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Press Release

August 8, 2022

First half-year 2022: Volkswagen Financial Services achieve record earnings and raise forecast

Operating profit rises to EUR 2.98 billion (+27.5 percent)

Current contracts down slightly to around 22 million units (-1.2 percent)

Outlook: Earnings for full year 2022 significantly above the four billion euros originally targeted, but below the previous year's level

In focus: Strategic realignment into a mobility provider

Braunschweig, 8 August 2022. Volkswagen Financial Services closed the first half of 2022 with an operating profit of EUR 2.98 billion, which marks a new earnings record. "This best-ever result demonstrates the great importance of automotive financial services in the Volkswagen Group. Also relevant for an assessment of the result is the fact that the first half of 2022 continued to be strongly impacted by special items," said Dr. Christian Dahlheim, CEO of Volkswagen Financial Services AG. Key factors driving the record result were the continued high revenues from the marketing of used cars and the low risk costs for credit and residual value risks. Frank Fiedler, CFO of Volkswagen Financial Services AG, noted: "As a result of our very positive business performance, we will significantly exceed the four billion euros originally targeted for the full year 2022. However, in view of the macroeconomic conditions and an expected normalization of our business due to the increasing availability of new vehicles, the result will be below the level of the previous year."

Owing to the limited availability of new vehicles up to now, the number of new contracts worldwide declined in the reporting period to around 3.8 million (-8.8 percent). The portfolio of current contracts decreased slightly by 1.2 percent to around 22 million contracts (previous year: 22.2 million).

In Germany, the largest single market for Volkswagen Financial Services, the number of new contracts fell to around 903 thousand during the first half of the year (-8.1 percent year-on-year). The contract portfolio declined by 2.9 percent to around 6.1 million units.

New contract acquisitions worldwide for service and insurance contracts at Volkswagen Financial Services developed positively. In this area, the number of new contracts rose to around 2.2 million (+4.4 percent) and the contract portfolio increased to a total of around 11.5 million units (+4.3 percent).

Total assets of the Volkswagen Financial Services business division amounted to around EUR 237.7 billion (+2.0 percent, previous year: EUR 233.0 billion).

Portfolio of current contracts worldwide* 30 June 2022 31 June 2021 Change in %
Financing 5,782 6,490 - 10.9
Leasing 4,749 4,776 - 0.6
Services 5,259 5,003 + 5.1
Insurance 6,193 5,977 + 3.6
Total 21,984 22,246 - 1.2
*in thousands of units      
Portfolio of current contracts worldwide* Januar - June 2022 Januar - June 2021 Change in %
Financing 845 1,108 - 23.7
Leasing 784 979 - 19.9
Services 867 855 + 1.4
Insurance 1,296 1,217 + 6.5
Total 3,792  4,159  - 8.8
* in thousands of units      

Pictures of the board members can be found here.

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 service business of the Scania brand and of Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management and mobility services. Volkswagen Financial Services have a total of 16,849 employees worldwide – including 7,570 alone in Germany. Volkswagen Financial Services report total assets of around EUR 235.6 billion, an operating result of EUR 5.67 billion, and a portfolio of around 22.0 million current contracts (as at: 31.12.2021).

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