Volkswagen is undergoing a major transformation, with a clear focus on electric vehicles and digital innovation. Recently, CEO Herbert Diess announced at the Group's annual meeting in Berlin that by the end of 2022, Volkswagen will have 16 dedicated EV production facilities around the globe. Currently, three are already operational, and nine more are set to come online within the next two years. To support this ambitious expansion, the company has partnered with battery suppliers in Europe and China, securing a total of about 20 billion euros in orders. One of the biggest beneficiaries of this shift is Chinese battery giant CATL, which has become a key player in Volkswagen’s electrification strategy.
In late 2017, Volkswagen unveiled its “RoadmapE†plan, aiming to produce 3 million electric vehicles annually by 2025 and launch 80 new electric models. Diess emphasized that while the shift to electric is a priority, the group is not abandoning internal combustion engines. He noted that traditional fuel vehicles will still play a significant role for decades. In 2018, Volkswagen plans to introduce nine new models, including three all-electric ones, alongside its existing hybrid and fully electric lineup. The company also remains committed to investing heavily in traditional automotive technologies, with nearly 20 billion euros allocated in 2018, and over 90 billion euros expected in the next five years. Meanwhile, an independent committee is pushing digitalization as a central pillar of the company’s future.
Volkswagen is slowly recovering from the “Dieselgate†scandal. At a recent conference, Diess called 2017 a strong year, citing record sales, operating profit, and after-tax earnings. Total sales reached 10.7 million units, up 4.3% from 2016, while revenue hit 230.7 billion euros, a 6.2% increase. Operating profit rose to 17 billion euros, a 16.5% jump, and pre-tax profit climbed to 13.9 billion euros. After-tax profit was 11.6 billion euros, more than double the previous year’s figure.
However, it’s worth noting that the Group’s financial results do not include data from its Chinese joint ventures, as they are accounted for using the equity method. Despite this, Volkswagen’s pro-forma operating profit in China reached 4.75 billion euros in 2017, slightly below the previous year’s level. This decline was partly due to price reductions following the impact of the Dieselgate scandal on SAIC Audi. Looking ahead, Volkswagen plans to expand into Southeast Asian markets by exporting Chinese-made vehicles first to the Philippines and then to other regions.
For 2018, Volkswagen is being cautious with its expectations. While it anticipates a slight increase in vehicle deliveries compared to 2017, it hasn’t provided specific growth targets. Revenue is expected to rise by approximately 5% year-on-year, and operating profit margins are projected to be between 6.5% and 7.5%. As the company continues its transition, the balance between legacy and innovation remains a key challenge.
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