The Volkswagen Group expects sales revenue to be in line with the previous year’s figure (previously: increase of up to 5 percent). The Group’s operating return on sales is expected to range between 4.0 and 5.0 percent (previously: 5.5 to 6.5 percent).
In the Automotive Division, the Volkswagen Group continues to expect an investment ratio between 12 and 13 percent in 2025. Automotive net cash flow for 2025 is expected to be between EUR 1 and EUR 3 billion (previously: EUR 2 to EUR 5 billion). This includes cash outflows for investments for the future as well as for restructuring measures. Net liquidity in the Automotive Division in 2025 is expected to be between EUR 31 and EUR 33 billion (previously: EUR 34 to EUR 37 billion). The Group continues to pursue its objective of maintaining a solid financing and liquidity policy.
At the lower end of the forecast ranges for operating result, net cash flow and net liquidity, it is assumed that in particular the current US import tariffs of 27.5% will continue to apply in the second half of 2025; at the upper end, it is assumed that these tariffs will be reduced to 10%. There is high uncertainty about further developments with regard to the tariffs, their impact and any reciprocal effects.
Challenges will arise in particular from an environment of political uncertainty, expanding trade restrictions and geopolitical tensions, the increasing intensity of competition, volatile commodity, energy and foreign exchange markets, and emissions-related requirements that have been more stringent since the beginning of the year.
Note: Adjustments to the reporting logic from January 2025 will lead, among other things, to a more precise disclosure of the Automotive Division’s sales revenue. In mathematical terms, this will lead to a lower investment ratio, namely by 130 basis points to 13.0 percent in the 2024 financial year. Based on the adjusted reporting logic, we expect the investment ratio in the Automotive Division to reduce to between 12 and 13 percent in 2025 and to around 10 percent in 2027. For details, see page 180 of the 2024 Annual Report.