Volkswagen Group Mobility has delivered a resilient performance for the 2024 financial year, posting a solid operating result of €3.0 billion, despite a 7.7 percent decline compared to 2023. The business division navigated a difficult global market environment while achieving notable growth in both new contracts and its overall contract portfolio.
The total number of current contracts rose by 3.5 percent to 26.7 million units, while new contracts surged by 5.9 percent, surpassing 10.3 million units for the year. The division’s total assets climbed by 5.2 percent to €282 billion, underlining the robust foundation of Volkswagen Group Mobility’s financial services business.
Dr. Christian Dahlheim, CEO of Volkswagen Financial Services AG, highlighted the strength of the business model, stating:
“It is gratifying that we have grown in our core business and achieved our volume targets. Our business model has once again proven to be very robust and resilient.” He emphasised the strategic importance of the company’s Vehicle Lifetime Management approach, aimed at maximising value throughout the automotive lifecycle.
Despite macroeconomic headwinds, including exchange rate impacts from the deconsolidation of operations in Russia, higher risk costs, and the normalisation of used car prices, the company saw strong growth in its leasing and services segments.
According to CFO Dr. Ingrun-Ulla Bartölke, the success of the division’s corporate restructuring has enabled more efficient use of direct bank deposits to fuel future growth:
“Part of the basis for refinancing our dynamic leasing business was the corporate restructuring we successfully implemented last year. Thanks to the new structure, we can now use the increasing deposit volume of the direct bank even more efficiently than before to support the planned growth of our leasing business.”
Volkswagen Group Mobility is a business division of the Volkswagen AG group of companies and comprises Volkswagen Financial Services AG along with its subsidiaries and affiliates (e.g. Volkswagen Bank GmbH and Volkswagen Leasing GmbH), Volkswagen Financial Services Overseas AG, Porsche Financial Services GmbH, Volkswagen Credit Inc. (USA) and Volkswagen Credit Canada Inc.
Volkswagen Bank saw exceptional growth, with deposits increasing by €18 billion to a record €55 billion — a rise of 48.6 percent. In Germany alone, over 960,000 new deposit accounts were opened in 2024.
Volkswagen Financial Services Overseas AG also reported positive developments in non-European markets. Excluding China, contract portfolios grew by 11 percent, new contracts increased by 10.3 percent, and penetration rates improved by two percentage points.
CEO Kai Vogler noted: “A particularly dynamic trend can be observed in the markets of Brazil and Mexico. The insurance business in our markets also stands out with a growth of 11.2 percent.”
The ramp-up of electric mobility was another bright spot, with battery electric vehicle (BEV) contracts rising 11.6 percent year-on-year to over 322,000 units. This growth underscores the division’s role in supporting the Volkswagen Group’s broader transition to sustainable mobility.
Used car leasing and marketing efforts also expanded significantly, with 444,000 used vehicles marketed — a 16 percent increase over the previous year — and an 11 percent rise in used car leasing contracts. The Vehicle Lifetime Management model has been successfully rolled out in Germany and France and is expected to unlock further value through multiple leasing cycles.
