Division was positive.

The operating result amounted to €19.1 billion, a slight increase on the guidance provided in our adjusted forecast, due mainly to positive volume and mix effects in the fourth quarter.

The investment ratio reflects our activities to safeguard the Company’s future viability; at 14.3%, it was within the forecast range and also includes our investment in licenses from Rivian.

At €5.0 billion, net cash flow was within the range originally anticipated. A positive impact was had above all by a stronger than expected reduction in inventories at the end of the reporting year.

On December 31, 2024, net liquidity of €36.1 billion was within the range most recently forecast.