Volkswagen Group Mobility division with solid results in 2024 in a challenging market environment

Volkswagen Group Mobility division with solid FY 2024
results in a challenging market environment

Earnings outlook for 2025: Significantly above previous year

Operating Result for 2024 at EUR 3.0 billion (-7.7 percent)

Contract portfolio grows to 26.7 million units (+3.5 percent)

New contracts rise sharply by 5.9 percent to over 10.3 million units

Total assets increase by 5.2 percent to EUR 282 billion

Volkswagen Bank deposits up EUR 18 billion to EUR 55 billion (+48.6 percent)

Volkswagen Financial Services Overseas AG: Non-European business grows in terms of current contracts, new contracts, and penetration rates

The business division Volkswagen Group Mobility has concluded the 2024 financial year in a difficult and demanding market environment with a solid Operating Result of EUR 3.0 billion. This marks a decrease of 7.7 percent compared to the 2023 financial year. Despite this decline, new record levels were achieved in the contract portfolio and in new contracts. The portfolio of current contracts grew by 3.5 percent to 26.7 million units, and the number of new contracts increased by 5.9 percent to 10.3 million units. For 2025, the Volkswagen Group Mobility division expects an Operating Result significantly above the previous year, subject to current and future macroeconomic and political developments.

Dr. Christian Dahlheim,
CEO of Volkswagen Financial Services AG

"It is gratifying that we have grown in our core business and achieved our volume targets. Our business model has once again proven to be very robust and resilient. Worldwide, more than 50 percent of all Volkswagen Group vehicles are now processed through the books of Volkswagen Group Mobility companies. At the same time, we are responsible for the Life Cycle Offers component in the Volkswagen Group's strategy. With our Vehicle Lifetime Management approach, we maximize the automotive value chain and support the transformation into a mobility services provider. The successes we have achieved so far show that we are on the right track."

Dr. Ingrun-Ulla Bartölke,
CFO of Volkswagen Financial Services AG

"Given the many challenging conditions in 2024, we are satisfied with the result achieved. Our result was impacted by exchange rate effects from the deconsolidation of our previously discontinued operations in Russia, higher risk costs, and a further normalization of used car prices. We recorded strong growth in both the contract portfolio and new contracts. As in previous years, this growth was driven by the leasing and services business. Part of the basis for refinancing our dynamic leasing business was the corporate restructuring we successfully implemented last year. Thanks to the new structure, we can now use the increasing deposit volume of the direct bank even more efficiently than before to support the planned growth of our leasing business."

Kai Vogler,
CEO of Volkswagen Financial Services Overseas AG

"We are satisfied with the performance in our overseas markets. We achieved a slight increase in the contract portfolio. Excluding the challenging Chinese market, our contract portfolio grew by as much as eleven percent, and our new contracts went up by 10.3 percent. The same applies to our penetration rate, which we were able to improve by two percentage points through close collaboration with the brands. A particularly dynamic trend can be observed in the markets of Brazil and Mexico. The insurance business in our markets also stands out with a growth of 11.2 percent."

In focus: Market ramp-up of electric mobility

The companies of Volkswagen Group Mobility were also successful in the market ramp-up of e-mobility. Worldwide, new BEV contracts rose by 11.6 percent year-on-year to 322,389 units. This shows that automotive financial services are an important driver for the establishment of electromobility.

New deposit record – Volkswagen Bank continues to grow strongly

The direct bank deposits, which are very important as a refinancing source, reached a new record high in 2024. Coming from EUR 37 billion at the end of 2023, the deposit volume grew by EUR 18 billion to EUR 55 billion. This represents an increase of 48.6 percent. Moreover, more than 960,000 new deposit accounts for private and business customers were opened in Germany. The goal for 2025 is to further expand the deposit volume in a challenging interest rate environment.

Vehicle Lifetime Management and used car marketing expanded

A key component of the current strategy is the Vehicle Lifetime Concept. This model places a particular focus on intensifying used car leasing to retain vehicles in the portfolio over multiple leasing cycles, thereby unlocking further earnings potential for the Volkswagen Group's brands. The model has already been introduced in Germany and France. Worldwide, the number of new used-car contracts rose by around 11 percent.

In this context, the capabilities of international used car marketing in Europe were also expanded. During the past financial year, 444,000 used cars were successfully marketed (2023: 377,000 units), which corresponds to an increase of more than 16 percent.

Development of current contracts and new contracts 2023 vs. 2024

Portfolio of current contracts worldwide (in thousands*)	30 December 2024	30 December 2023	Change in %
Financing	4,968	5,299	- 6.2
Leasing	5,242	4,888	+ 7.2
Services	6,244	5,782	+ 8.0
Insurance	10,214	9,801	+ 4.2
Total	26,668	25,770	+ 3.5

New contracts worldwide (in thousands*)	January to Dezember 2024	January to Dezember 2023	Change in %
Financing	1,754	1,837	- 4.5
Leasing	2,187	1,978	+ 10.6
Services	2,324	2,150	+ 8.1
Insurance	4,026	3,756	+ 7.2
Total	10,291	9,721	+ 5.9

About the Volkswagen Group Mobility business division

Volkswagen Group Mobility is a business division of the Volkswagen AG group of companies and comprises Volkswagen Financial Services AG along with its subsidiaries and affiliates (e.g. Volkswagen Bank GmbH and Volkswagen Leasing GmbH), Volkswagen Financial Services Overseas AG, Porsche Financial Services GmbH, Volkswagen Credit Inc. (USA) and Volkswagen Credit Canada Inc. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management, and mobility services. The companies of Volkswagen Group Mobility have a total of 18,045 employees worldwide – including 7,501 alone in Germany. Volkswagen Group Mobility reports total assets of around EUR 282 billion, an operating profit of EUR 3.0 billion, and a portfolio of around 26.7 million current contracts (as at 31.12.2024).

The Board of Management of Volkswagen Financial Services AG and Volkswagen Financial Overseas AG report on the Volkswagen Group Mobility business division for Volkswagen AG as part of the financial reporting.
More information available at www.vwfs.com.

Contacts for press inquiries

Dr. Carsten Krebs

Head of Corporate Communications & Public Affairs
Volkswagen Financial Services AG

E-Mail: carsten.krebs@vwfs.com
Tel.: +49 (0)173-2658158
Stefan Voges

Head of External Communications
Volkswagen Financial Services AG

E-Mail: stefan.voges@vwfs.com
Tel.: +49 (0)17a-5096741
Malte Krause

Press Officer
Volkswagen Financial Services AG

E-Mail: malte.krause@vwfs.com
Tel.: +49 (0)162-2586939

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of TRATON Financial Services and Porsche Holding Salzburg.