- Successful BEV-run up: No. 1 in Europe, No. 2 in the US, China increased more than fourfold
- Enhanced overall resilience: overhead costs significantly reduced, high capex discipline, break-even lowered
- Profit doubled to 20 billion EUR and return on sales increased to 8 percent (2020: 4,8)
- Strong regions: turnarounds in North and South America, leading market position in Europe and China
- NEW AUTO strategy: Significant progress in building major tech platforms
(PRESS RELEASE) WOLFSBURG, 15-Mar-2022 — /EuropaWire/ — Volkswagen Group (ETR: VOW3), one of the world’s leading manufacturers of automobiles and commercial vehicles, has announced that the Group has delivered on its NEW AUTO Strategy last year (2021), laying the basis for future profitable growth and improving the resilience of its business model in a difficult environment. The group has reached the turnaround in key regions of the world and successfully ramped up e-mobility, built up software capabilities and raised efficiency.
CEO Herbert Diess said at Volkswagen‘s annual earnings press conference in Wolfsburg: „The war in the Ukraine is dramatic and causes human tragedy and economic upheaval that we thought we had overcome throughout years of multilateralism and diplomacy,“ Diess said. „Volkswagen has proven its resilience over the past years and will manage this crisis, too. At the same time, we will keep clear focus on implementation of our NEW AUTO strategy, which will enable us for an emission-free, autonomous future of mobility.“
Strong regions: turnarounds in North and South America, leading market position in China
The Volkswagen Group has made significant progress in its business across all regions in 2021. Its global footprint combined with the right local strategies and product mixes was key.
In North America, the Volkswagen brand returned to profitability after several years in all three markets: Canada, the United States and Mexico. The updated model portfolio of five SUVs including the all-electric ID.4 was well received. These models accounted for more than 75 percent of sales in the United States (375,030 units). The upcoming battery-powered ID. Buzz01 will be the emotional driver for the brand’s rebirth in this region.
The Volkswagen brand achieved a turnaround in South America as well. The consequent customer-orientation with new models like Taos and Nivus laid the ground for reaching profitability and a positive net cash flow.
In Europe, the Group’s early decision to go electric and start the largest e-offensive of the industry paid off further. It was the market leader in 2021: every fourth battery-electric vehicle was from Volkswagen Group. Thus, it overfulfilled its CO2 fleet target in the European Union including Norway and Iceland based on preliminary figures.
In China, the most important growth market worldwide, the Group continues to be very profitable and is in a strong market position. With 16 percent market share, it has almost twice the size of the second biggest competitor. The Volkswagen brand is the most successful brand with a market share of 11 percent. Porsche, Bentley and Lamborghini achieved sales records. The Group could have sold significantly more vehicles in 2021, but was unable to meet the high demand due to semiconductor shortages.
Successful e-run up: No. 1 in Europe, No. 2 in the US, China increased more than fourfold
The Volkswagen Group’s successful e-run-up picked up further speed last year. The deliveries of battery-electric vehicles (BEVs) almost doubled in 2021 to more than 450,000 units. Thus, the company was No. 1 in this segment in Europe and No. 2 in the United States. In both markets, it has achieved higher market shares in the BEV market than in the total market. BEV deliveries in China increased more than fourfold last year to 93,000 units. A new sales approach targeting younger customers, including 120 pop-up stores in Chinese malls, successfully paved the way to at least double BEV sales in the Group’s largest single market this year.
The iconic new ID. Buzz, which has been revealed by the Volkswagen brand last week, will give the e-offensive additional momentum. The icon is not only full electric but will also be used in future autonomous mobility concepts such as ridepooling.
Solid financial performance: resilience of business model further enhanced
Volkswagen already announced the Group’s key figures for the past fiscal year and an outlook for 2022 last week. The Annual Report published today presents detailed figures on the business performance of the brands and regions.
With volumes down 6 percent on prior year, sales revenue increased by 12 percent to EUR 250.2 billion. Operating profit before special items almost doubled compared to 2020 and reached a solid level of EUR 20.0 billion. The operating return on sales before special items also climbed to 8.0 percent after 4.8 percent in prior year. Key to this financial performance was a better mix and favorable pricing as well as reduced overhead costs.
Capex discipline, a firm grip on working capital and the positive contribution from the Group’s operative business drove the clean Automotive Division’s net cash flow to EUR 15.5 billion – a EUR 5.5 billion increase vs. prior year. Net liquidity stood at EUR 26.7 billion at the end of 2021.
Volkswagen has also initiated last year an overheads cost program to improve competitiveness and to finance its ambitious transformation towards electrification and digitalization. The target of a 10 percent cut in overhead costs (without R&D and capex) initially set for 2023 has already been achieved. This important milestone is contributing a EUR 4 billion cost relief vs. 2019.
Arno Antlitz, CFO of the Volkswagen Group, said: “The Volkswagen Group enhanced its overall robustness in 2021 and achieved solid results and cash flows despite strong headwinds from the semiconductor shortage. This performance was driven by all our brands and regions. We achieved important turnarounds in North and South America for Volkswagen Brand and especially our premium brands and Financial Services delivered strong contributions. These achievements give us confidence, that we are able to robustly finance our transformation to NEW AUTO also in these difficult times.”
Progress on NEW AUTO strategy: Significant proof points in all four platforms
With its NEW AUTO strategy presented last July, the Volkswagen Group aims to tap into future profit pools across four globally leading technology platforms that offer cutting-edge technology and unparalleled scale. In 2021, significant progress was made in all four platforms.
Herbert Diess, CEO of the Volkswagen Group, said at the presentation of the financial statements for the past fiscal year: “Last July, we presented the NEW AUTO strategy that will lead our way to become a sustainable and software-driven mobility provider by 2030. Less than one year later, we have already achieved major milestones in all four strategic platforms. We are well on track to tap future profit pools and are fully committed to shape the future of mobility.”
Regarding the Mechatronics platform, the current modular electric drive toolkit (MEB) takes another step towards becoming the industry standard for e-mobility. The cooperation with Ford has just been expanded to another BEV model which will be built on the MEB, doubling Ford’s MEB volume to 1.2 million units over the six-year term.
Major decisions for Wolfsburg, the Group’s headquarter, were taken.
Trinity, the first model of the Volkswagen brand based on the SSP (Scalable Systems Platform) will be built in a new EUR 2 billion process-optimized factory close by the main site. It will use the most innovative production methods and will have a net neutral CO2 footprint. Thus, it will become a blueprint for the gradual conversion of production at the Wolfsburg main plant and all other Volkswagen plants.
Furthermore, a new EUR 800 million R&D center will be built for the development of the SSP. This will be the only Group platform going forward, it is ready for electric and autonomous mobility.
The Software platform has been strengthened further with new members of the management team at CARIAD. CARIAD will now focus even more on organic growth and M&A for its next growth phase. It already successfully integrated the Camera software division of Hella and partnered with BOSCH for Level 3 Automated Driving. In 2022, CARIAD will come to the US and China. This gives the Volkswagen Group the chance to tailor its software development to the needs of its worldwide markets and further speed up the processes.
Already today, customers can experience CARIAD’s software solutions. Vehicles have been supplied with over-the-air updates and new functions by CARIAD since autumn. The Group has already carried out more than 56.000 updates over the air. In the course of 2022, a software update with the newly updated travel Assist 2.5, Plug & Charge, multi-stop-route planning and updated voice control will be launched. The Volkswagen Travel Assist is already the best performing driver assistance system in Europe and will become even better, due to the cooperation with Mobileye.
CARIAD is also well underway to launch the unified software platform 2.0 for all Group brands, coming in 2025. A minimum viable product of this platform has been successfully developed. Never before has a basic software architecture been tested and completed four years before the start of production. This is a completely new approach for software-centric vehicle development.
The third platform deals with Battery & Charging. As charging is a key enabler for e-mobility, the Volkswagen Group is working on one charging network that spawns Europe, the US and China.
Overall, 45,000 high power charging points are planned worldwide by 2025. Around 10,000 of them are already live, and many more will be put into operation this year. In Europe, a joint venture with Enel was founded and the cooperation with BP will also start with the first high power chargers soon. In China, the Group’s charging joint venture CAMS is continuously expanding. Electrify America in the US has a new, additional boost plan, targeting 10,000 high power charging points by 2025.
Building a leading platform for Mobility Solutions is another important cornerstone of the NEW AUTO strategy. Last year, the Group together with partners initiated a takeover bid for Europcar as key element of this platform. The transaction is expected to be completed in the second quarter of 2022.
Autonomous shuttle services will also be an integral part of this mobility portfolio. Here, the new ID. Buzz AD will play an important role. With the software from ARGO AI, the ID Buzz AD is already road testing its autonomous functions in Munich. The tests are also planned to start in the US in 2023. The goal is to launch the commercial AD-ridepooling services in Hamburg in 2025.
Media contacts:
Christopher Hauss
Head of Strategy & Finance Communications
Tel. +49 (0) 5361 / 9-984175
christopher.hauss@volkswagen.de
Christoph Oemisch
Spokesperson Finance & Sales (Group)
Tel. +49 (0) 5361 / 9-18895
christoph.oemisch@volkswagen.de
SOURCE: Volkswagen AG
- Astor Asset Management 3 Ltd Inicia Investigación de Demanda Colectiva Contra Ricardo Benjamín Salinas Pliego de Grupo ELEKTRA por Manipulación de Acciones y Fraude en Valores
- Astor Asset Management 3 Ltd Initiating Class Action Lawsuit Inquiry Against Ricardo Benjamín Salinas Pliego of Grupo ELEKTRA for Stock Manipulation & Securities Fraud
- Digi Communications N.V. announced that its Spanish subsidiary, Digi Spain Telecom S.L.U., has completed the first stage of selling a Fibre-to-the-Home (FTTH) network in 12 Spanish provinces
- Natural Cotton Color lancia la collezione "Calunga" a Milano
- Astor Asset Management 3 Ltd: Salinas Pliego Incumple Préstamo de $110 Millones USD y Viola Regulaciones Mexicanas
- Astor Asset Management 3 Ltd: Salinas Pliego Verstößt gegen Darlehensvertrag über 110 Mio. USD und Mexikanische Wertpapiergesetze
- ChargeEuropa zamyka rundę finansowania, której przewodził fundusz Shift4Good tym samym dokonując historycznej francuskiej inwestycji w polski sektor elektromobilności
- Strengthening EU Protections: Robert Szustkowski calls for safeguarding EU citizens’ rights to dignity
- Digi Communications NV announces the release of H1 2024 Financial Results
- Digi Communications N.V. announces that conditional stock options were granted to a director of the Company’s Romanian Subsidiary
- Digi Communications N.V. announces Investors Call for the presentation of the H1 2024 Financial Results
- Digi Communications N.V. announces the conclusion of a share purchase agreement by its subsidiary in Portugal
- Digi Communications N.V. Announces Rating Assigned by Fitch Ratings to Digi Communications N.V.
- Digi Communications N.V. announces significant agreements concluded by the Company’s subsidiaries in Spain
- SGW Global Appoints Telcomdis as the Official European Distributor for Motorola Nursery and Motorola Sound Products
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2023 financial year
- Digi Communications N.V. announces the exercise of conditional share options by the executive directors of the Company, for the year 2023, as approved by the Company’s Ordinary General Shareholders’ Meetings from 18th May 2021 and 28th December 2022
- Digi Communications N.V. announces the granting of conditional stock options to Executive Directors of the Company based on the general shareholders’ meeting approval from 25 June 2024
- Digi Communications N.V. announces the OGMS resolutions and the availability of the approved 2023 Annual Report
- Czech Composer Tatiana Mikova Presents Her String Quartet ‘In Modo Lidico’ at Carnegie Hall
- SWIFTT: A Copernicus-based forest management tool to map, mitigate, and prevent the main threats to EU forests
- WickedBet Unveils Exciting Euro 2024 Promotion with Boosted Odds
- Museum of Unrest: a new space for activism, art and design
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by companies within Digi Group
- Digi Communications N.V. announces the agreements concluded by Digi Romania (formerly named RCS & RDS S.A.), the Romanian subsidiary of the Company
- Green Light for Henri Hotel, Restaurants and Shops in the “Alter Fischereihafen” (Old Fishing Port) in Cuxhaven, opening Summer 2026
- Digi Communications N.V. reports consolidated revenues and other income of EUR 447 million, adjusted EBITDA (excluding IFRS 16) of EUR 140 million for Q1 2024
- Digi Communications announces the conclusion of Facilities Agreements by companies from Digi Group
- Digi Communications N.V. Announces the convocation of the Company’s general shareholders meeting for 25 June 2024 for the approval of, among others, the 2023 Annual Report
- Digi Communications NV announces Investors Call for the presentation of the Q1 2024 Financial Results
- Digi Communications intends to propose to shareholders the distribution of dividends for the fiscal year 2023 at the upcoming General Meeting of Shareholders, which shall take place in June 2024
- Digi Communications N.V. announces the availability of the Romanian version of the 2023 Annual Report
- Digi Communications N.V. announces the availability of the 2023 Annual Report
- International Airlines Group adopts Airline Economics by Skailark ↗️
- BevZero Spain Enhances Sustainability Efforts with Installation of Solar Panels at Production Facility
- Digi Communications N.V. announces share transaction made by an Executive Director of the Company with class B shares
- BevZero South Africa Achieves FSSC 22000 Food Safety Certification
- Digi Communications N.V.: Digi Spain Enters Agreement to Sell FTTH Network to International Investors for Up to EUR 750 Million
- Patients as Partners® Europe Announces the Launch of 8th Annual Meeting with 2024 Keynotes and Topics
- driveMybox continues its international expansion: Hungary as a new strategic location
- Monesave introduces Socialised budgeting: Meet the app quietly revolutionising how users budget
- Digi Communications NV announces the release of the 2023 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the presentation of the 2023 Preliminary Financial Results
- Lensa, един от най-ценените търговци на оптика в Румъния, пристига в България. Първият шоурум е открит в София
- Criando o futuro: desenvolvimento da AENO no mercado de consumo em Portugal
- Digi Communications N.V. Announces the release of the Financial Calendar for 2024
- Customer Data Platform Industry Attracts New Participants: CDP Institute Report
- eCarsTrade annonce Dirk Van Roost au poste de Directeur Administratif et Financier: une décision stratégique pour la croissance à venir
- BevZero Announces Strategic Partnership with TOMSA Desil to Distribute equipment for sustainability in the wine industry, as well as the development of Next-Gen Dealcoholization technology
- Digi Communications N.V. announces share transaction made by a Non-Executive Director of the Company with class B shares
- Digi Spain Telecom, the subsidiary of Digi Communications NV in Spain, has concluded a spectrum transfer agreement for the purchase of spectrum licenses
- Эксперт по торговле акциями Сергей Левин запускает онлайн-мастер-класс по торговле сырьевыми товарами и хеджированию
- Digi Communications N.V. announces the conclusion by Company’s Portuguese subsidiary of a framework agreement for spectrum usage rights
- North Texas Couple Completes Dream Purchase of Ouray’s Iconic Beaumont Hotel
- Предприниматель и филантроп Михаил Пелег подчеркнул важность саммита ООН по Целям устойчивого развития 2023 года в Нью-Йорке
- Digi Communications NV announces the release of the Q3 2023 Financial Results
- IQ Biozoom Innovates Non-Invasive Self-Testing, Empowering People to Self-Monitor with Laboratory Precision at Home
- BevZero Introduces Energy Saving Tank Insulation System to Europe under name “BevClad”
- Motorvision Group reduces localization costs using AI dubbing thanks to partnering with Dubformer
- Digi Communications NV Announces Investors Call for the Q3 2023 Financial Results
- Jifiti Granted Electronic Money Institution (EMI) License in Europe
- Предприниматель Михаил Пелег выступил в защиту образования и грамотности на мероприятии ЮНЕСКО, посвящённом Международному дню грамотности
- VRG Components Welcomes New Austrian Independent Agent
- Digi Communications N.V. announces that Digi Spain Telecom S.L.U., its subsidiary in Spain, and abrdn plc have completed the first investment within the transaction having as subject matter the financing of the roll out of a Fibre-to-the-Home (“FTTH”) network in Andalusia, Spain
- Продюсер Михаил Пелег, как сообщается, работает над новым сериалом с участием крупной голливудской актрисы
- Double digit growth in global hospitality industry for Q4 2023
- ITC Deploys Traffic Management Solution in Peachtree Corners, Launches into United States Market
- Cyviz onthult nieuwe TEMPEST dynamische controlekamer in Benelux, Nederland
- EU-Funded CommuniCity Launches its Second Open Call
- Astrologia pode dar pistas sobre a separação de Sophie Turner e Joe Jonas
- La astrología puede señalar las razones de la separación de Sophie Turner y Joe Jonas
- Empowering Europe against infectious diseases: innovative framework to tackle climate-driven health risks
- Montachem International Enters Compostable Materials Market with Seaweed Resins Company Loliware
- Digi Communications N.V. announces that its Belgian affiliated companies are moving ahead with their operations
- Digi Communications N.V. announces the exercise of conditional share options by an executive director of the Company, for the year 2022, as approved by the Company’s Ordinary General Shareholders’ Meeting from 18 May 2021
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2022 financial year
- Digi Communications N.V. announces the availability of the 2022 Annual Report
- Digi Communications N.V. announces the general shareholders’ meeting resolutions from 18 August 2023 approving amongst others, the 2022 Annual Accounts
- Русские эмигранты усиливают призывы «Я хочу, чтобы вы жили» через искусство
- BevZero Introduces State-of-the-Art Mobile Flash Pasteurization Unit to Enhance Non-Alcoholic Beverage Stability at South Africa Facility
- Russian Emigrés Amplify Pleas of “I Want You to Live” through Art
- Digi Communications NV announces the release of H1 2023 Financial Results
- Digi Communications NV Announces Investors Call for the H1 2023 Financial Results
- Digi Communications N.V. announces the convocation of the Company’s general shareholders meeting for 18 August 2023 for the approval of, among others, the 2022 Annual Report
- “Art Is Our Weapon”: Artists in Exile Deploy Their Talents in Support of Peace, Justice for Ukraine
- Digi Communications N.V. announces the availability of the 2022 Annual Financial Report
- “AmsEindShuttle” nuevo servicio de transporte que conecta el aeropuerto de Eindhoven y Ámsterdam
- Un nuovo servizio navetta “AmsEindShuttle” collega l’aeroporto di Eindhoven ad Amsterdam
- Digi Communications N.V. announces the conclusion of an amendment agreement to the Facility Agreement dated 26 July 2021, by the Company’s Spanish subsidiary
- Digi Communications N.V. announces an amendment of the Company’s 2023 financial calendar
- iGulu F1: Brewing Evolution Unleashed
- Почему интерактивная «Карта мира» собрала ключевые антивоенные сообщества россиян по всему миру и становится для них важнейшим инструментом
- Hajj Minister meets EU ambassadors to Saudi Arabia
- Online Organizing Platform “Map of Peace” Emerges as Key Tool for Diaspora Activists
- Digi Communications N.V. announces that conditional stock options were granted to executive directors of the Company based on the general shareholders’ meeting approval from 18 May 2021
- Digi Communications N.V. announces the release of the Q1 2023 financial results
- AMBROSIA – A MULTIPLEXED PLASMO-PHOTONIC BIOSENSING PLATFORM FOR RAPID AND INTELLIGENT SEPSIS DIAGNOSIS AT THE POINT-OF-CARE
- Digi Communications NV announces Investors Call for the Q1 2023 Financial Results presentation
- Digi Communications N.V. announces the amendment of the Company’s 2023 financial calendar
- Digi Communications N.V. announces the conclusion of two Facilities Agreements by the Company’s Romanian subsidiary
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by the Company’s Romanian subsidiary
- Patients as Partners Europe Returns to London and Announces Agenda Highlights
- GRETE PROJECT RESULTS PRESENTED TO TEXTILE INDUSTRY STAKEHOLDERS AT INTERNATIONAL CELLULOSE FIBRES CONFERENCE
- Digi Communications N.V. announces Digi Spain Telecom S.L.U., its subsidiary in Spain, entered into an investment agreement with abrdn to finance the roll out of a Fibre-to-the-Home (FTTH) network in Andalusia, Spain
- XSpline SPA / University of Linz (Austria): the first patient has been enrolled in the international multicenter clinical study for the Cardiac Resynchronization Therapy DeliveRy guided by non-Invasive electrical and VEnous anatomy assessment (CRT-DRIVE)
- Franklin Junction Expands Host Kitchen® Network To Europe with Digital Food Hall Pioneer Casper
- Unihertz a dévoilé un nouveau smartphone distinctif, Luna, au MWC 2023 de Barcelone
- Unihertz Brachte ein Neues, Markantes Smartphone, Luna, auf dem MWC 2023 in Barcelona
- Editor's pick archive....