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VolkswagenGroup
InvestorRelationsRoadshowPresentation
November2024
2
Disclaimer
Thefollowingpresentationsaswellasremarks/commentsandexplanationsinthiscontextcontainforward-lookingstatementsonthebusinessdevelopmentoftheVolkswagenGroup.Thesestatementsarebasedonassumptionsrelatingtothedevelopmentoftheeconomic,politicalandlegalenvironmentinindividualcountries,economicregionsandmarkets,andinparticularfortheautomotiveindustry,whichwehavemadeonthebasisoftheinformationavailabletousandwhichweconsidertoberealisticatthetimeofgoingtopress.Theestimatesgivenentailadegreeofrisk,andactualdevelopmentsmaydifferfromthoseforecast.Allfiguresarerounded,sominordiscrepanciesmayarisefromadditionoftheseamounts.
Atthetimeofpreparingthesepresentations,itisnotyetpossibletoconclusivelyassessthespecificeffectsofthelatestdevelopmentsintheRussia-UkraineconflictontheVolkswagenGroup’sbusiness,norisitpossibletopredictwithsufficientcertaintytowhatextentfurtherescalationoftheRussia-Ukraineconflictwillimpactontheglobaleconomyandgrowthintheindustryinfiscalyear2024.
Anychangesinsignificantparametersrelatingtoourkeysalesmarkets,oranysignificantshiftsinexchangerates,energyandothercommoditiesorthesupplywithpartsrelevanttotheVolkswagenGroupwillhaveacorrespondingeffectonthedevelopmentofourbusiness.Inaddition,theremayalsobedeparturesfromourexpectedbusinessdevelopmentiftheassessmentsofthefactorsinfluencingsustainablevalueenhancementandofrisksandopportunitiespresenteddevelopinawayotherthanwearecurrentlyexpecting,orifadditionalrisksandopportunitiesorotherfactorsemergethataffectthedevelopmentofourbusiness.
Wedonotupdateforward-lookingstatementsretrospectively.Suchstatementsarevalidonthedateofpublicationandcanbesuperseded.
Thisinformationdoesnotconstituteanoffertoexchangeorselloranoffertoexchangeorbuyanysecurities.
1
VolkswagenGroup
Introduction
Volkswagen-MobilityforGenerationstoCome
114productionfacilities
in19Europeanand10
countriesintheAmericas,Asia
andAfrica
€322.3bn
SalesRevenues
684,000employees
150countries
9.2million
deliveriesin2023
9car&4truckbrandsUpto250,000cars
producedperweek
All-serviceprovider
FinancialServices,
MobilitySolutionsandBattery
4
FullYear2023figures;Delivery,productionfacilitiesandemployeefiguresincludeChineseJointVentures,whilesalesrevenuereferstotheVolkswagenGroupexcludingChineseJointVentures
WhyVolkswagenisanattractiveinvestment
2
3
1
Ambitious2027Grouptargets1:
Globalreach,highlysynergetic
•5-7%revenueCAGR
•8-10%returnonsales
Automotive:
•<11%investmentratio
•~60%cashconversion
Managementincentivationalignedtowardstargets
brandgroupswithshared
platformsofferingdrivetrain
flexibility,localizedR&Dand
product/technologiescenteredaroundmarketneeds,providing
attractiveprofitopportunities
Uniqueportfolioof:
•Volume,premium&luxurypassengercarbrands
•Leadingtruckbrands
•FinancialServicesand
Mobilityofferingattractivesolutionsforourcustomers
•Extensiverenewalofmodelportfolioin2024/25
4
Strongbalancesheetandrobust
automotivenetliquidityposition.
Commitmenttoattractiveshareholderreturns:
•≥30%mid-termpayoutratiostrategictarget
FullcommitmenttotheParisClimateAgreementandthedecarbonizationoffuturemobility
1.BaseforCAGR:FY202214.03.20245
Unrivalledportfolio:leadingmarketpositions
SegmentMarketpositionVolkswagenGroupbrands
ModernLuxury11st
Luxury
1st鼎
Premium
Top3
Volume
Top4
TrucksTop2
Source:S&PGlobal,MarketInsights|1.NotfollowingS&PGlobaldefinition
6
7
Unrivalledportfoliowithsignificantupsidepotential
LUXURY
FOCUS
VALUE
FunctionalModernPostmodernORIENTATION
FY2023:Diversifiedbygeography,brandgroupsandsegments
DeliveriesSalesRevenueOperatingResult1
Others
WesternEurope
35%
9.2m
China
36%
10%
5%
North
America
SouthAmerica
15%
1%
39%
13%
€322bn
11%
20%
13%
26%
13%
€22.6bn
22%
24%
1%
BrandGroupCoreBrandGroupTrucks
BrandGroupProgressiveMANEnergySolutions
BrandGroupSportLuxuryVWFinancialServices
1.Excluding“Others”€-2,445m8
Leadingglobalpresence
Marketshare,FY2023(in%)1
NorthAmericaEurope
~5%~23%
SouthAmerica
~13%
China
~14%
1.ReferstoFY2023.BasedonIHSLightVehiclesalesforsegmentsA-FCY2023Easof2023.Passengercarsonly.9
10
FY2023Financialperformanceofbrandgroups
Trucks
Core
Progressive
4,826
137,770
7,273
(5.3%)5,625
334
37,349
6,938
(18.6%)2,732
339
45,731
3,715
(8.1%)2,732
VehicleSales
(inmunits)
SalesRevenue
(inεmn)
OperatingProfit(inεmn)(RoSin%)
NetCashFlow
(inεmn)
1,282
69,865
6,280
(9.0%)4,740
SportLuxury
11
FY2023Financialperformance
Cariad
Battery
Mobility
Consolidation
incl.PowerCo
1,078
-2,392(n/m)
-2,988
-24,350
-2,445(n/m)
-
50,765
3,253
6.4%
-
SalesRevenue
(inεmn)
OperatingProfit(inεmn)(RoSin%)
NetCashFlow
(inεmn)
0,031
-417(n/m)
-0,830
2
Strategy
VolkswagenGroupSteeringMatrix
Fourtechnologyplatformsfostercooperationamongbrandgroups
A
D
B
Progressive
Trucks
Core
CSportLuxury
1
Architecture-SSPassinglefuturebackbone
2
Software-Platformscale&speedthroughsmartpartnerships
3
Battery-Unifiedcellwithtailoredregionalapproach
4
VolkswagenGroupMobility-Oneplatformforallmobilityneeds
13
13
1Technologyplatform:Architecture-SSPassinglefuturebackbone
ClearpathtoBEVcompetitiveness&onearchitecture
OneBEV
architecture
SSP
MEB+
2BEVarchitectures1
PPE
e-tron
3“Pioneer”BEVarchitectures
MEB
J1
MQB
MSB
NSF
MLB
4ICEarchitectures
200720192024/25
BEVcompetitivenesswithMEB+&PPE
Future:SSPas
singlebackbone
Today:Complexityduetomultipleplatforms
14
lu:sMl:llaife(aio,Ed:lpiuenlllrgi,nSo:a’a‘bInleyitaeli’rrategy
2Technologyplatform:Software-Platformscale&speedthroughsmartpartnerships
Clearlydefinedsoftwarestrategytailoredtoregionalneeds
Harman/Kardon
ADASConnectivity&
Infotainment
SemiconductorsApps
ADAS
CARIADwithkeyroleinADAS,infotainment,
Globalsharingofbestpracticeviaknowledgetransfer
E/Earchitectures&vehiclesoftware
createdwithpartnersconnectivity&back-end
15
2Technologyplatform:Software-Platformscale&speedthroughsmartpartnerships
Rivian|VWGroupTechnologiesJVaimsforsoftwareadaptionforMEB/PPE
modelsandallowsforearlyconvergenceofsoftwarestack
ArchitecturesToday20302035
MEB/MEB+
CMP
CEA2
PPE
First-genE/Earchitecture3
Next-genSDV3,4
SSP
E31.11
E31.21
Fittingseamlesslyintoglobalsoftwarestrategy
FirstMEBvehiclewithJVtechplannedfor2027
Earlierconvergence&highercostefficiency
16
1.SoftwarestackbyCARIAD|2.CEA=ChinaElectricalArchitecturetobedevelopedunderVolkswagenGroup’s‘InChinaforChina’strategy|3.TobejointlydevelopedbyRivianandVWGroupTechnologiesJointVenture
4.SoftwareDefinedVehicle
17
3Technologyplatform:Battery-Unifiedcellwithtailoredregionalapproach
UnifiedcellapproachandPowerCoforsuperiorbatteries
Superiorandflexibleunifiedcell
Lowcomplexity
Highstandardization
AdaptablecellchemistryUnlockingcostadvantage
Regionallytailored
makeandbuymix
Developmentfrom2025to2030
PowerCo3rdpartysupply
Increaseindependency
Reflectregulations
NARIRAcompliance
StrongcompetitioninCN
PowerCo&VWGroup:Amplifyingstrength
Productionramp-up
2025
2026/27
SOPSalzgitter
SOPValencia
2027SOPSt.Thomas
Strategictechpartner
Localizingfootprint
Flexiblestage-gatedramp-
up
Verticalintegration
anddiversification
Controlledcostdrivers>80%ofrawmatssecuredCathode:JVwithUmicoreDiversified:Energystorage
3Technologyplatform:Battery-Unifiedcellwithtailoredregionalapproach
VerticalIntegration:Balancedapproachtocommoditiessecuritization
Instruments
》》
》》
》》
FinancialHedging
Long-termsupplycontracts
Investments&Partnerships
Secureduntil20291
Upto~30%
forcritical
BEV-commodities(Cobalt,nickel,lithium)
18
1.AsperCMDpresentationon21June2023basedonowncalculationforcobalt,nickelandlithiumasanaverageofthehedgedvolumesacrossvariousinstruments.
19
4Technologyplatform:Mobility-Oneplatformforallmobilityneeds
Onemobilityplatform
viaVolkswagenGroupviaEMG
via3rdparty
ONEFLEET1
…toyears
Providingmobilityfromminutes…
Hail/Pool/Robotaxi
ShareRentSubscribeLeaseFinance
Micro
Brandsasfacetothecustomer
Integratedmobilityplatformasbackbone
ONEFLEET1operatedbyEuropcarMobilityGroup
BrandGroupCore
A
BrandGroupCore
Mostloved,bold,inspiringbrandsinvolumesegment
Focuson
costs&capital
Scalebenefits
inentrylevelBEVsegment
Clear
differentiationacrossbrands
LeadinginEuropewith
efficiency
globalgrowthpotential
20
BrandGroupProgressive
B
BrandGroupProgressive
Progressivepremiumwithtechnologicaledge
Enhancedfocuson
China&North
America
Significantportfoliorenewalin2024&2025
Outstandingproductsandtechnologies
NewICEgenerationenablingflexibleBEVtransition
21
BrandGroupSportLuxury
C
BrandGroupSportLuxury
Thebrandforthosewhofollowtheirdreams
Iconicbrandandheritagewith
personalproduct
Structuralgrowthin
exclusivesegment
Sustainableluxury
withscalebenefits
Resilient
Performance
22
BrandGroupTrucks
D
BrandGroupTrucks
Atransportationpowerhouse
Leverage
TRATON
WidenBEVoffering
anddriveICE
Increasedservices,
solutionsandTargetof9-11%RoS
ModularSystemtransitionregionalcoveragein2029
23
24
Supportedbytargetsonindividualbrandgrouplevel
Progressive
SportLuxury1
Core
TRATONGroup1
StrategicTarget
Mid-term
Mid-term
Mid-term
2029
StrategicTarget
9-11%6
80%7
19%420%460%5
8%
12%14%
ReturnonSales2
60%
75%
CashConversionRate3
BEVShare8[%]35%50%40%75%50%980%9
1.NotthesametimehorizonasfortheGroup,becauseseparatelistedentitieshavetheirowncapitalmarketguidanceinplace|2.Beforespecialitems|3.ReportedNetCashFlowdividedbyOperatingResultafterspecialitemsoftheAutomotiveDivision|4.BasedonPorscheGroupoperatingprofit(incl.FinancialServicessegment)|5.BasedonPorscheAutomotiveonly,correspondstoPorscheNetCashFlowMarginambitionof12.5-14%asMid-termtarget|6.TRATONGroupincludingfinancialservices7.BasedonTRATONOperationsNetCashFlowandoperatingprofit|8.ChinaevaluateddifferentlybetweenBrandgroups|9.IncludingPHEVandincludingdeliveriesinChinaincludedintheconsolidatedfigures
StrategicPrioritiesforChina:“InChina,forChina”
Attractiveproduct
offeringleveraging
smartpartnerships
LeverageCMPtoincrease
costcompetitivenessinA-
Mainsegment
LocalizedR&DandonecentralzonalE/E
architecture(CEA)
By2030:4mvehicles,~15%marketshare,~€3bnproportionateOP1
25
1.)IncludingAudiFAWNevCo.contribution,Volkswagen(Anhui)AutomotiveCompanyLimitedfullyconsolidated
Strategic
priorities
forEurope
Sustain#1
inhomemarket
Aligninvestwithprofitpool
RightsizeICE
productioncapacity
Digitize
dealernetwork
26
StrategicprioritiesforNorthAmerica
ProductionplantLocalhub
Ontario(Battery)
Seattle(CloudComputing)
Herndon(NARHQ)
Chattanooga
SiliconValley(RIVIAN/CARIAD)
Mexico
SouthCarolina(NewScoutPlant)
Tailoredproductportfolio
Newregionalgovernance
LocalizationofUniqueopportunity
valuechainwithScout
27
Significantpotentialbeyondcoreregions:SouthAmerica
Productionplant
Taubate
AnchietaCuritiba
BuenosAires
Longhistory
&highdegreeof
localization
Successful
restructuringover
lastyears
Financialturnaround
in2021
PortfolioshifttoattractiveSUV&CUVsegments
28
Significantpotentialbeyondcoreregions:India
VehiclemarketsalesinIndia,in#munits1
6.4
5.4
4.6
202220272030
Asset-light
growthopportunity
1.Basedonvehiclesalesin“IndianSubcontinent”basedonS&PGlobalMobilityLightVehicleForecast(May2023)
Opt-infor
Grouptechnology
AgreedtermsheetwithMahindra
29
30
VolkswagenGroupfinancialtargets
Mid-term2027
Actual2023
Guidance2024
StrategicTarget2030
€320bn
€322.3bn
€22.5bn
7.0%
13.5%
57%
5-7%
In-linewithindustry
~
GroupSalesRevenue
€18bn
~
GroupOperatingProfit1
5.6%
8-10%
<11%
~60%
9-11%
~9%
>60%
~
GroupReturnonSales1
13.5%to14.5%
AutomotiveInvestmentratio2,5
AutomotiveCashConversionRate3,4,5
€10.7bn
€40.3bn
€2bn6
~
AutomotiveNetcashflow5
€36to€37bn
AutomotiveNetLiquidity
1.Beforespecialitems|2.Capex&R&DcombinedforAutomotiveDivisionas%ofAutomotiverevenueI3.ReportedNetCashFlowdividedbyOperatingResultafterspecialitemsoftheAutomotiveDivision|4.Calculatedagainstmid-pointofGuidance|5.AutomotiveDivisionincludesthePassengercar&commercialvehicles(incl.PowerEngineering)business6.Includingexpensesofaround€3.5bnforM&A,ofwhichapproximately€2bnisattributabletoexpensesinconnectionwiththeplannedjointventurewithRivian.
3
CapitalAllocation
Clearcapitalallocationstrategyacrossfunctions&brands
Capex&R&DcombinedfortheAutomotiveDivisionas%ofAutomotiverevenue;cum.overthemid-term1
Σ~12%(€180bn)
Groupstrategictopics
Temporary additionalinvestments
Continuousbaseline
(e.g.GrowthNAR)
Batteries
~9%
CompetitivenessBase
Competitivetop-downcapitalallocation
1.Basedon2024-28
Focusoncorebrands&competitiveness
Batteries&strategicGrouptopicstemporarily‘ontop’
32
33
1.Capex&R&DcombinedfortheAutomotiveDivisionas%ofAutomotiverevenue
Investmentstodecreaseaftersuccessfultransition
<11%
~9%
Investmentratio1,in%
~13.5%
ICErelated
Electrification&digitalization
Reported
Parallelinvestments
inICEfadingout
Mid-term
Shifttoelectrification&digitalizationinvestments
StrategicTarget
Decreaseinvestmentsas%ofautorevenues
Regulardividendperpreferredshare[€]
Payoutratio[as%ofGroupnetincomeattributabletoVolkswagenAGshareholders]
29%
29%
12111098765432 10
Commitmenttoattractiveshareholderreturns
25%
29%
9,06
8,76
20%
18%
7,56
4,864,864,86
2018
2019
2020
2021
2023
20221
1.For2022€8.76plus€19.06specialdividend
Σ
0
Dividendspaidforperiod2021-2023totaling
Σ€22bn
upfrom
€18bnfor2011-2020period
Committedtostrategictarget
≥30%
payoutratioon
reportednetincome
34
Balancesheetstrengthimprovedoverthecycle
Automotivenetliquidity(in€bn1/as%ofGrouprevenue)Targetlevel
>10%
5%
9%
13%
15%
12%
11%
13%2
13%
8%
40
43
27
27
21
19
19
18
11
72
37
35
201020122014201620182020202120222023
StrongresilientBalance
sheetStableI-Gradecreditrating
SolidAutomotive
liquidity
1.Roundedyearendvalues2.TotalNetLiquidityof€43bnincluding€16.1bnPorscheIPOproceedsofwhichPorscheIPOspecialdividendof€6.5bn(net);payoutinJanuary2023
SolidFinancialFoundationofAutomotiveDivision
Resiliencefurtherenhanced
BalanceSheetAutomotiveDivision
[€bn/in%]
Otherliabilities
ProvisionsforpensionsEquity(andequityratio)
31December2021
31December20221
31December2023
301306
350
131
29
146(48%)
272
138
27
122
41
300
250
200
150
136(45%)
109(40%)
100
50
0
Goodwill1[€bn]262626
EBITDA1[€bn,LTM²]
32
37
37
Netliquidity1,3[€bn]27
Note:Previousyearadjusted(IFRS17)
1.AutomotiveDivisiononlyI2.LTMmeanslasttwelvemonths3.Asreportedinthecashflowstatement(AutomotiveDivision)
36
4340
4
9M/2024Results
38
VolkswagenGroupHighlightsQ32024
ID.7GTX–Newperformancemodelwithall-wheeldrive;ProSwithrangetestof794km
ŠkodaElroqexpandsBEVportfoliowithfirstfullyelectriccompactSUVat~€33,000
VWTransporter:morespaceandpayloadaswellasimprovedtowingcapacity&economy
AudiA6e-tronrepresentingAudi’stransformationtoleadingBEVprovider
ID.UNYXmarksthestartofanewproductlinewithmoremodelstocomeinChinaforChina
Porsche911–Uniqueanniversarymodel,the911Turbo50Years/newGT3onsale
JVwithRivian-NextkeymilestonesachievedsinceannouncementinJune
2024
20242025E2026E2027E
$1.0bn
viamandatoryconvertiblenote1
$1.0bn
viadirectequityaftercompletionoffinancialmilestone
$0.5bn
viadirectequityuponSOPoffirstVWGroupvehicle3
$1.0bn
viadirectequity
aftercompletionof
technologicalmilestones
$1.0bn
vialoanagreement2
$1.3bn
viadirectequity,
IPconsiderationsandSWdevelopment
ofcertainMEBmodels
Intentiontoinvest
upto$5.8bnuntil2027
FirstVWGroupvehiclewithJVtechplannedfor2027
Additionalinvest4tobeoffsetbylowercostinJV
39
1.LiquidityimpactinQ22024;conversionintoRivianshareswilltakeplaceon01-Dec-2024|2.VolkswagenGrouptolendcapitaltojointventure,whichwillimmediatelylendittoRivian,backedbyRivian’sequitystakeinJV|3.PayableatearlieroffirstVolkswagenGroupvehicleSOP(startofproduction)or03-Jan-2028|4.Comparedtoannouncementon25-Jun-2024ofupto$5bn
40
WorldPremiereofScoutMotors
Scoutrevealeditsfirsttwovehicles:TravelerSUV&TerraPickup
Highlyprofitablesegments:
Pickups&RuggedSUVs
StrengtheningVWGrouppositioninNorthAmericainthelongterm
Introductionofagasoline
rangeextenderoption
41
VolkswagenGroupDeliveries
900
800
700
600
500
400
Deliveriestocustomersafter9M~3%belowprioryear;Q3:~7%belowprioryear
Deliveries[‘000units/permonth]
20232024
010203040506070809101112
Globaldeliveriesafter9Mat6.5mvehicles
9MBEVdeliveriesat507kunits
(-5%YoY),BEVshareat~8%
Worldwidemarketshareat~11%
VolkswagenGroupDeliveriesbyRegions
ContinuedgrowthinNorth&SouthAmerica,ChinaandEuropelowerYoY
NorthAmerica
+7%
9M20239M2024
Europe
-1%
9M20239M2024
China
-10%
9M20239M2024
SouthAmerica
+15%
9M20239M2024
42
43
BEVDeliveriesYear-to-date
SoftermarketdemandforBEVsinEurope&USpartiallycompensatedbygrowthinChina
TopBEVModels9M2024QuarterlyDevelopment
ID.4/5
135k
Enyaq
51k
ID.3106k
Born30k
Q4e-tron
79k
ID.7
22k
BEVDeliveries[‘000units]BEVshare[%]2024
BEVshare[%]2023
9-11%
9%
7%
8%
9%
10%
7%
8%
189
181
136
122
60
Q1Q2Q3Q42024e
2021202220232024
FinancialOverview
OperatingresultimpactedbyBrandGroupCoreperformanceandsignificantrestructuring
VehicleSalesSalesRevenueOperatingResultandMargin
Fairvalueofderivativesoutsidehedgeaccounting1
[€bn]Margin[%]
+1%
[mvehicles][€bn]
6.9%
5.4%
237.3
235.1
-21%
16.2
12.9
-4%
6.86.5
2.2
18.7(8.0%)
1.9
4.6
-1%
4.6
exChinaJVs
12.9(5.5%)
0.0
-2.5
Jan-Sep2023
Jan-Sep2024
Jan-Sep2023
Jan-Sep2024
Jan-Sep2023
Jan-Sep2024
44
1.IncludingfairvalueeffectsintheAutomotiveDivision.Fairvaluesofderivativesoutsidehedgeaccountingtotaled-€30min9M2024(Q1:-€405m;Q2:€379m;Q3-€4m).
FinancialOverview
Pre-taxearningsaswellasnetincomeimpactedbyloweroperatingandfinancialresult
ProfitbeforeTax
[€bn]
-29%
17,7
12,5
Jan-Sep2023
Jan-Sep2024
ProfitafterTax
[€bn]
Earningsperpreferredshare
[€]
-31%
12,9
8,9
Jan-Sep2023
Jan-Sep2024
-33%
22,7
15,2
Jan-Sep2023
Jan-Sep2024
45
Note:Previousyearadjusted(IFRS17)
ReconciliationfromReportedtoUnderlyingOperatingResult
ReportedOperatingResultheldbackbynon-operatingfactorsof€2.5bn/110bpsin9M
OperatingResult&Margin
15.4
[€bn]Margin[%]
6.5%
12.95.4%
9M2024
underlying1
9M2024
asreported
4.0
5.2%
2.93.6%
Q32024
underlying1
Q32024
asreported
Non-OperatingFactorsImpactingResults
-€1.2bnrestructuringexpenses(thevastmajorityatBGP)
-€2.2bnrestructuringexpenses(mainlyBGCandBGP)
-€0.2bndeconsolidationVWBankRus(FinancialServices)
-€0.1bnMANEnergySolutions(partsofgasturbinebusiness)
46
1.Excludingfairvalueofderivativesoutsidehedgeaccounting(only-€30mnasof9Mand-€4mnperQ3)andnon-operatingfactorsimpactingresults.
AutomotiveNetCashFlowandNetLiquidity
SolidQ3NetCashFlowof€3.4bnsupportedbyreductioninworkingcapital
Rep.NetCashFlow[CCR]1,2
[€bn,in%]
-34%
4.9
37%
31%
3.3
'Clean'NetCashFlow1,3
[€bn]
-30%
6.0
4.2
NetLiquidity1
[€bn]
-15%
40.3
34.4
Jan-Sep2023
Jan-Sep2024
Jan-Sep2023
Jan-Sep2024
31Dec2023
30Sep2024
1.AutomotiveDivisionI2.CashConversionRatio,calculatedasreportedNetCashFlowdividedbyAutomotiveOperatingResult
3.ReportednetcashflowbeforeM&AandDiesel
47
payments.
AutomotiveNetLiquidity
Financialpositionatsolidlevel
ReportedNetCashFlow(€3.3bn)1
CleanNCF(€4.2bn)1
+1.7-0.4-0.55.2
+2.5mm—--i
40.3
-1.3
34.4
-2.7
thereof~€7.0bnoutflowsfrom
inventorybuild-up
thereof-€0.9bn
Rivianand-€0.5bnFSreorganization
31Dec
Operating
Dividendof
Diesel
M&ADividendsto
Hybrid
Other
30Sep
2023
Business
ChineseJVs
Outflow
Shareholders
Capital
2024
48
1.AutomotiveDivision
49
OperatingResultPassengerCars
Resultsaffectedbyhigherfixedcosts,including€2.2bnrestructuring;pricingstabilizedinQ3
OperatingResult
OperatingResult[€bn]Margin[%]
3.8
-0.1
-5.8
10,3-0.7
7.3
6.5%
Thereof:
Restructuring:-2.2
4.7%
Thereof:
Volume&other:+1.4
Mix:-1.2
Price:-0.9
Jan-Sep2023
Volume&other/Mix/Price
ExchangeRates/Derivatives
ProductCostsFixedCosts/
OtherCosts
Jan-Sep2024
Overview9M2024BrandGroups
ResultsheldbackbyrestructuringatBGCandBGP,supplychainshortages&higherfixedcosts
SportLuxury
Core
Progressive
46.3(-8%)
2.1(-55%)
3.8underlying
SalesRevenue[€bn]101.5(flat)25.9(-7%)
4.5(-10%)5.2underlying
OperatingResult[€bn]
3.8(-28%)
~
4.4(-0.5ppts)5.2underlying2
OperatingMargin[%]
14.6(-4.3ppts)
4.5(-4.6ppts)
8underlying3
~
|
1.2|
|
CCR1[€bn,%]
NetCashFlow
64%
33
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