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Volkswagen profit slumps – nevertheless high bonus for employees
The Volkswagen Group made significantly less profit last year due to tough competition in China and high restructuring costs. Volkswagen earned 12.4 billion euros, almost 31 percent less than the previous year, as announced by the company from Wolfsburg. The once profitable market of China delivered significantly lower results. Additionally, high costs were incurred, including for the closure of the Audi plant in Brussels.
In daily operations, the operating profit fell by over 15 percent to 19.1 billion euros. This corresponded to a margin of 5.9 percent, down from 7.0 percent the previous year. VW performed better than it had recently projected. However, revenue increased by nearly one percent to 324.7 billion euros. The dividend is set to be cut by 30 percent to 6.36 euros per preferred share listed in the DAX. This is a sharper cut than expected.
VW employees receive 4,800 euro bonus – reduction from 2026
Despite the savings plan, VW is paying its employees a higher bonus. The tariff employees will receive almost 4,800 euros in bonus payments for the past year. In total, the bonus amounts to 4,799.50 euros, it was reported. Members of the workforce under VW's in-house agreement are to receive an additional 2,920 euros with their May salary, after the 1,879.50 euros already paid out. This means the profit-sharing is even slightly higher than last year, when VW paid out 4,735 euros to each employee. Approximately 120,000 employees in Germany will benefit from the payment. The bonus is determined by the performance of the VW Passenger Cars and VW Commercial Vehicles brands over the past two years. Starting next year, employees will have to adjust to significantly less money.
Sales Increase Targeted for 2025
Despite the industry's weakness, the VW Group is aiming for sales growth this year. Revenues at the group level are expected to increase by up to 5 percent compared to the previous year. VW CEO Oliver Blume anticipates that the operating profit margin will range between 5.5 and 6.5 percent, thus remaining roughly at the previous year's level. Shortly before the end of the year, Volkswagen announced in a long-simmering conflict that it would cut almost every fourth job at its core VW passenger car brand in Germany, totaling 35,000 positions, by 2030. According to VW, challenges mainly arise from an environment of political uncertainty, increasing trade restrictions, and geopolitical tensions.
Less Investment
After a phase of increased investments, Europe's largest automaker plans to significantly reduce its expenses in the coming years. From 2025 to 2029, a total of around 165 billion euros will be invested in new facilities, technology, and software, according to CFO Arno Antlitz. The Wolfsburg-based company had planned around 180 billion euros for the previous five-year period from 2024 to 2028. Additionally, investments in the combustion engine would be gradually reduced. However, the company still aims to focus on flexibility to offer customers different types of drives.
"We will continue to adjust the ramp-up of our battery division to the market environment," said Antlitz.
Volkswagen had set aside a significant amount of money for its own battery cell plants, but the ramp-up of electric cars in the industry is overall slower than expected. Additionally, VW aims to achieve faster and more cost-effective results in software and connectivity through partnerships like the one with US electric vehicle provider Rivian.
VW Board Waives Eleven Percent of Their Salary
At Volkswagen, the company's executive board is now also participating in the automaker's savings program by giving up a substantial portion of their salary. VW CEO Oliver Blume and the other board members will forgo eleven percent of their compensation in 2025 and 2026, confirmed a spokesperson of the supervisory board. The supervisory board approved a corresponding proposal from the group management at its recent meeting, as previously reported by the "Handelsblatt." In the years that follow, compensation is to be gradually increased again. In 2027, the reduction will be 8.5 percent, the year after 6.5 percent, and in 2029, 5.5 percent. According to reports, the previous level of compensation will be restored from 2030 onward.
Content automatically translated.
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