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%)
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
|31 March 2021||31 March 2019||Change in %|
|New contracts worldwide
|January to March 2020
||January bis March 2019||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: