Volkswagen Financial Services off to good start in first quarter
- New contracts slightly up on previous year at just under 2.0 million units (+4.3 percent)
- Current contracts down slightly to around 21.5 million units (-2.7 percent)
- Operating profit at EUR 980 million (-34.7 percent)
The new business with used cars also continued to develop positively. The number of new contracts amounted to around 243,000 units – an increase of 16.3 percent compared with the first quarter last year. Bandmann commented: "Our focus on expanding our used vehicle business has continued to have a positive impact in the first three months of this year. We will stick to this strategy and continue to focus on marketing to our dealer partners."
The normalization in vehicle availability is also reflected in Germany, the largest single market for Volkswagen Financial Services. The number of new contracts acquired there rose to around 544,000 in the first quarter, which corresponds to an increase of 19.6 percent year-on-year. The portfolio of current contracts, however, fell by three percent to around six million units (previous year: 6.19 million).
|Portfolio of current contracts worldwide
(in thousands of units*)
|31 March 2023||31 March 2022||Change in %|
|New contracts worldwide
(in thousands of units*)
|January to March 2023
||January to March 2022||Change in %|
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 17,713 employees worldwide – including 7,692 alone in Germany. Volkswagen Financial Services report total assets of around EUR 240 billion, an operating profit of EUR 5.60 billion, and a portfolio of around 22.0 million current contracts (as at: 31.12.2022).
More information at: www.vwfs.com
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