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Volkswagen:Quarterly Results/2024 Q1: Difference between revisions
Volkswagen:Quarterly Results/2024 Q1 (view source)
Revision as of 15:24, 30 April 2024
, 30 April 2024→Earnings Call Summary
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* BEV deliveries were down by 24% and 16% in Europe and U.S, respectively while volumes in China almost doubled. | * BEV deliveries were down by 24% and 16% in Europe and U.S, respectively while volumes in China almost doubled. | ||
* Volkswagen confirmed their BEV share target of 9% to 11%. | * Volkswagen confirmed their BEV share target of 9% to 11%. | ||
* Deliveries by China | * Deliveries by China joint ventures were up 8% to 694,000 in Q1, driven by growth in BEVs (which pushed BEVs share to 6% from 3% in Q1 2023). | ||
=== Products === | === Products === | ||
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* Contract volume at the Volkswagen Mobility Group was stable. A slightly lower number of financing contracts were compensated by an increase in leasing and insurance contracts. | * Contract volume at the Volkswagen Mobility Group was stable. A slightly lower number of financing contracts were compensated by an increase in leasing and insurance contracts. | ||
* Operating profit at the Volkswagen Financial services was down 6% to 881 million euros due to normalization of used vehicles prices and provisioning of residual value risk as well as increased interest rates. | * Operating profit at the Volkswagen Financial services was down 6% to 881 million euros due to normalization of used vehicles prices and provisioning of residual value risk as well as increased interest rates. | ||
* '''The proportionate operating result from China joint ventures fell by 31% y/y to 0.4 billion euros driven by the margin dilutive effects of the rise in BEV share in a competitive market.''' | |||
=== Outlook === | === Outlook === | ||
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* Expect product costs to provide tailwind for the rest of the year. | * Expect product costs to provide tailwind for the rest of the year. | ||
* They said they review the global BEV sales expectations continuously and are prepared to adjust capacity and capex planning in Powerco accordingly, if necessary. | * They said they review the global BEV sales expectations continuously and are prepared to adjust capacity and capex planning in Powerco accordingly, if necessary. | ||
* '''Volkswagen expect an improvement in margin and financial performance already in Q2 and stronger earnings trajectory in the rest of the year.''' | |||
* They will book a severance expense of 900 million euros in Q2 which wiill be compensated in the full year. | |||
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