Volkswagen Group with solid performance in a demanding environment for the first half of 2024
![Christopher Hauss](https://uploads.vw-mms.de/system/production/media_contacts/cws/001/965/photos/f231cf341609a0e3b26a38ffb685ecec1b8622ff/public_Christopher_Hauss.jpg?1685718947)
![Christoph Oemisch](https://uploads.vw-mms.de/system/production/media_contacts/cws/001/954/photos/881e2787bb2ff9b20061f27202354ac542d5ba15/public_Christoph_Oemisch.jpg?1685718942)
![Cover image of the Volkswagen semi-annual financial report for January - June 2024 featuring a wavy blue design, released on August 1, 2024, in Wolfsburg.](https://uploads.vw-mms.de/system/production/images/cws/082/168/images_file_en/31243deb939d3e6dd053b41d438c6e69a15ae826/B2024CW00299_web_1600.jpg?1720003181)
Wolfsburg. Outlook for 2024 Confirmed. The Volkswagen Group expects the sales revenue to exceed the previous year’s figure by up to 5% in 2024. The operating return on sales for the Volkswagen Group and the Passenger Cars Business Area is likely to be between 6.5% and 7%.
“The Volkswagen Group delivered a solid performance in the first half of the year. In a demanding environment, 2024 marks the Group’s largest product offensive and a comprehensive restructuring of our business areas. The results reflect a successful team effort across all brands. Strategically, we have set a decisive course and the TOP 10 programs are making good headway. We are accelerating our global software strategy with international partners and have completely realigned our set-up in China. The performance programs are picking up speed across the Group and our new products are receiving positive feedback from global markets. This is a good basis. However, much of the work still lies ahead of us.”![]()
![Portrait of Oliver Blume, CEO Volkswagen Group](https://uploads.vw-mms.de/system/production/images/cws/076/400/images/86292f519b767512fd493ee3a6bce65ac7413bd6/B2023CW00127_web_1600.jpg?1718862414)
Key Figures
Automotive net cash flow affected by increase in working capital related to the model ramp-up and supply constraints; strong net cashflow in Q2 of EUR 2.9 billion, almost compensating for outflow of EUR 3.0 billion in Q1 2024.
![Financial summary H1 2024: Sales 4.3M vehicles, revenue €159B, operating margin 7.1%.](https://uploads.vw-mms.de/system/production/images/cws/082/579/images_file_en/4c43b5e980dcc91d385df8f2d07d591aec9e3b97/B2024CW00317_web_1600.jpg?1722492941)
![Outlook 2024: Revenue growth up to +5%, operating margin 6.5-7%, net cash flow €2.5-4.5B."](https://uploads.vw-mms.de/system/production/images/cws/082/580/images_file_en/14fe9e84bc581ed9ad3f63db40c7676a98bd8708/B2024CW00318_web_1600.jpg?1722494376)
Outlook for 2024 Confirmed
The Volkswagen Group expects the sales revenue to exceed the previous year’s figure by up to 5% in 2024. The operating return on sales for the Volkswagen Group and the Passenger Cars Business Area is likely to be between 6.5% and 7%.
In the Automotive Division, the Group assumes an investment ratio of between 13.5% and 14.5% in 2024. The automotive net cash flow in 2024 is expected to be between EUR 2.5 billion and EUR 4.5 billion. This will include in particular investments for the future and cash outflows from mergers and acquisitions, which are a vital pillar of the Volkswagen Group’s transformation. Net liquidity in the Automotive Division in 2024 is expected to be between EUR 37 billion and EUR 39 billion. The Group’s goal remains unchanged, namely, to continue with our robust financing and liquidity policy.
Further information on the brand groups
Core
Sales revenue at prior year level; Operating Margin decreased to 5.0%, due to restructuring expenses. Underlying Operating Margin before restructuring expenses at 6.0%.
H1 Results Core on Aug. 2, 2024
Progressive
Significant decline in sales revenue mainly driven by supply constraints at Audi; Operating Margin declines to 6.4%, Operating Margin before valuation effects at 7.7%.
H1 Results Progressive on Jul. 25, 2024
Sport Luxury
Decline in sales revenue driven by expected operating headwinds; Operating Margin declines to 16.4% due to costs related to model ramp-up.
H1 Results Porsche on Jul. 24, 2024
TRATON Trucks
Slightly increased sales revenue and strong profitability; continued high demand for vehicle services; Operating Margin came in at 9.0%.
H1 Results TRATON on Jul. 26, 2024
CARIAD
CARIAD sales revenue increases due to a significant increase in software licenses. The Operating Result is on previous year's level.
Group Mobility
Financial Services recorded an Operating Result of EUR 1.4 billion, a decline of 22% year-over-year, attributable to the deconsolidation of the Russian business.
H1 Results VW Group Mobility on Aug. 9, 2024
Key Figures Volkswagen Group
Q2 | H1 | ||||||
2024 | 2023 | % | 2024 | 2023 | % | ||
Volume Data1 in thousands | |||||||
Deliveries to customers (units) | 2,244 | 2,331 | -3.8 | 4,348 | 4,372 | -0.6 | |
Vehicle sales (units) | 2,260 | 2,324 | -2.8 | 4,341 | 4,448 | -2.4 | |
Production (units) | 2,340 | 2,418 | -3.2 | 4,606 | 4,691 | -1.8 | |
Employees (on June 30, 2024/Dec. 31, 2023) | 682.8 | 684.0 | -0.2 | ||||
Financial Data (IFRS), € million | |||||||
Sales revenue | 83,339 | 80,059 | +4.1 | 158,800 | 156,257 | +1.6 | |
Operating result | 5,464 | 5,600 | -2.4 | 10,052 | 11,347 | -11.4 | |
Operating return on sales (%) | 6.6 | 7.0 | 6.3 | 7.3 | |||
Earnings before tax | 4,986 | 5,446 | -8.4 | 10,167 | 11,898 | -14.6 | |
Return on sales before tax (%) | 6.0 | 6.8 | 6.4 | 7.6 | |||
Earnings after tax | 3,631 | 3,791 | -4.2 | 7,341 | 8,521 | -13.9 | |
Automotive Division2 | |||||||
Cash flows from operating activities | 8,396 | 6,161 | +36.3 | 10,925 | 13,373 | -20.5 | |
Cash flows from investing activities attributable to operating activities3 | 5,499 | 5,936 | -7.4 | 11,054 | 11,267 | -1.9 | |
Net cash flow | 2,898 | 226 | - | -129 | 2,470 | - | |
Net liquidity at June 30/Dec. 31 | 31,314 | 40,289 | -22.3 | ||||
Investment ratio | 12.5 | 12.4 | 13.4 | 12.1 | |||
1) The figures also include the equity-accounted Chinese joint ventures. Prior-year deliveries have been updated to reflect subsequent statistical trends.
2) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
3) Excluding acquisition and disposal of equity investments: Q2 EUR 5,393 (5,700) million, January to June EUR 10,743 (10,654) million.
Key figures by brand group and business field from January 1 to June 30
Vehicle sales | Sales revenue | Operating result | Operating margin | |||||
Thousand vehicles/€ million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Core brand group | 2,494 | 2,450 | 69,051 | 68,764 | 3,462 | 3,773 | 5.0 | 5.5 |
Progressive brand group | 539 | 655 | 30,939 | 34,169 | 1,982 | 3,417 | 6.4 | 10.0 |
Sport Luxury brand group1 | 152 | 171 | 17,695 | 18,892 | 2,904 | 3,653 | 16.4 | 19.3 |
CARIAD | - | - | 426 | 329 | -1,182 | -1,088 | ||
Battery | - | - | 0 | 0 | -166 | -181 | ||
TRATON Commercial Vehicles | 161 | 168 | 22,738 | 22,331 | 2,050 | 1,798 | 9.0 | 8.1 |
MAN Energy Solutions | - | - | 1,998 | 1,875 | 124 | 208 | ||
Equity-accounted companies in China2 | 1,265 | 1,352 | - | - | - | - | ||
Volkswagen Group Mobility | - | - | 27,514 | 24,112 | 1,373 | 1,760 | ||
Other3 | -269 | -349 | -11,561 | -14,215 | -495 | -1,993 | ||
Volkswagen Group | 4,341 | 4,448 | 158,800 | 156,257 | 10,052 | 11,347 | 6.3 | 7.3 |
1) Including Porsche Financial Services: sales revenue EUR 19,457 (20,431) million, operating result EUR 3,061 (3,852) million.
2) The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to EUR 801 (1,152) million.
3) In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation, as well as companies not allocated to the brands.
![Christopher Hauss](https://uploads.vw-mms.de/system/production/media_contacts/cws/001/965/photos/f231cf341609a0e3b26a38ffb685ecec1b8622ff/public_Christopher_Hauss.jpg?1685718947)
![Christoph Oemisch](https://uploads.vw-mms.de/system/production/media_contacts/cws/001/954/photos/881e2787bb2ff9b20061f27202354ac542d5ba15/public_Christoph_Oemisch.jpg?1685718942)