Volkswagen Group Interim Report January – September 2024
CFO & COO Volkswagen Group
“Our nine-month results reflect a challenging market environment and underline the importance of delivering on the performance programs we have launched across the Group. Volkswagen Brand reported an operating margin of only two percent after nine months. This highlights the urgent need for significant cost reductions and efficiency gains. Our product momentum gives us confidence. A significantly improved order intake in Western Europe in Q3 year-on-year is testament to our strengthened product line-up, from combustion engine cars to hybrids and full-electric vehicles and provides tailwind for the final quarter.”
Outlook for 2024 as per ad hoc release from Sep 27, 2024
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).
In terms of operating result, the company expects to achieve around 18 billion euros (corresponding to an operating return on sales of around 5.6%).
In the Automotive Division, the Group expects the net cash flow to reach around 2 billion euros. This forecast includes the assumption of cash outs for M&A activities in the amount of around 3.5 billion euros, of which approximately 2 billion euros is attributable to cash out in connection with the planned joint venture with Rivian. Net liquidity in the Automotive Division is expected to be in the range of 36 to 37 billion euros in 2024.
