Volkswagen Financial Services double their operating profit in the first half of 2021 – Earnings forecast for 2021 raised to EUR 4 billion
- Operating result rises to EUR 2.34 billion (+102.5 percent)
- Earnings forecast for full year 2021 raised to EUR 4 billion
- Further outlook for subsequent years: sustainable earnings target of EUR 4 billion
Volkswagen Financial Services are also making great progress in implementing their digitalization strategy. "Since 2015 we have invested around one billion euros in the digitalization of our product range and in new mobility concepts," Santelmann pointed out. He added: "Together with our efficiency program, we have thus created the necessary basis to provide the Volkswagen Group brands and their customers with comprehensive digital mobility solutions, such as the recently developed car subscription product Auto-Abo."
Growth in the contract portfolio and new acquisitions during the first half of 2021
Compared to the same period last year, the number of current contracts worldwide increased to around 22.25 million units (+4.4 percent), while the number of new contracts worldwide increased to 4.16 million units (+22.9 percent).
In the European core markets outside Germany – Italy, France, Spain and the United Kingdom – new business developed extremely positively. The number of new contracts in these countries during the first six months increased to more than 1.13 million units, a rise of 44.1 percent year-on-year.
Significant increases in new contracts were also recorded in the USA (344 thousand units; +34.2 percent) and in China (282 thousand units; +21.5 percent).
In Germany, the largest single market for Volkswagen Financial Services, the number of new contract acquisitions declined slightly during the first half of the year to around 983 thousand units (-1.0 percent year-on-year). The contract portfolio fell by 1.2 percent to 6.28 million units.
The total assets of the Volkswagen Financial Services business division amounted to around EUR 233.0 billion (+5.6 percent, previous year: EUR 220.7 billion).
|Portfolio of current contracts worldwide
|30 June 2021||30 June 2020||Change in %|
|New contracts worldwide
|January to June 2021
||January bis June 2020||Change in %|
Information for editors:
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 the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 16,558 employees worldwide – including 7,472 alone in Germany. Volkswagen Financial Services report total assets of around EUR 225.6 billion, an operating result of EUR 2.8 billion and a portfolio of around 21.9 million current contracts (as at: 31.12.2020).
Contacts for press inquiries: