Press Release

March 21, 2023

Volkswagen Financial Services close financial year 2022 with very good result

Operating profit of EUR 5.6 billion again impacted by special factors and almost at previous year's level

Contract portfolio of just under 22 million units (-0.3 percent) and new contracts of around 7.8 million units (-0.7 percent) both down slightly year-on-year

Profit drivers once again: high demand for used cars and low risk costs

Transformation into mobility services provider: realignment for future growth started

Volkswagen Bank of great importance for refinancing and with new top interest rate for overnight deposits from March 30

Braunschweig/Frankfurt, 21 March 2023. The financial year 2022 has again been a very successful year for Volkswagen Financial Services. With an operating profit of EUR 5.60 billion (-1.2 percent), which was once again impacted by the effects of special factors, Volkswagen's Financial Services division achieved the second-highest result in the company's history. "Despite all the challenges, we are very satisfied with the past financial year and are continuing on our path to becoming the Volkswagen Group's provider of mobility services," said Dr. Christian Dahlheim, Chairman of the Management Board of Volkswagen Financial Services AG. Frank Fiedler, Chief Financial Officer of Volkswagen Financial Services AG, added: "This outstanding result has once again been influenced by significant special factors. These include both our lower risk costs for credit and residual value risks and the continued high revenues from our used car business. We are therefore realistic in our assessment of the past financial year and in our forecast for the coming years."

During the financial year 2022, the global contract portfolio of Volkswagen Financial Services stabilized at a high level with just under 22 million contracts (-0.3 percent) on the books, as did the number of new contracts with almost 7.8 million units (-0.7 percent) – despite the Volkswagen Group's declining delivery figures. The total assets of the Volkswagen Financial Services business division rose to a record high of EUR 240 billion (+1.9 percent) as a result of a changed product mix of higher-value vehicles and due to currency effects.

Focus on new mobility platform, the used car and fleet business, and corporate restructuring for more growth

Volkswagen Financial Services are stepping up their transformation into a mobility services provider. "We want to work with Europcar Mobility Group to extend our leading position in the field of sustainable mobility as a cornerstone of Volkswagen's future mobility platform. Our new mobility platform caters to a wide variety of the customers' mobility needs," said Dahlheim. He added: "Together with Porsche Bank, we recently launched the first pilot phase of a new mobility app in Vienna. In the future, this will be integrated into practical offerings of the respective Group brands. This means that the mobility platform we are setting up together with Europcar is already taking specific shape. We expect the first services to be offered to German customers in the second half of this year."

In addition, Volkswagen Financial Services are further expanding their used car business via their existing marketing platform and, looking ahead, are set to become one of the largest marketers of used cars in Europe. 

As part of their structural realignment, which will be completed by mid-2024, Volkswagen Financial Services are repositioning themselves to achieve more growth and are bundling their financial services activities in Europe. In doing so, the refinancing instruments of Volkswagen Bank will in the future also be fully available to the other Volkswagen Financial Services companies. The deposit business, in particular, will play an increasingly important role in the refinancing mix of Volkswagen Financial Services. Dr. Michael Reinhart, Chairman of the Management Board of Volkswagen Bank GmbH, stated: "With our current savings certificates and our overnight deposit product 'Plus Konto TopZins' we are operating in the top ranks of the competition, and we have recorded more than 63,000 new accounts and collected around EUR 1.5 billion since Christmas 2022. In the case of overnight deposits, we are even going one better and increasing the interest rate to 2.25 percent starting March 30. In addition, we will be launching other attractive deposit products for customers in the coming weeks – for example in the area of fixed-term deposit accounts."

Forecast: operating profit in 2023 significantly lower than in previous year

Subject to macroeconomic and political developments, Volkswagen Financial Services expect earnings in 2023 to be significantly below last year's level. Frank Fiedler explained: "2022 was once again an exceptional financial year strongly affected by special factors. It can be anticipated that a repeat of such a result will not be possible in the short term."

Portfolio of current contracts worldwide

(in thousands of units*)

31 December 2022
31 December 2021 Change in %
Financing 5,557 6,151 -9.7
Leasing  4,783 4,770 +0.3
Services 5,483 5,063 +8.3
Insurance 6,153 6,048 +1.7
Total 21,976 22,033 -0.3
*rounded figures      
New contracts worldwide
(in thousands of units*)
January bis December 2022
January bis December 2021 Change in %
Financing 1,811 2,084 -13.1
Leasing 1,593 1,789 - 11.0
Services 1,811 1,635 +10.8
Insurance 2,562 2,322 +10.3
Total 7,777 7,830 -0.7
*rounded figures      

Information for editors

Pictures of the board members can be found here.

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).

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