Press Release

May 10, 2021

Volkswagen Financial Services grow in first quarter of 2021

New contracts increase to 1.9 million units (+2.0%)

Contract portfolio grows to 21.9 million units (+1.3%)

Operating result amounts to EUR 908 million (+38.8%)

Braunschweig, 10 May 2021. Volkswagen Financial Services got off to a solid start in 2021. The number of new contracts increased by two percent to 1.9 million units in the first quarter compared with same period last year. The portfolio of current contracts reached a figure of 21.9 million units, which corresponds to a plus of 1.3 percent year-on-year. "Owing to the pandemic, we had to accept a fall in new business in some regions. But we were able to more than compensate for these declines through strong growth in other sales markets, such as China," explained Lars Henner Santelmann, Chairman of the Board of Management of Volkswagen Financial Services AG. He added: "The operating result of EUR 908 million is at a high level. The reasons for this are the steady growth of our contract portfolio and lower risk costs compared with the previous year. In view of an overall economic development that cannot yet be forecast on account of the coronavirus pandemic, we continue to expect our result for 2021 as a whole to be in line with the previous year."

In Germany, the largest single market for Volkswagen Financial Services, the coronavirus restrictions led to a drop in new contracts during the first quarter to around 468,500 units (previous year: 569,000 units; -17.6 percent). The total contract portfolio also decreased in Germany, falling 2.1 percent to 6.28 million units (previous year: 6.41 million units).

New business in China developed particularly positively. The number of new contracts amounted to 154,146 units, an increase of 54 percent compared with the same period last year. Significant increases were also recorded in the USA (146,552 units; +19 percent) and in Italy (149,108 units; +53.3 percent).

Portfolio of current contracts worldwide
(in thousands*)
31 March 2021 31 March 2020 Change in %
Financing 6,588
+ 0.6
Leasing  4,638 4,660 -  0.5
Services 4,853
+ 6.8
Insurance 5,815
-  0.7
Total 21,895 21,613 + 1.3
*rounded figures      
New contracts worldwide
(in thousands*)
January to March 2021
January to March 2020 Change in %
Financing 542 508 +   6.7
Leasing 449 483 -    7.0
Services 405 425 -    4.7
Insurance 562 505 + 11.3
Total 1,958 1,921 +   2.0
*rounded figures      

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).

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