text stringlengths 12 300 |
|---|
A N N U A L R E P O R T 2024 Key Figures VOLKSWAGEN GROUP Deliveries to customers in thousand units Vehicle sales in thousand units Sales revenue in € billion -2.3% -3.5% 0.7% Operating result1 & Operating return on sales1 in € billion 7.0% 5.9% -15.4% 9,240 9,027 9,362 |
9,037 322.3 324.7 22.5 3,065 2,742 6,297 6,295 0.0% excl. Chin. JVs 19.1 Jan.-Dec. 2023 Jan.-Dec. 2024 Jan.-Dec. 2023 Jan.-Dec. 2024 Jan.-Dec. 2023 Jan.-Dec. 2024 Jan.-Dec. 2023 Jan.-Dec. 2024 1 Prior-year figures adjusted (see disclosures on IAS 8). AUTOMOTIVE |
DIVISION Investment ratio in % 13.5 14.3 Net liquidity in € billion -4.2 40.3 36.1 Net cash flow in € billion -5.7 10.7 5.0 3 Jan.-Dec. 2023 Jan.-Dec. 2024 Jan.-Dec. 2023 Jan.-Dec. 2024 Dec. 31, 2023 Dec. 31, 2024 Volume data also includes the unconsolidated |
Chinese joint ventures (Chin. JVs); prior-year deliveries have been updated to reflect subsequent statistical trends. The allocation of consolidation adjustments between the Automotive and Financial Services divisions is included in the Automotive Division. To our |
Shareholders Letter to our Shareholders The Board of Management of Volkswagen Aktiengesellschaft Report of the Supervisory Board 05 09 11 Divisions G roup Management Repor t Goals and Strategies Internal Management System and Key Performance Indicators Structure and Business |
Activities Disclosures Required Under Takeover Law Business Development Shares and Bonds Results of Operations, Financial Position and Net Assets 79 84 87 91 94 111 119 19 Brands and Business Fields 135 Volkswagen AG (condensed, in accordance C orporate G overnance Group |
Corporate Governance Declaration Members of the Board of Management Members of the Supervisory Board and Composition of the Committees Remuneration Report 25 42 44 47 with the German Commercial Code) Sustainable Value Enhancement Report on Expected Developments Report on Risks and |
Opportunities Outlook for 2025 Sust ainabilit y Repor t General information Environmental information Introduction to environmental management Climate change Pollution Water Biodiversity and ecosystems Resource use and circular economy EU Taxonomy Social information Employees and |
non-employees Workers in the value chain Corporate citizenship Customers Business conduct information Annex to the sustainability report 2024 non-financial indicators of Volkswagen AG 140 175 184 226 229 255 255 264 298 311 318 327 345 362 362 392 411 416 426 444 467 C |
onsolidate d F inancial S t atements Income Statement Statement of Comprehensive Income Balance Sheet Statement of Changes in Equity Cash Flow Statement Notes Responsibility Statement Independent Auditor’s Report Auditor’s report on the Sustainability Report Auditor’s report on the |
Remuneration Report Additional Information Five-Year Review Financial Key Performance Indicators Glossary Scheduled Dates 470 471 473 475 476 477 646 647 661 667 670 671 672 674 About this report The consolidated financial statements of Volkswagen Aktiengesellschaft were |
prepared in accordance with IFRS Accounting Standards adopted by the European Union. Moreover, requirements of German commercial law pursuant to German Commercial Code (Handelsgesetzbuch, HGB) as well as the German Corporate Governance Code have been complied. Unless otherwise specified, this |
is the basis for the analysis of financial information. All figures shown are rounded in accordance with standard commercial practice, so minor discrepancies may arise from addition of these amounts; the same applies to the calculation of percentages. Unless stated otherwise, comparative |
prior-year figures are presented in parentheses next to the figures for the reporting period. This annual report contains forward-looking statements on the business development of the Volkswagen Group. These statements are based on assumptions relating to the development of the economic, |
political and legal environment in individual countries, economic regions and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. Risks are associated |
with the estimates, and actual developments may differ from those forecast. Any changes in significant parameters relating to our key sales markets, or any significant shifts in exchange rates, prices for energy and other commodities or the supply of parts relevant to the Volkswagen Group will |
have a corresponding effect on the development of our business. In addition, there may be departures from our expected business development if the assessments of the factors influencing sustainable value enhancement and of risks and opportunities presented in this annual report develop in a way |
other than we are currently expecting, or if additional risks and opportunities or other factors emerge that affect the development of our business. We do not update forward-looking statements and do not assume any obligation beyond that required by law to update the forward-looking statements |
made in this annual report. Specified vehicle range values correspond to results obtained through the Worldwide Harmonized Light Vehicles Test Procedure (WLTP) on the chassis dynamometer. WLTP range values for series-produced vehicles may vary depending on the equipment. The actual range will |
deviate in practice depending on various other factors. The format of this publication is not in line with the uniform electronic reporting format ESEF (European Single Electronic Format). The document in the statutory ESEF format was transmitted to the authority maintaining the German |
company register and published in that register (www.unternehmensregister.de). This document is an English translation of the original report written in German. In case of discrepancies, the German version shall take precedence. To conserve resources, both language versions are available in |
digital format only, and can be accessed in the Investors section at www.volkswagen-group.com. This Annual Report was published on the occasion of the Annual Media Conference on March 11, 2025. To our Shareholders 05 09 11 Letter to our Shareholders The Board of Management of Volkswagen |
Aktiengesellschaft Report of the Supervisory Board To our Shareholders Letter to our Shareholders Letter to our Shareholders for Volkswagen Group, 2024 was the year of major strategic decisions in a rapidly changing environment. Volks- wagen Group has not let this slow it down. On the |
contrary. In 2024, we set a decisive course – and drove the change forward in the long term. With innovative, desirable products and clear decisions. In a year with a wide range of challenges, Volkswagen Group has once again proven that we have a strong sub- stance. At the same time, we are |
working consistently to optimize our cost structures, increase our profitability and further strengthen our financial robustness. With around 9 million vehicles delivered, we almost matched the previous year's level. We recorded significant growth in North America (+6%) and South America |
(+15%). This contrasts with declines in a very competitive market in China (–10%). In our home market of Europe, we have developed steadily and are at the forefront – in combustion engines and electric cars. The large number of model changes gives us a good starting point for the coming |
years. The turnover amounts to €325 billion. The operating result is around €19 billion. Net cash flow in the Automotive division reached €5 billion and net liquidity around €36 billion. These are robust results in a challenging global environment. The fact that we achieved them in a phase of |
restruc- turing with the associated considerable costs shows our resilience. This financial stability gives us the necessary leeway to continue investing in the future and pursuing our strategic goals. We will propose a dividend of €6.36 per preferred share to the Annual General Meeting in May. |
This corre- sponds to a distribution of 30% of our net profit. Our top 10 programs remain the key management instrument for our operational and strategic activities. With measurable milestones, ambitious goals, clear responsibilities and a systematic roadmap. The power of |
Volkswagen Group lies in the power of our brands. We inspire customers worldwide with a fasci- nating product range in all segments. We impressively demonstrated this in 2024: More than 30 new models were launched. The most extensive and powerful product offensive in our company's history. 5 |
To our Shareholders Letter to our Shareholders We have set an example in e-mobility: In our home market of Europe, we are the market leader in all-electric vehicles. The Audi Q6 e-tron and the Porsche Macan have made a successful start on the new Premium Platform Electric |
(PPE). The most advanced electrical architecture of our Group with modern software. In this way, we are establishing a new generation of high-performance, all-electric models. The ambitious performance programs help us to make the company even more financially robust. We have to work in a |
disciplined manner here and pay attention to the framework conditions on the market, react and adapt. This requires perseverance and the consistent work of everyone to secure the target returns through concrete and measurable measures. Zukunft Volkswagen agreement is the foundation for |
the economically successful tomorrow at Volkswagen AG and its German locations: a milestone in reconciling competitiveness and job security in the long term. In total, we are sustainably reducing our personnel costs by €1.5 billion per year. In the medium term, we expect cost |
reductions of more than four billion euros per year through the implementation of all agreements. Our technical capacities at the German plants will be adjusted by around 730,000 units. We are streamlining our workforce by more than 35,000 by 2030. The strategic goal for the profitability of the |
Volkswagen brand is therefore realistic in the medium term – a significant increase in earnings with a major impact on the Group. In 2024, we reached milestones for our global software strategy. We have realigned our software activities and strengthened the team with new partners. Together with |
XPeng for China and our new US partner Rivian for the other regions of the world, we are developing the software solutions of the automotive future with forward-looking zonal architectures. Our own software company CARIAD will focus on central cross-sectional technologies in the future. In |
addition, we bring the control of the existing software to where it is used: to the brands that are devel- oping it further with CARIAD. This creates clear responsibilities and focus in the use of all resources. The Chinese market has unprecedented dynamism. In the electrification, digitization |
and automation of mobility. Volkswagen Group is now consistently following this "China Speed". In 2024, we decisively advanced our "In China, for China" approach. North America remains a key starting point for Volkswagen Group's growth strategy and a well-balanced regional business in markets |
worldwide. With our investments in the localization of production and in strategic partner- ships, we are sending a clear signal of further growth. A six percent increase in deliveries in North America in 2024 proves us right. The battery is at the heart of tomorrow's mobility. With the unit |
cell, we have created a global, cross-brand tech- nology platform. It reduces complexity and ensures economies of scale. On the one hand, we rely on external suppliers. On the other hand, we are also taking this key technology into our own hands with our subsidiary |
PowerCo. In all of this, sustainability is the basis of our actions. We stand by our responsibility. And we act with measurable success. We have achieved a lot in the past year. This is the merit of an extraordinary team. Around 680,000 people at more than 100 locations around the |
world, who have driven our company forward day after day with passion and enthusiasm. I would like to thank you for this today on behalf of the entire Executive Board team. We also have big plans for 2025. For our Group, for our brands, for each and every one of us. Our company does |
not only want to accompany the globally accelerated technological change. We want to shape it. Our vision is clearly defined: "The Global Automotive Tech Driver". 6 To our Shareholders Letter to our Shareholders What gives us the strength for this claim? Our unique combination of |
global presence and local expertise. Our focus on our own qualities in cooperation with strong partners – the best in their field. Our mobility – and our will to change. And: Our strategy of efficiently and powerfully leveraging economies of scale – in the essential fields of transformation: |
with our software architectures, battery technologies, mechatronics platforms and product concepts. We will remain on the offensive in 2025: around 30 new models will be launched worldwide. We focus on our strength: our products. Fascinating vehicles with which we position ourselves at |
the forefront of the competition. Our customers can look forward to the new T-Roc from Volkswagen, the new Audi Q3, the Lamborghini Temerario, highly emotionalizing 911 derivatives from Porsche and much more. We recently celebrated the world premiere of the ID. EVERY1 show car. Our smallest has |
great potential as a game changer in the ramp-up of e-mobility. The future of mobility is electric. It is superior to combustion engine technology in terms of its property profile. We stand by that. At the same time, we see that the transformation of global markets is developing at different |
speeds. In addition to the products, it depends on the charging infrastructure, energy prices, incentive models and regulation. What Volkswagen Group was recently criticized for is now our competitive advantage: our broad, flexible product portfolio across all drive variants. |
Whether pure electric vehicles, efficient combustion engines or modern hybrid concepts. We combine plug-in hybrids with our combustion engines. The planned use of range extender technol- ogy also shows that we can meet demand in line with the market and in a tailor-made manner. This year, too, we |
have set ourselves an ambitious TOP 10 program. In 2025, it will be about thorough cost work, attractive products, and strengthening our presence in the regions. Europe is our home. We are the market leader in this area and we want to further consolidate this position. Our order intake for all- |
electric cars in Western Europe almost doubled last year. Volkswagen Group expects 2025 to be another challenging year in the Chinese market. We are prepared. In 2025, we will introduce the first models of the Audi brand from the cooperation with SAIC, as well as two further Audi models based |
on PPE. The Volkswagen brand's model offensive will start in 2026. By 2030, Volkswagen Group plans to deliver 30 new electric models tailored to local requirements to customers. We see great market opportunities in North America. Accordingly, we have an investment and growth focus here. With a |
product portfolio that is even closer to the expectations of American customers. In doing so, we use local synergies of our strong local brands. We think globally and act locally: that is the strength of Volkswagen Group. Our vehicle architectures offer tailor-made property profiles in |
every segment of our global markets: flexibly positioned with combustion engines, hybrids and electric vehicles. We are catching up with the vehicle software, convincing in the range and getting good feedback. Our new global software strategy aims to provide a superior digital offering |
for our customers. We think of the car in development from the point of view of the software. Our Software Defined Vehicles – SDV for short – will set standards. In our joint venture with partner Rivian, we are designing this advanced and powerful SDV architecture and will integrate it into |
Volkswagen Group's product portfolio from 2027. In the eastern world, we have a strong partner in XPeng, with whom CARIAD China and Volkswagen China Technology Company are developing a competitive zonal architecture. And want to bring it to market as early as the end of 2025. We |
focus on implementing a holistic battery strategy - in a balanced, scalable and intelligent relationship between in-house and partner solutions. At the same time, we are working on convincing offers for the entire life cycle of our cars. 7 To our Shareholders Letter to our |
Shareholders We see sustainability as the basis of our actions. With a sharpened strategy, a concrete implementation plan and the new, operational Sustainability Advisory Board, we are taking on corporate responsibility. The decisive factor in all of this is that a strong, international team |
makes the difference. Dear Ladies and Gentlemen, with a great deal of dedication and passion, Volkswagen Group has brought itself into shape over the past two years. In 2025, we must and we will unleash the power – and make the reward for these efforts tangible. If we consistently continue on |
this path, there are great opportunities ahead of us to take off from 2026. We will seize these opportunities. Because we have a responsibility. For our company, our employees, our society and our environment. This group has great potential. We will deliver. The playing field is ready. Our team is |
set up. Our tactics are strong. We enjoy the game. And now, we are scoring goals. Sincerely, Oliver Blume 8 The Board of Management of Volkswagen Aktiengesellschaft Oliver Blume Chairman of the Board of Management of Volkswagen AG, Sport Luxury brand group |
Ralf Brandstätter China Dr. Arno Antlitz Finance and Operations Dr. Manfred Döss Integrity and Legal Affairs Dr. Gernot Döllner Progressive brand group Thomas Schäfer Core brand group Hauke Stars IT Gunnar Kilian Human Resources and Trucks brand group Thomas Schmall- von Westerholt |
Technology To our Shareholders Report of the Supervisory Board Report of the Supervisory Board (in accordance with section 171(2) of the AktG) Ladies and gentlemen, In fiscal year 2024, the work of the Supervisory Board of Volkswagen AG and its committees focused on the |
Volkswagen Group’s strategic alignment, its further development in the core markets and its transformation. The Supervisory Board regularly deliberated on the Company’s position and development in the reporting year. We supervised and supported the Board of Management in its running of the |
business and advised it on issues relating to the management of the Company, and particularly on sustainability issues, in accordance with our duties under the law, the Articles of Association and the rules of procedure. The Supervisory Board was directly involved in all decisions of fundamental |
importance to the Group. Additionally, we discussed strategic considerations with the Board of Management at regular intervals. The Board of Management complied with its disclosure obligations, which are set out in the information policy adopted by the Supervisory Board. The Board of Management |
provided us with information regularly, promptly and comprehensively both in writing and orally, particularly on all matters of relevance to the Company relating to its strategy, business development and the Company’s planning and position. This also included the risk situation and risk |
management. In this respect, the Board of Management also informed the Supervisory Board of further improvements to the internal control system and the risk and compliance management system. In addition, the Supervisory Board received information about compliance and other topical issues from the |
Board of Management on an ongoing basis. We were regularly informed about the views and interests of affected stakeholders with regard to sustainability-related impacts within the scope of statutory reporting requirements as well as reporting requirements laid down by the |
Supervisory Board. We received the documents relevant to our decisions in good time for our meetings. At regular intervals, we also received a detailed report from the Board of Management on the current business position and the forecast for the current year. Any deviations in performance from the |
plans and targets previously drawn up were explained in detail by the Board of Management, either in person or in writing. Together with the Board of Management we analyzed the reasons for the deviations and determined corre- sponding countermeasures. Furthermore, the Chair of |
the Supervisory Board consulted with the Chair of the Board of Management at regular intervals between meetings to discuss important current issues. These included the Group’s strategy and planning, its business development, and the risk situation and risk management, |
including integrity and com- pliance issues in the Volkswagen Group and sustainability issues. The Chair of the Supervisory Board regularly discussed Supervisory Board-specific topics with investors and, in consultation with the Board of Management, also non-Supervisory Board-specific topics. |
One of the focuses of debate was corporate governance and ESG (environment, social and governance) issues. The Chair of the Supervisory Board informed the Supervisory Board of such discussions after they had taken place. 11 To our Shareholders Report of the Supervisory |
Board The Supervisory Board held a total of ten meetings in fiscal year 2024. Five of the meetings were held face to face and five as video or conference calls. The attendance rate (calculated for all meetings held during the fiscal year and for all Supervisory Board members in office) was 88%. |
Where individual members of the Supervisory Board had a lower attendance rate, this was mainly due to urgent professional engagements, especially for persons in public life, and to urgent personal matters. In addition, several meetings had to be called at short notice in fiscal year 2024. |
Supervisory Board members who did not attend a meeting for reasons other than a possible conflict of interest were able to engage with the meeting topics using the preparatory documents and could participate in the resolutions by means of a written vote. Particularly urgent matters were decided |
either at meetings convened at short notice as video or conference calls or using the written circulation procedure, i.e., in writing or using elec- tronic means of communication. COMMITTEE ACTIVITIES In order to discharge the duties entrusted to it, the Supervisory Board has |
established four committees: the Executive Committee, the Nomination Committee, the Mediation Committee established in accordance with section 27(3) of the Mitbestimmungsgesetz (MitbestG – German Codetermination Act) and the Audit Committee. The Executive Committee is comprised of |
four shareholder representatives and four employee representatives. The shareholder representatives on the Executive Committee make up the Nomination Committee. The Mediation Committee is comprised of two shareholder representatives and two employee representatives, while the Audit Committee is |
comprised of three shareholder representatives and three employee representatives. The members of these committees as of December 31, 2024 are stated in the Group Corporate Governance Declaration. The Executive Committee met 16 times in the reporting year. Five of the meetings were held face to |
face and eleven as video or conference calls. The Executive Committee prepared the resolutions of the Supervisory Board, discussed the composition of the Board of Management and took decisions on matters such as contractual issues concerning the Board of Management other than remuneration, and on |
consent to ancillary activities by members of the Board of Management. In addition, the Executive Committee dealt with negotiations by the Board of Management with the IG Metall union and the works council about the joint Zukunft Volkswagen agreement. The Executive Committee also |
exercised the function of a “Remuneration Committee”, and prepared the Supervisory Board’s decisions on questions about Board of Management remuneration. The Nomination Committee is responsible for proposing suitable candidates for the Supervisory Board to recommend to the Annual |
General Meeting. In doing so, it takes into account the targets set by the Supervisory Board for its composition, and the diversity concept for the composition of the Supervisory Board, and strives to fill the profile of skills and expertise prepared for the full Board. The Nomination Committee |
also particularly makes sure that there are no gaps in the skills and expertise of the full Board (Skill Gaps Assessment). The Nomination Committee held one meeting face to face in 2024 and, taking the aforementioned requirements into account, proposed candidates for the Supervisory |
Board to recommend to the Annual General Meeting. The Mediation Committee established in accordance with section 27(3) of the MitbestG did not need to convene in the reporting year. 12 To our Shareholders Report of the Supervisory Board Hans Dieter Pötsch The Audit |
Committee held four meetings in fiscal year 2024. Three of the meetings were held face to face and one meeting was held as a video or conference call. The focus was on the annual and consolidated financial state- ments, the Risk Management System including the appropriateness and |
effectiveness of the Internal Control System and the Internal Audit System, and the work performed by the Company’s Compliance organization. In addition, the Audit Committee concerned itself with the Volkswagen Group’s quarterly reports and the half-yearly financial report, as well as with |
current issues, the supervision of financial reporting and the financial reporting process, and the examination thereof by the auditors. The Audit Committee regularly concerns itself with the quality of the audit. In consultation with the auditors, it discussed the assessment of |
audit risk, the audit strategy and audit planning and the results of the audit. The Audit Committee also regularly received progress reports on the implementation of sustainability reporting in accordance with the Corporate Sustainability Reporting Directive (CSRD). Furthermore, the |
shareholder and employee representatives generally met for separate preliminary discussions before each of the Supervisory Board meetings. In connection with their seat on the Supervisory Board, members of the Supervisory Board receive support from the Company upon induction as well as with |
respect to education and training; the Company particularly supports the organization of seminars and bears the costs thereof. In the reporting year, the Supervisory Board members received training on the subject of anti-corruption as well as on software. What is more, Volkswagen AG gives the |
members of the Supervisory Board the opportunity to become more familiar with the Group’s products and with market developments. Here, Volkswagen AG offers the members of the Supervisory Board in-house product and innovation presentations, for example, and encourages attendance at trade |
fairs. Supervisory Board members appointed for the first time are also provided with a detailed introduction to topics that apply specifically to the Supervisory Board of Volkswagen AG (onboarding). 13 To our Shareholders Report of the Supervisory Board TOPICS DISCUSSED BY |
THE SUPERVISORY BOARD The first Supervisory Board meeting in the reporting year took place on February 16, 2024. The main topic at this meeting was the extension of Ms. Hauke Stars’ Board of Management appointment. The next meeting of the Supervisory Board took place on March 1, 2024. Following |
a detailed examination, we approved the consolidated financial statements and the annual financial statements of Volkswagen AG for fiscal year 2023 prepared by the Board of Management. We examined the combined management report, the combined separate non-financial report for 2023 and the |
precautionary Report by the Board of Management on Relationships of Volkswagen AG with Affiliated Companies (dependent company report) in accordance with section 312 of the Aktiengesetz (AktG – German Stock Corporation Act). The other items on the agenda included the issue of the audit |
engagements for the annual and consolidated financial statements and for the 2024 sustainability report as well as other accounting documents, approval of the agenda for the Annual General Meeting on May 29, 2024 and AUDI AG’s involvement in the Formula 1 racing series. On May 6, 2024, the |
End of preview. Expand in Data Studio
No dataset card yet
- Downloads last month
- 3