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“Despite stable vehicle sales, in part bolstered by the launch of attractive new models such as the Tiguan, Golf and the all-electric ID.7 Tourer, we were not able to offset higher fixed costs in the third quarter, especially at the VW brand. Moreover, the market headwinds have become even stronger in recent months. That is why we need more far-reaching measures to finance necessary investments and thus safeguard the future of Volkswagen for the long term. In order to increase our profitability, we must vigorously expand and execute our performance programs. We have strong products, from ICEs and hybrids through to all-electric models. Provided we keep our eyes on the ball as regards costs, this is an excellent foundation for a good future." Key figures (Jan. – Sept. 2024) Unit sales of 3.63 million vehicles in the first nine months (3.57 million vehicles in Q1-Q3 2023). Slight growth of 1.5% in unit sales in the first nine months of the year compared with the same prior-year period (Q3 2023: +0.7%). Brand Group Core sales revenue of 101.5 billion euros in year to date at a stable level (101.1 billion euros in Q1-Q3 2023). Stable sales volumes in a challenging competitive environment due to slightly higher unit sales and pricing measures. Operating resultcame in at 4.49 billion euros (2023: 4.99 billion euros). Higher fixed costs and expenses for restructuring measures impacted the operating result and could not be offset by volume growth. Brand Group Core operating margin of 4.4% in the first three quarters of the year (4.9% in Q1-Q3 2023). Adjusted for provisions for termination agreements, the Brand Group Core’s operating return on sales in the first three quarters came in at 5.2%, but was only 3.2% in Q3 2024. Net cash flow of 2.89 billion euros was 19.0% lower than the comparable prior-year period. Higher inventories as a result of the model offensive and a rise in receivables led to a decrease in net cash flow.

The Brand Group Core reached several milestones in the first half of the year with the launch of attractive model innovations such as the Tiguan, Golf, T-Cross and the all-electric Volkswagen ID.7 Tourer. At the same time, as expected, earnings were affected during the early stages of these new models. The Brand Group Core therefore anticipates significantly more positive momentum in the coming months, as the market presence of the new models intensifies. The Brand Group Core remains on course to meet its target of lifting the operating return to 8 % from 2026: to this end, the Brand Group is placing a clear focus on the strict execution of the performance programs to reduce costs and boost productivity, and on further reducing complexity, shortening development cycles and systematically tapping into synergy potentials. Overview of the brands in the Brand Group Core Volkswagen Passenger Cars Volkswagen Passenger Cars delivered 1,518,756 vehicles in the first half of the year, 0.3% down on the comparable prior-year period. Sales revenue decreased by 1.8% to 42.2 billion euros. The 41.1% decrease in operating profit before special items to 966 million euros is attributable to higher wages, provisions for termination agreements and ramp-up costs. As a result, the operating return for the first half of 2024 decreased to 2.3% (previous year: 3.8%). Škoda Auto Škoda Auto posted solid sales revenue and financial results in the first six months of 2024. Deliveries grew 3.8 % to 448,600 units and the financial data underscore the brand’s strong position: operating profit increased to 1.149 billion euros (2023: +26,1 %), sales revenue ran at 13.652 billion euros, thus continuing on a similar level to H1 2023 (-0.7 %), and the operating return increased to 8.4 % (6.6 %). For the first time, Škoda ranked fourth in European registrations, confirming that its balanced mix of ICEs, plug-in hybrids and BEVs is welcomed by customers.

Volkswagen is expanding its range of ID.7 models. The new ID.7 GTX – a fastback with 250 kW (340 PS) output and electric all-wheel drive – celebrates its world premiere first. Just two days later, on 6 June, pre-sales are scheduled to start in Germany at prices starting from 63,155 euros. Pre-sales of the ID.7 GTX Tourer (from 63,955 euros), ID.7 Pro S (from 58,985 euros) and ID.7 Tourer Pro S (from 59,785 euros) models presented in March will start at the same time. Like the ID.7 GTX, the 250-kW ID.7 GTX Tourer also has electric all-wheel drive. The rear-wheel drive models ID.7 Pro S and ID.7 Tourer Pro S develop a maximum output of 210 kW (286 PS). All four new ID.7 versions are equipped with an 86-kWh battery.

At 6.4%, operating return was well within the target corridor of 6-7% for 2024. All brands contributed to this achievement, reporting higher returns on the basis of focused cost management as well as increased implementation of synergy and efficiency measures within the Brand Group. The financial performance in the first quarter felt the impact of offsetting effects – these included, for example, the abrupt termination of government incentives for electric cars in the German market and the related discount measures at the beginning of the year. Furthermore, there was high depreciation attributable to investments in product campaigns and the related ramp-up of electric products. The Brand Group Core was, however, able to counteract these effects in the first quarter of 2024 with a balanced product mix. The slight dip in demand for all-electric vehicles (BEV) was offset by higher deliveries of ICE models. Overall, stable Q1 unit sales figures at Brand Group level reflect these effects. Key financial performance indicators confirm the strength and resilience developed by the Brand Group Core: with unit sales of 1,191,926, the Brand Group’s vehicle sales almost matched the high prior-year level (Q1 2023: 1,192,974 vehicles). Even though sales revenue came in at 32.8 billion euros – thus slightly lower than the very strong sales level of the previous year (Q1 2023: 33.2 billion euros) – operating profit before special items grew 21% to 2.1 billion euros (Q1 2023: 1.7 billion euros). The operating return (before special items) improved by 1.2 percentage points to 6.4%. Cash outflows in the first quarter were mainly attributable to preparations for new model ramp-ups. The Brand Group Core delivered 1,543,500 vehicles to customers in the first quarter of the year, 6.2% more than the same prior-year quarter (Q1 2023: 1,453,500 vehicles).

New ID.3 GTX: top of the range ID.3 model ensures convincing performance thanks to Volkswagen’s most powerful electric drivetrainNew ID.7 GTX Tourer: maximum performance meets large load space – the all-wheel drive Tourer is the most powerful Volkswagen estate built to dateSuccessful GTX concept: every fifth ID.4 and ID.5 in Europe is already a GTX model – Volkswagen is now transferring the GTX concept to other ID. product lines Volkswagen is expanding its range of sporty GTX models. As a double world premiere, the new ID.3 GTX and ID.7 GTX Tourer models are now the first to make their debut. The two highly dynamic Volkswagen models will be launched soon with an individual exterior design, including their own front and rear light signatures, sporty design details in the interior and powerful performance drives. The sportiest models from the all-electric ID. product line have already borne the GTX label since 2021 – based on the dynamic Volkswagen models with the designations GTI, GTD or GTE. GTX success story. The sporty and dynamic GTX models offer a completely unique and particularly fascinating type of electric mobility. The fact that every fifth newly registered ID.4 and ID.5 in Europe is already a GTX model shows just how popular this is with customers. Volkswagen has now transferred the successful driving dynamics to the ID.3 GTX and ID.7 GTX Tourer – with an individual technical setup in each case. The character of the ID.3 GTX. Volkswagen will launch the rear-wheel drive ID.3 GTX in two variants. The top-of-the-line model is the ID.3 GTX Performance – a snappy, compact sports car.

Maximum load capacity: up to 1,714 litresLaunching first as the ID.7 Tourer Pro with a 77 kW battery, 210 kW (286 PS) output, fast 175 kW DC charging and a range of up to 607 km (WLTP) Volkswagen is driving forward its major product offensive in the mid-sized class with pre-sales of the new ID.7 Tourer. Following the new ID.7 fastback saloon, new Passat and new Tiguan, the first all-electric Volkswagen estate-car is already the fourth new mid-sized model in just a few months. The business and leisure all-rounder can now be configured and ordered at prices starting at 54,795 euros. As one of just a few manufacturers, Volkswagen is present on the European market with three estate models in the important upper mid-sized class: the sporty Arteon Shooting Brake, the completely newly developed Passat Variant and the ID.7 Tourer. With this model range, Volkswagen offers all relevant drive types in the mid-sized class and thus a particularly large choice for customers. Range of up to 607 km(((Range determined on the rolling road test bed in accordance with the Worldwide Harmonized Light Vehicles Test Procedure (WLTP) in the most range-favourable equipment variant of the ID.7 Tourer Pro with a net battery energy content of 77 kWh.

Strong performance drive: with the new ID. Buzz GTX Volkswagen presents its most powerful series-production Bulli of all timeAll-wheel drive as standard: one electric drive motor on each the front and rear axles combine to form the intelligently controlled 4MOTION all-wheel drive systemTwo wheelbases, two new batteries: the ID. Buzz GTX with normal wheelbase and the ID. Buzz GTX with long wheelbase get more powerful batteriesHigh pulling power: with a maximum trailer weight of up to 1,800 kg and all-wheel drive, the ID. Buzz GTX is ideal as an electric towing vehicle for bike, boat or horse trailers Volkswagen presents the new ID. Buzz GTX: The electric Bulli equipped with a powerful performance drive system will in future be available with two wheelbases, two battery sizes and a choice of 5-, 6- or 7-seater. It also comes with standard 4MOTION all-wheel drive for optimum pulling power and traction in every driving situation. In addition, both GTX models share an individualized design. Pre-sales of the ID. Buzz GTX will start in the summer. This year, Volkswagen is once again expanding its range of sporty GTX models alongside the ID.3, ID.4, ID.5 and ID. 7 Tourer . Electric all-wheel drive: The new ID. Buzz GTX is equipped with two electric motors – both together form all-wheel drive. The top speed of the GTX models is electronically limited to 160 km/h. The electric motors are supplied with energy by batteries in two sizes, which can be recharged from 10 to 80 percent in 26 minutes at DC fast charging stations with up to 185 kW(((Maximum possible charging capacity.

Large estate car: with the ID.7 Tourer, one of the first electric estate cars in the upper mid-sized class makes its debut in EuropeGenerous space: the ID.7 Tourer offers space for five people with up to 605 litres of luggage. With two people on board, the load capacity increases to up to 1,714 litresLong range: the ID.7 Tourer will be available with two battery sizes. The top-of-the-range version is expected to achieve ranges of up to 685 km Outstanding comfort: a new automatic air conditioner, optionally available seats with pressure-point massage and air conditioning, and the new Wellness In Car app offer a premium-class experience The ID.7 is the flagship among electric Volkswagen models – a progressive fastback saloon with a long range. Volkswagen is now expanding the ID.7 portfolio in Europe with an estate car: the all-new ID.7 Tourer. It is one of the first all-electric estate cars in the upper mid-sized class. Volkswagen is also represented in this class with the new Passat Variant. Both product lines complement each other and together cover all relevant drive types – from highly efficient petrol and diesel engines to plug-in hybrids with a predicted electric range of more than 100 kilometres (WLTP) and all-electric vehicles.