The Volkswagen Group expects its sales revenue for 2025 to be in line with the previous year. The Group’s operating return on sales is projected to range between 2.0 and 3.0 percent.

In the Automotive Division, the company expects an investment ratio between 12 and 13 percent in 2025. Net cash flow for the year 2025 is expected to be around EUR 0 billion. This includes cash outflows for future-oriented investments as well as for restructuring measures. Net liquidity in the Automotive Division is expected to amount to around EUR 30 billion in 2025. The Volkswagen Group continues to pursue its objective of maintaining a solid financing and liquidity policy.

The forecast is based on the assumption of adequate availability of semiconductors.

Note: As of January 2025, adjustments to the reporting logic will lead to more transparent disclosure of sales revenue in the Automotive Division. Mathematically, this will result in a lower investment ratio – by 130 basis points to 13.0 percent in the 2024 fiscal year. Based on the adjusted reporting logic, the Group expects the investment ratio in the Automotive Division to decrease to between 12 and 13 percent in 2025 and to around 10 percent in 2027. For further details, see page 180 of the 2024 Annual Report.