Stable Deliveries and BEV Momentum
Group delivered nearly 9.0 million vehicles in FY2025 (broadly in line with prior year). Global BEV deliveries increased ~32% year-on-year to c.983,000 units, raising BEV share to c.11% (from 8%). In Europe specifically, BEV sales rose ~66% YoY with a reported ~27% BEV market share and the Group held a 25% market share in Europe (deliveries +4%).
Solid Revenue and Improved Cash Position
Group revenues of EUR 322 billion; automotive net cash flow improved to EUR 6.4 billion and group net liquidity remained robust at ~EUR 34.5 billion, supported by working capital improvements and disciplined CapEx.
Operational and Cost Efficiency Progress
Factory costs at German sites reduced by >20%; the Zukunft Volkswagen wage agreement and workforce realignment delivered around EUR 1 billion of cost savings in 2025 and the group targets >EUR 6 billion annual savings by 2030. Overhead costs in Automotive fell by EUR 1.5 billion for the year.
Product Renewal and Market Recognition
Launched >60 new or refreshed models across brands in 2025; brands won multiple awards (Golden Steering Wheel, Auto Motor und Sport awards). New urban car family (ID Polo, ID Cross, Cupra Raval, Skoda Epiq) on track to address a ~2 million vehicle European segment with pricing from ~EUR 25,000.
Strategic Progress in Software, Batteries and Partnerships
Salzgitter gigafactory (PowerCo) became live — first European OEM cell production at scale with the Unified Cell platform. Rivian JV delivered test vehicles and remains on track for series production in 2027 (S-DV rollout from 2028). China R&D hub (VCTC, >3,000 engineers) and a proprietary China electronic architecture brought from concept to production in ~18 months.
Improved Q4 and Working Capital Actions
Fourth quarter showed clear sequential improvement across financial KPIs, with inventory down EUR 4.8 billion vs Q3 and EUR 2.0 billion vs year-end 2024. Working capital swing and lower CapEx helped produce most of the net cash flow improvement.
Strong Performance in Select Divisions
Financial Services operating result rose ~90% to EUR 3.7 billion. Skoda delivered an operating return on sales of 8.3%, demonstrating strong product/cost combination; Brand Group Progressive achieved double-digit margin in Q4 and Brand Group Core ex-special items margin was c.5.6%.