Stable Overall Deliveries
Delivered nearly 9 million vehicles worldwide in 2025, broadly in line with prior year, demonstrating volume resilience in a challenging market.
Strong BEV Growth
BEV deliveries reached ~983,000 units, up ~32% year‑on‑year, raising BEV share of total deliveries to ~11% (from ~8%), with particularly strong BEV growth in Europe (+66% YoY and ~27% BEV market share in Europe).
Solid Revenue Base
Group revenues of EUR 322 billion, providing a large top line despite headwinds.
Improved Automotive Net Cash Flow and Liquidity
Automotive net cash flow improved to EUR 6.4 billion; automotive net liquidity remained at a robust level of ~EUR 34.5 billion, supported by inventory reduction and investment discipline.
Inventory and Working Capital Progress
Inventory in the automotive business reduced by EUR 4.8 billion vs Q3 2025 and by EUR 2.0 billion vs YE 2024, contributing materially to Q4 cash flow improvement.
CapEx and Investment Discipline
Total investment (CapEx + capitalized R&D + M&A) declined by ~EUR 3.5 billion to EUR 34.4 billion; investment ratio fell to 11.8% (20 bps below guided corridor) with 2026 guidance of 11%–12% and a mid‑term ambition toward ~9% by 2030.
Cost and Workforce Actions Delivering Savings
German factory costs reduced >20% at key sites; workforce in Germany decreased by ~9,000 (≈8%) in 2025 and ~14,000 since end‑2023; wage agreement and workforce changes delivered ~EUR 1 billion in cost savings in 2025 and a target of >EUR 6 billion annual savings by 2030.
Product Offensive and Portfolio Renewal
Launched >60 new/refreshed models in 2025; >20 new models planned worldwide in 2026 across drivetrains; Europe market share ~25% with deliveries +4% YoY, and targeted urban car family (ID Polo, ID Cross, Skoda Epiq, Cupra Raval) priced from ≈EUR 25,000 to address a ~2 million annual European segment.
Strategic Industrial & Tech Milestones
Salzgitter gigafactory live (PowerCo) with Unified Cell platform; VW‑Rivian JV on electronics architecture on track (series production roadmap to 2027, full SDV rollout from 2028); China R&D hub (VCTC) operational with >3,000 engineers and 30% faster development cycles.
Updated Long‑Term Financial Ambition
Maintaining an updated 2030 ambition of operating return on sales of 8%–10% and automotive cash conversion >60%, paired with a balanced capital allocation approach and continued dividend policy (proposal: EUR 5.26 preferred share).