#Performance

The Audi Group's financial performance in the first nine months reflects the challenging macroeconomic situation. This includes a difficult market environment and expected restructuring expenses, for example as a result of a possible alternative use or a possible plant closure of the Brussels site. In the first nine months of 2024, revenue amounted to €46.3 billion, operating profit was €2.1 billion, and net cash flow amounted to €3.8 billion. The Progressive* brand group delivered a total of 1,251,381 vehicles from January to September, including 115,788 all-electric models. Audi is currently launching electric models and highly efficient combustion-engine vehicles in important core model series as part of a major product initiative. With the Audi Agenda, the company is also increasing its competitiveness and improving its processes and organizational structures.

SEAT S.A. achieved an operating profit of 415 million euros between January and September 2024. These results were 17.2% lower than for the same period of the previous year (501 million euros), in a challenging economic environment affecting the global automotive industry. Furthermore, 2024 has been a pivotal year for the company, marked by substantial investment to support several major launches for the CUPRA brand’s range of BEVs and PHEVs as the company drives forward its transformation toward electrification.

Škoda Auto maintains its positive momentum: deliveries to customers in the first nine months of 2024 increased to 671,300 vehicles (+4.5% YoY). This growth was supported by a strong third quarter, with 222,700 vehicles delivered (+6%). The automaker is performing particularly well in Europe, outpacing the overall European market. The company’s financial figures underscore its position of strength: revenue increased to €20.4 billion (+3.8%), operating profit rose by 34.8% to €1.7 billion, and the return on sales (RoS) reached 8.3% (6.4%). The most successful markets in terms of absolute growth in the first three quarters are Germany, Turkey, the United Kingdom, Poland, and France. The all-electric Enyaq remains one of the best-selling BEVs overall in key markets like Germany, where it also ranked first among electric cars in September. This result makes the Enyaq the second best-selling electric car in Germany in the first nine months of 2024. Škoda has solidified its position as the fourth best-selling brand in Europe. It aims to build on this success: the recently launched all-electric compact SUV, Elroq, stands out as the most affordable EV in its class, taking into account its extensive standard equipment and battery size. In a first for the brand, sales began immediately after its premiere.

In a year shaped by a persistently weak economic environment, more intense competition and political challenges, the Brand Group Core continues to concentrate in 2024 on successful model ramp-ups and execution of the performance programs in the various brands.

The Volkswagen Group expects deliveries to customers to be around 9 million vehicles (2023: 9.24 million vehicles). The company expects Group sales revenue to be around 320 billion euros (2023: 322.3 billion euros).

On October 30, 2024 the Volkswagen Group published the results for the third quarter 2024.

The TRATON GROUP increased its sales revenue by 3% to €35.3 billion (9M 2023: €34.2 billion) in the first nine months of 2024 as the market conditions in Europe continued to normalize. This development was essentially driven by a positive market and product mix and by better unit price realization in the TRATON Operations business area. TRATON Financial Services contributed to the Group’s sales revenue growth due to a rise in portfolio volume. Adjusted operating result of the TRATON GROUP was €332 million higher at €3.3 billion (9M 2023: €2.9 billion) and adjusted operating return on sales improved to 9.3% (9M 2023: 8.6%). This was thanks primarily to continued good price management combined with an improved cost structure in the TRATON Operations business area.

Porsche AG continued on its planned course in the first nine months of 2024.

The TRATON GROUP recorded increasing unit sales in the third quarter of 2024 in a normalizing market environment. According to preliminary data, a total of 85,300 vehicles were delivered across the TRATON brands in the third quarter of 2024, up 5% on the prior-year quarter. In the first nine months of the year, unit sales amounted to 245,400 vehicles, equivalent to a decline of 2%.

The Volkswagen Group aims to further increase traffic safety for all road users. The Group brands plan to use sensor and, more recently, image data from customer vehicles in road traffic to continuously optimize driver assistance systems and automated driving functions. Customers will benefit from the improvements through software updates in the vehicle. The continuously improved driving functions enhance driving comfort and contribute positively to overall traffic safety. High-quality data from real traffic situations are central to this continuous optimization of powerful assistance systems. The basic prerequisite for their processing is customer consent, and all data protection regulations are observed. The Volkswagen Group aims to start this initiative in Germany from the fourth quarter of 2024, initially with models from the Volkswagen Passenger Cars and Audi brands. Other Group brands plan to gradually join the initiative and prepare their product portfolios accordingly.

In a year shaped by a persistently weak economic environment, more intense competition and political challenges, the Brand Group Core continues to focus on successful model ramp-ups and execution of the performance programs in the various brands. The Brand Group plans to boost profitability in the second half of the year through a clear focus on strict cost efficiency and the realization of synergies generated by cooperation, as well as through growth.

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%.