Q3 2024 Volkswagen AG Earnings Call Transcript
Key Points
- Volkswagen AG (VLKAF) launched several new and exciting models, including the ID.7 GTX, which is the most powerful electric car from the Volkswagen brand.
- The company made significant progress in forming a joint venture with Rivian, receiving all necessary regulatory approvals and proving the technical feasibility of the Rivian architecture.
- Volkswagen AG (VLKAF) reported a solid order intake in Western Europe, with a notable increase in BEV order intake, more than doubling compared to the end of 2023.
- The company maintained a strong net liquidity position of EUR33.4 billion, providing a solid financial foundation.
- Volkswagen AG (VLKAF) continues to focus on reducing investments in R&D and CapEx, aiming for EUR165 billion in the next planning round, leveraging synergies across the group.
- Volkswagen AG (VLKAF) reported a 3% decline in vehicle deliveries, particularly impacted by a 10% decrease in China.
- The company's operating margin of 5.4% is below its target and ambition, highlighting the need for cost reduction and improved competitiveness.
- Profit before tax declined by 29% year-over-year, and profit after tax fell by 31%, reflecting financial challenges.
- The company faces significant restructuring challenges, particularly in its German operations, to address high costs and improve productivity.
- Volkswagen AG (VLKAF) is experiencing a decline in BEV deliveries in Europe and the US, with a 14% and 26% decrease, respectively.
Ladies and gentlemen, welcome to the Volkswagen AG investor analyst and media call nine months 2024. I am George, the chorus call operator. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Pietro Zollino. Please go ahead.
Good morning, everyone, and a warm welcome to the nine months 2024 results of Volkswagen Group. As usual, it's a joint call for both media as well as investors and analysts, which is moderated by Rolf Woller, our Head of Treasury and Investor Relations; and myself, Pietro Zollino, I'm heading Corporate Communications here at Volkswagen Group. With us today is Arno Antlitz, CFO and COO of Volkswagen Group. Let me provide a few remarks before we start.
By now, you should have received all materials, including the press release, the interim financial report and the presentation, all of which were published this morning. If you do not have them yet, you can find all the
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