Press Release

November 2, 2022

Volkswagen Financial Services record another strong result in third quarter of 2022

Operating profit rises to EUR 4.4 billion after nine months (+19 percent)

Current portfolio down slightly to just under 22 million contracts (-1.2 percent)

More substantial decline seen in new contracts (-5.4 percent)

Braunschweig, 2 November 2022. The third quarter was once again very successful for Volkswagen Financial Services with an operating profit of EUR 1.42 billion. This brings the total operating profit for the current year so far to EUR 4.4 billion. Dr. Christian Dahlheim, CEO of Volkswagen Financial Services AG, said: "Our third quarter was once again strong and is in line with the extremely positive results achieved for the year as a whole. However, the familiar special effects continue to impact earnings – in particular the high revenues in the used car segment and low risk costs for credit and residual value risks." Frank Fiedler, CFO of Volkswagen Financial Services AG, added: "Despite another very good quarter, we still expect our full-year result to be above EUR 5 billion but below the record result of 2021."

The limited availability of new vehicles up to now continues – despite the positive development – and this is also reflected in the trend shown by the contract figures of Volkswagen Financial Services. The number of new contracts signed worldwide declined in the reporting period to around 5.75 million (-5.4 percent). The portfolio of current contracts fell slightly by 1.2 percent to just under 22 million units (previous year: 22.2 million).

New contract acquisitions worldwide for service and insurance contracts at Volkswagen Financial Services continued to develop positively. In the case of services, the number of new contracts rose to around 1.32 million (+5.1 percent) and the current portfolio increased to a total of around 5.35 million contracts (+6.3 percent). In the insurance field, the number of new contracts totaled 1.91 million (+5.9 percent) and the portfolio grew by 1.9 percent to 6.18 million units.

In Germany, the largest single market for Volkswagen Financial Services, the number of new contracts fell to around 1.39 million during the first nine months (-6.5 percent year-on-year). The current portfolio declined by 3.4 percent to around 6.1 million contracts. 

The total assets of the Volkswagen Financial Services business division amounted to around EUR 238.7 billion.

Portfolio of current contracts worldwide
(in thousands of units*)
30 September 2022
30 Septembe 2021 Change in %
Financing 5,677 6,330 - 10.3
Leasing  4,767 4,809 - 0.9
Services 5,351 5,036 + 6.3
Insurance 6,173 6,061 + 1.9
Total 21,968 22,246 - 1.2
*rounded figures      
New contracts worldwide
(in thousands of units*)
January to September 2022
January to September 2021 Change in %
Financing 1,320 1.578 - 16.3
Leasing 1,188 1,429 - 16.8
Services 1,323 1,259 + 5.1
Insurance 1,915 1,808 + 5.9
Total 5,747 6,074 - 5.4
*rounded figures      

An overview of the results for the third quarter of Volkswagen Financial Services.

(Image source: Volkswagen Financial Services)

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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