Volkswagen Group Half-Year Report 2024
In the first half of 2024, the Volkswagen Group recognized restructuring costs of €1.0 billion in the other operating result. They are primarily attributable to Volkswagen AG. To enable the company to focus its efforts to meet the target of a long-term reduction in personnel costs in the administrative areas of Volkswagen AG, the Board of Management resolved in April 2024 to promote the downsizing with selective severance agreements.
Highlights
- Deliveries to Volkswagen Group customers, including the Chinese joint ventures, down slightly year-on-year to 4.3 (4.4) million vehicles in the first six months of 2024; noticeable decrease in Asia-Pacific; growth in nearly all other sales regions worldwide
- Deliveries of all-electric vehicles to customers down slightly year-on-year (-1.4%) due in particular to general buyer reluctance; share of Group deliveries at 7.3 (7.4)% Group sales revenue up slightly year-on-year at €158.8 (156.3) billion due to volume-related increases in the financial services business
- Operating result down at €10.1 (11.3) billion; restructuring expenses in the Passenger Cars Business Area of €1 billion
- Earnings before tax decrease to €10.2 (11.9) billion; earnings after tax decline by €1.2 billion to €7.3 billion
- Automotive Division’s net cash flow amounts to €-0.1 (2.5) billion; automotive investment ratio at 13.4 (12.1)%
- Net liquidity in the Automotive Division at robust level of €31.3 billion; dividend payment of €4.5 billion in May
