Volkswagen Group (VOW) Investor presentation summary

Strategic direction and business model

• Operates 115 production facilities across 19 European and 10 other countries, with a presence in 150 countries and 679,500 employees.

• Pursues a multi-brand strategy with core, progressive, sport & luxury, and truck segments, including financial services and mobility solutions.

• Four technology platforms drive cooperation: architecture (SSP), software, battery, and mobility.

• Focus areas for 2025 include cost discipline, product launches, China-specific strategies, North American growth, software, battery, data, AI, sustainability, and people.

Financial performance and outlook

• H1 2025 revenue at €158.4bn, down 0.3% year-over-year, with operating margin at 4.2% (5.6% before special effects).

• Net cash flow impacted by US tariffs, restructuring, and Rivian investment, resulting in -€1.4bn for H1 2025.

• Full-year 2025 outlook: sales revenue around prior year, operating margin 4.0–5.0%, net cash flow €1–3bn, and net liquidity €31–33bn.

• Special effects in H1 2025 totaled -€2.2bn, mainly from restructuring and US tariffs.

Regional and segment performance

• Deliveries in H1 2025 reached 4.4 million units (+1% YoY), with growth in Europe and South America offsetting declines in China and North America.

• BEV deliveries up 47% in H1 2025, with strong momentum in Europe; BEV share in Western Europe at 11%.

• North American operations face challenges from tariffs; Scout brand to launch in 2028 targeting pickups and SUVs.

• China strategy focuses on locally developed models and rapid NEV portfolio expansion.