Full Year 2024 Volkswagen AG Earnings Call Transcript
Key Points
- Volkswagen AG (VLKAF) launched over 30 new models in 2024, enhancing brand identity and product quality.
- The company maintained a strong position in China, earning profits from its combustion engine business.
- Volkswagen AG (VLKAF) achieved significant milestones in its global software strategy, partnering with XPENG and Rivian.
- The company reported a solid financial performance with EUR325 billion in group revenue and EUR19.5 billion in operating profits.
- Volkswagen AG (VLKAF) maintained its market leadership in Europe for both combustion engines and electric vehicles.
- Volkswagen AG (VLKAF) faced weak demand in Europe and fierce price competition, particularly in China.
- Operating profit fell by 15% to EUR19.1 billion, with a corresponding operating margin of 5.9%.
- The company experienced a decline in vehicle sales in China by 10%, impacting market share.
- Volkswagen AG (VLKAF) faced significant restructuring expenses totaling about EUR3 billion.
- The company anticipates a weaker Q1 in terms of margin and cash flow due to increased BEV mix and ramp-up costs.
The conference is now being recorded. This conference call of Volkswagen AG. (Operator Instructions) Let me now turn the floor over to Rolf Woller.
Thank you very much. Good morning, good afternoon or good evening everyone from ever you -- where you have dialed in, and a warm welcome to the Volkswagen Group investor relations and analyst call 2024.
With me today, we have Oliver Blume, our CEO, and Arno Antlitz, our CFO, COO. The presentation is structured in three parts. First, Ollie will provide a brief overview and highlight the key strategic milestones achieved in 2024.
He will be followed by Arno, who will guide us through the financials of 2024 and provides us with the financial outlook for 2025. Finally, Ollie will provide us with a strategic outlook for 2025 before we enter the Q&A session.
Before we start, let me provide a few remarks. You should have received the press release, the annual report, and other related materials, all of which were
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