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Volkswagen AG
In the heart of the German automotive industry, Volkswagen AG stands as a colossus, embodying both tradition and innovation. Born in the wake of the 1930s as a people's car manufacturer, Volkswagen's journey is one of evolution and adaptation. The company runs on a multi-brand strategy, with marquee names like Audi, Porsche, SEAT, and Škoda under its umbrella. This diverse portfolio plays a significant role in Volkswagen's strategy, as it allows the company to serve varied customer needs, from luxury aficionados to budget-minded consumers. At the core of its operations, Volkswagen focuses on design, production, and distribution of a broad range of vehicles, aligning them with trends in sustainability and technology. With significant investments in electric vehicles and autonomous driving, Volkswagen aims to redefine mobility and assert its leadership in a rapidly changing automotive landscape.
Financially, Volkswagen AG's substantial revenue streams flow from the sale of vehicles, complemented by financial services and a strong presence in the automotive aftermarket. The company leverages economies of scale by producing millions of vehicles annually across its global production facilities, which helps maintain competitive pricing while preserving quality. These sales are bolstered by its comprehensive financing packages and leasing options, reinforcing customer loyalty and expanding its customer base. Moreover, Volkswagen's venture into new mobility services and technology solutions, such as car-sharing and ride-hailing, further diversifies its income sources. Balancing tradition with futuristic endeavors, Volkswagen continues to sustain its robust financial performance while steering towards a more electrified and sustainable future.
In the heart of the German automotive industry, Volkswagen AG stands as a colossus, embodying both tradition and innovation. Born in the wake of the 1930s as a people's car manufacturer, Volkswagen's journey is one of evolution and adaptation. The company runs on a multi-brand strategy, with marquee names like Audi, Porsche, SEAT, and Škoda under its umbrella. This diverse portfolio plays a significant role in Volkswagen's strategy, as it allows the company to serve varied customer needs, from luxury aficionados to budget-minded consumers. At the core of its operations, Volkswagen focuses on design, production, and distribution of a broad range of vehicles, aligning them with trends in sustainability and technology. With significant investments in electric vehicles and autonomous driving, Volkswagen aims to redefine mobility and assert its leadership in a rapidly changing automotive landscape.
Financially, Volkswagen AG's substantial revenue streams flow from the sale of vehicles, complemented by financial services and a strong presence in the automotive aftermarket. The company leverages economies of scale by producing millions of vehicles annually across its global production facilities, which helps maintain competitive pricing while preserving quality. These sales are bolstered by its comprehensive financing packages and leasing options, reinforcing customer loyalty and expanding its customer base. Moreover, Volkswagen's venture into new mobility services and technology solutions, such as car-sharing and ride-hailing, further diversifies its income sources. Balancing tradition with futuristic endeavors, Volkswagen continues to sustain its robust financial performance while steering towards a more electrified and sustainable future.
Q3 Miss & Charges: Volkswagen reported a negative operating result of minus EUR 1.3 billion in Q3, mainly due to EUR 5.3 billion in headwinds from Porsche strategy realignment, goodwill impairment, and increased U.S. tariffs.
Margins Under Pressure: Excluding special effects, Q3 margin was 5%, but including tariffs and charges, the 9-month margin was 2.3%. Management says this is not sustainable and more cost savings are needed.
Strong BEV Growth: Global battery electric vehicle (BEV) deliveries grew 42% year-to-date to 718,000 units, with BEVs now 11% of total deliveries and 25% of the order book.
Tariff Headwinds: U.S. tariffs cost Volkswagen EUR 2.1 billion in two quarters, expected to reach up to EUR 4–5 billion annually, reducing sales and margins, especially in North America.
Cost Cutting & Restructuring: Volkswagen reduced overhead costs by EUR 1 billion and headcount in Germany by 7,000 during the first 9 months. EUR 4–6 billion in cost savings targeted by 2030, with EUR 1.5 billion savings expected by end of 2026.
Cash Flow & Investment: Net cash flow in Automotive division was EUR 1.8 billion for 9 months, supported by lower investment spend, but outlook for 2026 remains uncertain. Investment spending is being reduced, with a target of 10% of sales by 2027.
2025 Outlook Maintained: Full-year operating return on sales guidance confirmed at 2–3%, with potential to close at the upper end. Automotive net cash flow expected around zero or slightly positive.
Management
Dr. Oliver Blume is a prominent automotive industry executive, currently serving as the Chairman of the Board of Management at Volkswagen AG and the CEO of Porsche AG, a brand under the Volkswagen Group. Born on June 6, 1968, in Braunschweig, Germany, Blume has had a long-standing career within the automotive sector. Blume studied mechanical engineering at the Braunschweig University of Technology, and after completing his education, he began his career at Audi in 1994 through their international trainee program. Over the years, he held various management roles at Audi, SEAT, and the Volkswagen brand. His expertise and leadership in production and logistics have been pivotal to his career trajectory. In 2009, Blume joined Porsche, where he was initially responsible for production and logistics on the Board of Management. In 2015, he was appointed CEO of Porsche AG, where he has been credited with advancing electrification and sustainability within the brand, leading to the successful launch of models like the all-electric Porsche Taycan. In September 2022, Dr. Blume took on the significant role of Chairman of the Board of Management of Volkswagen AG, one of the largest car manufacturers in the world. His vision for Volkswagen AG includes focusing on innovation, digitalization, and sustainability while steering the company in the rapidly evolving automotive landscape.
Blume studied mechanical engineering at the Braunschweig University of Technology, and after completing his education, he began his career at Audi in 1994 through their international trainee program. Over the years, he held various management roles at Audi, SEAT, and the Volkswagen brand. His expertise and leadership in production and logistics have been pivotal to his career trajectory.
In 2009, Blume joined Porsche, where he was initially responsible for production and logistics on the Board of Management. In 2015, he was appointed CEO of Porsche AG, where he has been credited with advancing electrification and sustainability within the brand, leading to the successful launch of models like the all-electric Porsche Taycan.
In September 2022, Dr. Blume took on the significant role of Chairman of the Board of Management of Volkswagen AG, one of the largest car manufacturers in the world. His vision for Volkswagen AG includes focusing on innovation, digitalization, and sustainability while steering the company in the rapidly evolving automotive landscape.
Thomas Schmall-Reichsgraf von und zu Westerholt is a notable executive at Volkswagen AG, where he plays a critical role in shaping the company's operations and technological advancements. Born on January 26, 1964, Schmall has a wealth of experience in the automotive industry, particularly with Volkswagen, having joined the company in 1991. With a background in business administration, Schmall has held several significant positions within the Volkswagen Group. His career trajectory includes key leadership roles in various divisions, most notably his tenure as Chairman of the Board of Management at Volkswagen do Brasil from 2007 to 2014, where he helped steer the company through challenging market conditions. In January 2021, Schmall was appointed to the Board of Management of Volkswagen AG, responsible for the group’s technology division. His responsibilities include overseeing the Volkswagen Group Components, which focuses on expanding and optimizing the production of essential automotive components, including electric vehicle batteries. Under his leadership, the company aims to enhance its focus on innovation, particularly in electric mobility, battery technologies, and the overall technological transformation of the automotive sector. Schmall is recognized for his strategic vision and his ability to drive organizational change, contributing significantly to Volkswagen's push towards sustainable and future-oriented automotive solutions.
In January 2021, Schmall was appointed to the Board of Management of Volkswagen AG, responsible for the group’s technology division. His responsibilities include overseeing the Volkswagen Group Components, which focuses on expanding and optimizing the production of essential automotive components, including electric vehicle batteries. Under his leadership, the company aims to enhance its focus on innovation, particularly in electric mobility, battery technologies, and the overall technological transformation of the automotive sector.
Schmall is recognized for his strategic vision and his ability to drive organizational change, contributing significantly to Volkswagen's push towards sustainable and future-oriented automotive solutions.
Thomas Schäfer is a prominent figure in the automotive industry, currently serving as the CEO of the Volkswagen Passenger Cars brand and the head of the "Volume" brand group. He assumed this role in July 2022, following a successful tenure in various executive positions within the Volkswagen Group and other major automotive companies. Schäfer began his career in 1991 with Daimler AG, where he held numerous leadership roles in production and quality management in Germany, the United States, and South Africa. His in-depth experience in the automotive industry includes an extensive understanding of production, quality control, and management on a global scale. In 2012, he joined the Volkswagen Group, initially taking on the role of Head of Group Production Foreign Plants. He was responsible for the development and operational control of overseas manufacturing facilities, a position that capitalized on his expertise in managing complex production processes across different markets. Schäfer garnered significant recognition during his tenure as the Chairman and Managing Director of ŠKODA AUTO India Private Ltd., where he played a crucial role in expanding the brand's influence and operations in the Indian market. Before his current role as Volkswagen Passenger Cars CEO, he served as the Chairman of the Board at ŠKODA AUTO from August 2020 to March 2022. Under his leadership, ŠKODA AUTO navigated the challenges posed by the global pandemic and shifted towards sustainable mobility, solidifying its reputation within the Volkswagen Group. Thomas Schäfer is known for his strategic vision in driving innovation, sustainability, and digital transformation within the automotive industry. His leadership style emphasizes collaboration, adaptability, and a forward-thinking approach to tackling the challenges and opportunities within the global automotive landscape.
Schäfer began his career in 1991 with Daimler AG, where he held numerous leadership roles in production and quality management in Germany, the United States, and South Africa. His in-depth experience in the automotive industry includes an extensive understanding of production, quality control, and management on a global scale.
In 2012, he joined the Volkswagen Group, initially taking on the role of Head of Group Production Foreign Plants. He was responsible for the development and operational control of overseas manufacturing facilities, a position that capitalized on his expertise in managing complex production processes across different markets.
Schäfer garnered significant recognition during his tenure as the Chairman and Managing Director of ŠKODA AUTO India Private Ltd., where he played a crucial role in expanding the brand's influence and operations in the Indian market.
Before his current role as Volkswagen Passenger Cars CEO, he served as the Chairman of the Board at ŠKODA AUTO from August 2020 to March 2022. Under his leadership, ŠKODA AUTO navigated the challenges posed by the global pandemic and shifted towards sustainable mobility, solidifying its reputation within the Volkswagen Group.
Thomas Schäfer is known for his strategic vision in driving innovation, sustainability, and digital transformation within the automotive industry. His leadership style emphasizes collaboration, adaptability, and a forward-thinking approach to tackling the challenges and opportunities within the global automotive landscape.
Ralf Brandstätter is a notable executive in the automotive industry, particularly known for his significant contributions to Volkswagen AG. Born on September 8, 1968, in Braunschweig, Germany, he pursued mechanical engineering at the Braunschweig University of Technology. Brandstätter joined Volkswagen in 1993 as a trainee in the international metals procurement division. Over the years, he held various positions within the company, showcasing his expertise in procurement and management. He played a crucial role in overseeing operations and development within Volkswagen, especially in the procurement sector. In August 2018, Brandstätter was appointed the Chief Operating Officer (COO) of the Volkswagen Passenger Cars brand, which positioned him to manage day-to-day operations and strategic initiatives. His work focused on increasing the efficiency and profitability of the brand amidst an evolving automotive market. He became the CEO of the Volkswagen Passenger Cars brand in 2020, where he emphasized the importance of digital transformation and electric mobility as part of Volkswagen’s strategy. Under his leadership, Volkswagen advanced its electric vehicle initiatives, aligning with industry trends towards sustainability and innovation. Brandstätter's strategic vision and operational acumen have made him a pivotal figure in steering Volkswagen towards future automotive solutions, while his leadership reflects a deep understanding of both the challenges and opportunities in the global automotive industry.
Brandstätter joined Volkswagen in 1993 as a trainee in the international metals procurement division. Over the years, he held various positions within the company, showcasing his expertise in procurement and management. He played a crucial role in overseeing operations and development within Volkswagen, especially in the procurement sector.
In August 2018, Brandstätter was appointed the Chief Operating Officer (COO) of the Volkswagen Passenger Cars brand, which positioned him to manage day-to-day operations and strategic initiatives. His work focused on increasing the efficiency and profitability of the brand amidst an evolving automotive market.
He became the CEO of the Volkswagen Passenger Cars brand in 2020, where he emphasized the importance of digital transformation and electric mobility as part of Volkswagen’s strategy. Under his leadership, Volkswagen advanced its electric vehicle initiatives, aligning with industry trends towards sustainability and innovation.
Brandstätter's strategic vision and operational acumen have made him a pivotal figure in steering Volkswagen towards future automotive solutions, while his leadership reflects a deep understanding of both the challenges and opportunities in the global automotive industry.
Dr. Manfred Doss is an executive known for his work at Volkswagen AG, where he serves in a significant capacity. He holds a Ph.D. and has extensive experience in the legal field, which he brings to his role within the company. Dr. Doss is a member of the Board of Management of Volkswagen AG and serves as the Head of Legal, a position that involves overseeing the company’s legal affairs and ensuring compliance with legal standards. His work is pivotal in shaping the legal strategy and framework within one of the largest automobile manufacturers in the world. Dr. Doss’s expertise in legal matters and his leadership have been crucial for navigating complex legal landscapes and safeguarding the company’s legal interests.
Martin Sander is a seasoned executive in the automotive industry, with a significant tenure at Volkswagen AG. He is notable for his leadership roles within the company, particularly in areas related to product and brand management. Before joining Volkswagen, Sander built a robust career at Ford, where he garnered extensive experience in various high-profile positions, including overseeing operations in European markets and contributing to strategic development. At Volkswagen, Sander plays a crucial role in navigating the company's direction in a rapidly evolving automotive landscape, particularly focusing on electrification and digital innovation. His efforts are aligned with Volkswagen's strategic initiatives to increase its electric vehicle offerings and integrate more digital solutions into its automobile lineup. Known for his adept leadership and strategic vision, Sander contributes significantly to steering Volkswagen towards a sustainable and technologically advanced future. His broad expertise in the automotive sector and commitment to fostering innovation are vital assets to Volkswagen AG as the company aims to maintain its competitive edge globally.
At Volkswagen, Sander plays a crucial role in navigating the company's direction in a rapidly evolving automotive landscape, particularly focusing on electrification and digital innovation. His efforts are aligned with Volkswagen's strategic initiatives to increase its electric vehicle offerings and integrate more digital solutions into its automobile lineup. Known for his adept leadership and strategic vision, Sander contributes significantly to steering Volkswagen towards a sustainable and technologically advanced future.
His broad expertise in the automotive sector and commitment to fostering innovation are vital assets to Volkswagen AG as the company aims to maintain its competitive edge globally.
Patrik Andreas Mayer is a seasoned executive at Volkswagen AG, where he has served in various high-profile roles. As of contemporary records, Mayer has accumulated extensive experience within the automotive industry, particularly in finance and management. He holds the position of the Chief Financial Officer (CFO) of ŠKODA AUTO, a subsidiary of Volkswagen Group. In his capacity as CFO, Mayer is responsible for overseeing the financial strategy and operations of ŠKODA AUTO, ensuring the company's financial health and working closely with the management team to drive growth and profitability. His work involves financial planning, risk management, and financial reporting, amongst other critical financial functions. Before his tenure at ŠKODA AUTO, Patrik Andreas Mayer held various roles within the Volkswagen Group, where he contributed to strategic initiatives and financial planning activities. His career in the automotive industry is marked by his expertise in finance, strategic planning, and his ability to guide teams towards achieving organizational goals. His educational background and professional journey reflect a deep understanding of both the automotive sector and financial operations, making him a key figure in ŠKODA AUTO's executive leadership team.
In his capacity as CFO, Mayer is responsible for overseeing the financial strategy and operations of ŠKODA AUTO, ensuring the company's financial health and working closely with the management team to drive growth and profitability. His work involves financial planning, risk management, and financial reporting, amongst other critical financial functions.
Before his tenure at ŠKODA AUTO, Patrik Andreas Mayer held various roles within the Volkswagen Group, where he contributed to strategic initiatives and financial planning activities. His career in the automotive industry is marked by his expertise in finance, strategic planning, and his ability to guide teams towards achieving organizational goals.
His educational background and professional journey reflect a deep understanding of both the automotive sector and financial operations, making him a key figure in ŠKODA AUTO's executive leadership team.
Kurt Michels is a notable figure within Volkswagen AG, where he has made significant contributions in the area of compliance and integrity. He holds the position of Chief Compliance Officer, a role that places him at the forefront of promoting ethical practices and ensuring regulatory compliance across the company. Before joining Volkswagen AG, Michels gained extensive experience in the field of compliance and legal affairs. He previously served as the Chief Compliance Officer at Daimler AG, a position that involved similar responsibilities in maintaining ethical business operations and fostering a culture of integrity. At Volkswagen, Michels' role involves overseeing the implementation of compliance programs, managing risks related to regulatory adherence, and ensuring that the company's operations align with legal and ethical standards. His efforts are vital in reinforcing Volkswagen's commitment to transparent and responsible business practices, especially in light of past controversies within the automotive industry. Michels' legal background and his expertise in compliance have been instrumental in shaping Volkswagen’s approach to governance and accountability, strengthening the company’s reputation and operations globally.
Before joining Volkswagen AG, Michels gained extensive experience in the field of compliance and legal affairs. He previously served as the Chief Compliance Officer at Daimler AG, a position that involved similar responsibilities in maintaining ethical business operations and fostering a culture of integrity.
At Volkswagen, Michels' role involves overseeing the implementation of compliance programs, managing risks related to regulatory adherence, and ensuring that the company's operations align with legal and ethical standards. His efforts are vital in reinforcing Volkswagen's commitment to transparent and responsible business practices, especially in light of past controversies within the automotive industry.
Michels' legal background and his expertise in compliance have been instrumental in shaping Volkswagen’s approach to governance and accountability, strengthening the company’s reputation and operations globally.
