Volkswagen Group Mobility division with solid results in 2024 in a challenging market environment

Volkswagen Group Mobility division starts 2025 with a strong first quarter

Operating Result at EUR 948 million (+20.6 percent)

New contracts increase by 4.6 percent to over 2.49 million units

Contract portfolio grows slightly to 26.8 million units (+0.4 percent)

Worldwide sharp rise in new contracts for fully electric vehicles (BEV) from 72,120 to 117,105 units (+62.3 percent)

Deposits at Volkswagen Bank continue to rise: up nearly EUR 3 billion since the beginning of the year to around EUR 58 billion

Volkswagen Financial Services Overseas AG: Non-European business grows in terms of current contracts, new contracts, and penetration rates

Forecast for full year 2025 confirmed: Operating result significantly above the previous year

The business division Volkswagen Group Mobility has started the 2025 financial year with a strong first quarter. In a market environment still marked by numerous challenges, the Operating Result in the first three months rose to EUR 948 million, representing an increase of 20.6 percent compared to the same period last year. The number of new contracts grew by 4.6 percent during these first three months to just under 2.5 million, while the portfolio of current contracts increased slightly to 26.8 million units (+0.4 percent). The deposit volume of Volkswagen Bank – an important component of the refinancing mix of Volkswagen Financial Services AG – rose by almost EUR 3 billion since the beginning of the year to total around EUR 58 billion. The non-European business of Volkswagen Financial Services Overseas AG was positively influenced in the first quarter by growth in South American markets and by increasing penetration rates. The earnings forecast for the Volkswagen Group Mobility division for the current financial year is confirmed to be significantly above the previous year.

Dr. Christian Dahlheim,
CEO of Volkswagen Financial Services AG

"We continue to grow in our core business – that's the key takeaway from the first three months of fiscal 2025. Particularly pleasing is the growth in new contracts of almost five percent, driven by the dynamic leasing, insurance and service business. Among these acquisitions, new BEV contracts were up 62.3 percent worldwide and as much as 75.9 percent in Europe. This highlights our important role in the Volkswagen Group's market ramp-up of electric mobility. Our penetration rates are also on the rise, notably in the major European markets including Germany. Furthermore, despite the continued normalization of used car prices, our marketing results remain solid and better than expected. We are consistently pursuing our Life Cycle Offers strategy for the Volkswagen Group brands and for our customers in 2025 and see ourselves confirmed on our growth path."

Dr. Ingrun-Ulla Bartölke,
CFO of Volkswagen Financial Services AG

"With quarterly earnings of EUR 948 million, we are very satisfied – considering the difficult and demanding economic and geopolitical circumstances – and we can confirm our forecast for the current financial year. The first three months were characterized, among other things, by good performance in our European business as well as a growing portfolio with a positive development of the portfolio margin. We were also able to further increase Volkswagen Bank's deposit volume: at around 58 billion, we have generated almost three billion euros in additional deposits since the beginning of the year."

Kai Vogler,
CEO of Volkswagen Financial Services Overseas AG

"Business development in the markets served by Volkswagen Financial Services Overseas was very positive during the first quarter. The South American market is a key driver of this growth. We were able to achieve a plus of 19.1 percent in new contracts for new and used vehicles and in the multi-brand business. In the insurance and service business, there was a rise of no less than 38 percent. Our global penetration rate – excluding China – went up 1.1 percentage points to what is now 37.2 percent, with Mexico alone increasing by 3.6 percentage points. The reasons for our good performance are the excellent collaboration with the Volkswagen Group brands and our successful strategic partnerships, such as the one in Brazil in the fleet business."

Development of current contracts and new contracts

Portfolio of current contracts worldwide (in thousands*)	31 March 2025	31 March 2024	Change in %
Financing	4,874	4,968	- 1.9
Leasing	5,368	5,242	+ 2.4
Services	6,303	6,244	+ 0.9
Insurance	10,217	10,214	+ 0.1
Total	26,762	25,668	+ 0.4

New contracts worldwide (in thousands*)	January to March 2025	January to March 2024	Change in %
Financing	417	423	- 1.4
Leasing	548	517	+ 6.0
Services	595	561	+ 6.1
Insurance	939	886	+ 6.0
Total	2,498	2,388	+ 4.6

*rounded figures

About the Volkswagen Group Mobility business division

Volkswagen Group Mobility is a business division of the Volkswagen AG group of companies and comprises Volkswagen Financial Services AG along with its subsidiaries and affiliates (e.g. Volkswagen Bank GmbH and Volkswagen Leasing GmbH), Volkswagen Financial Services Overseas AG, Porsche Financial Services GmbH, Volkswagen Credit Inc. (USA) and Volkswagen Credit Canada Inc. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management, and mobility services. The companies of Volkswagen Group Mobility have a total of 18,045 employees worldwide – including 7,501 alone in Germany. Volkswagen Group Mobility reports total assets of around EUR 282 billion, an operating profit of EUR 3.0 billion, and a portfolio of around 26.7 million current contracts (as at 31.12.2024).

The Board of Management of Volkswagen Financial Services AG and Volkswagen Financial Overseas AG report on the Volkswagen Group Mobility business division for Volkswagen AG as part of the financial reporting.
More information available at www.vwfs.com.

Contacts for press inquiries

Stefan Voges

Head of External Communications
Volkswagen Financial Services AG

E-Mail: stefan.voges@vwfs.com
Tel.: +49 (0)17a-5096741
Malte Krause

Press Officer
Volkswagen Financial Services AG

E-Mail: malte.krause@vwfs.com
Tel.: +49 (0)162-2586939

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 TRATON Financial Services and Porsche Holding Salzburg.