Volkswagen Group reports decent progress

Volkswagen Group sales revenue increased by 1 percent year-on-year. Slight growth in the Brand groups Core and Progressive more than offsets a decline in the Sport Luxury Brand Group. 238.7 billion EUR sales revenue in 9M 2025, slightly above prior-year level (9M 2024: EUR 237.3 billion)      

Operating result impacted by negative price and mix effects as well as US tariffs; provisions and impairments related to the realignment of Porsche’s product strategy and a goodwill impairment at Porsche resulted in additional charges of around EUR 4.7 billion. Consistent implementation of performance programs is beginning to take effect. 5.4 billion EUR Operating Result in 9M 2025, 58% below 9M 2024 (EUR 12.8 billion); Operating Margin of 2.3%

Net Cash Flow in 9M 2025 47 percent below prior year due to lower cash flow from operating activities, including cash outflows related to US tariffs and the acquisition of additional Rivian shares. 1.8 billion EUR Net Cash Flow in the Automotive Division in 9M 2025 (9M 2024: EUR 3.4 billion)      
Growth in South America (+13 percent), Western Europe (+4 percent) and Central and Eastern Europe (+11 percent) more than offset expected declines in China (–2 percent) and North America (–11 percent). 6.6 million vehicle sales in 9M 2025, slightly above 9M 2024 (6.5 million vehicles)  
Order growth driven in particular by new models of all drive types; BEV orders increased particularly strongly (+64 percent), accounting for around 22 percent of total order intake in Western Europe. Order intake for vehicles in Western Europe up 17% in 9M 2025  

   

The Volkswagen Group expects its sales revenue for 2025 to be in line with the previous year. The Group’s operating return on sales is projected to range between 2.0 and 3.0 percent.

In the Automotive Division, the company expects an investment ratio between 12 and 13 percent in 2025. Net cash flow for the year 2025 is expected to be around EUR 0 billion. This includes cash outflows for future-oriented investments as well as for restructuring measures. Net liquidity in the Automotive Division is expected to amount to around EUR 30 billion in 2025. The Volkswagen Group continues to pursue its objective of maintaining a solid financing and liquidity policy.

The forecast is based on the assumption of adequate availability of semiconductors.


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