• Group sales revenue in 2017 up significantly year-on-year at EUR 230.7 billion
  • Deliveries to customers achieve new record of 10.7 million vehicles
  • Operating profit before special items climbs EUR 2.4 billion to EUR 17.0 billion
  • Dividend proposal: almost double to EUR 3.90 per ordinary share and EUR 3.96 per preferred share
  • Net liquidity in the Automotive Division of EUR 22.4 billion still at a robust level
  • CEO Matthias Müller: “Our plan for the future, TOGETHER – Strategy 2025, is taking effect and becoming increasingly tangible.”


Wolfsburg, February 23, 2018 – The Volkswagen Group brought fiscal year 2017 to a successful conclusion, generating significantly higher sales revenue than in the year before. The Group also improved nearly all of its financial key performance indicators amid challenging conditions. Particularly the delivery record of 10.7 million vehicles lifted Group sales revenue by 6.2 percent year-on-year to EUR 230.7 billion. Special items attributable to the diesel issue once again reduced operating profit, which nevertheless rose by EUR 6.7 billion to EUR 13.8 billion. The Volkswagen Group expects to moderately exceed its latest record delivery figures in the current fiscal year.

“Looking ahead, we – like the entire industry – are facing major challenges and radical change,” said Matthias Müller, CEO of Volkswagen AG. “The excellent financial result provides a strong basis for this and gives us every reason to be confident. In fact, our plan for the future, TOGETHER – Strategy 2025, is taking effect and becoming increasingly tangible.”

The increase in the sales revenue of the Volkswagen Group was mainly due to strong unit sales as well as the healthy performance of the Financial Services Division; exchange rates had a negative effect. In fiscal year 2017, the Volkswagen Group recorded operating profit before special items of EUR 17.0 (14.6) billion, and the operating return on sales before special items increased to 7.4 (6.7) percent. The increase was mainly the result of volume-, mix- and margin-related factors as well as improvements in product costs. Special items contained in operating profit totaled EUR –3.2 (–7.5) billion for 2017 as a whole. The special items related exclusively to charges incurred in the Passenger Cars Business Area due to the diesel issue, driven specifically by higher expenses for buy-back and retrofit programs for 2.0 and 3.0 l TDI vehicles in North America as well as higher legal risks. The Group’s operating profit after special items stood at EUR 13.8 billion; the operating return on sales rose to 6.0 (3.3) percent.

The share of operating profit attributable to the Chinese joint ventures (EUR 4.7 billion) was down slightly in the reporting period. The business of the Chinese joint ventures is not included in the Group’s sales revenue and operating profit because it is accounted for in the financial result using the equity method. The Group’s earnings before tax climbed to EUR 13.9 billion in the reporting year, exceeding the prior-year figure by EUR 6.6 billion. Profit after tax in 2017 amounted to EUR 11.6 (5.4) billion.

“The financial statements presented show that our operating business is strong and the Group’s financial situation robust,” underlined Chief Financial Officer Frank Witter. “Nearly 11 million customers worldwide – more than ever before – opted for a vehicle from one of our brands last year. We are very thankful for this confidence. All the same, we must not relax our efforts because huge challenges lie ahead. Shaping the Group’s transformation will not only require a great deal of time and energy; it will also be very expensive. This is why we must continue to keep our expenditure under tight control and advance the necessary innovations at the same time.”

As expected, there were high cash outflows in the reporting period due to the diesel issue, primarily for vehicle recalls and legal risks. Net cash flow in the Automotive Division decreased by EUR 10.3 billion year-on-year to EUR –6.0 billion. Nevertheless, net liquidity in the Automotive Division continued at a robust level, amounting to EUR 22.4 billion at the end of 2017.

The Board of Management and Supervisory Board will propose to pay a dividend of EUR 3.90 (previous year: EUR 2.00) per ordinary share and EUR 3.96 (previous year: EUR 2.06) per preferred share at the Annual General Meeting on May 3, 2018.

January – December





Volkswagen Group, volume data¹        
Deliveries to customers

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Vehicle sales

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Employees at December 31





Volkswagen Group (IFRSs)

Total sales revenue

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Operating profit before special items

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   as a percentage of sales revenue



Special items

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Operating profit

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   as a percentage of sales revenue



Profit before tax

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Profit after tax

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Profit attributable to Volkswagen AG shareholders

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Earnings per share (basic)  

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Automotive Division²

Cash flows from operating activities

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Cash flows from investing activities attributable to operating activities³

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  • of which: capex

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Net liquidity at December 31

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Volkswagen AG (basis: HGB)

Net profit

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Dividend proposal

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– per preferred share






1) Volume data including the unconsolidated Chinese joint ventures. Deliveries for the previous year have been updated to reflect subsequent statistical trends.
2) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
3) Excluding acquisition and disposal of equity investments: EUR 17,512 (18,224) million.

Outlook for 2018

The Board of Management of the Volkswagen Group expects the pace of global economic growth to slow slightly in 2018 and trends in the passenger car markets in the individual regions to be mixed in 2018. The Board of Management estimates that deliveries to customers of the Volkswagen Group in 2018 will moderately exceed the prior-year figure amid continuously challenging market conditions. Challenges in the current fiscal year will arise mainly from the economic situation, increasing competition, exchange rate volatility and the diesel issue. In the EU, there is also a new, more time-consuming test procedure for determining pollutant and CO2 emissions as well as fuel consumption in passenger cars and light commercial vehicles (WLTP).

The Board of Management estimates that sales revenue for the Volkswagen Group may be up by as much as 5 percent on the prior-year figure. In terms of the Group’s operating profit, the Board of Management anticipates an operating return on sales of between 6.5 and 7.5 percent.



Volkswagen, Audi, and Bentley along with Porsche Cars North America, Inc. will import and distribute vehicles through the port, marking a $1.3 million regional investment and dozens of new jobs

Benicia, CA (February 21, 2018) – Today, Volkswagen Group of America, Inc. (VWGoA) joined California elected officials and AMPORTS to celebrate the grand opening of the Port of Benicia, VWGoA’s second port in California which will serve dealers in the Northwestern U.S. The Port of Benicia marks a $1.3 million investment in the region, and the creation of 38 new jobs. The port will serve 81 Volkswagen, Audi, Bentley and Porsche dealers in Northern California, helping to enhance customer service and vehicle delivery times.

“Californians have long demonstrated a strong support for the Volkswagen Group of America brands, and selecting the Port of Benicia as our Northwestern U.S. port is part of our growth strategy in the North America.” said Anu Goel, Executive Vice President for Group After Sales & Services, Volkswagen Group of America, Inc. “In utilizing the Port of Benicia, we will be able to bring Audi, Bentley and Volkswagen products closer to our California customers and provide enhanced customer service in this key market. We are proud to be joining the state of California and AMPORTS in commemorating this important milestone.”

“California’s port system is an economic driver employing more than a half million people and generating an estimated $9 billion in state and local tax revenue annually,” said Panorea Avdis, Director, Governor’s Office of Business and Economic Development. “Today’s announcement highlights California’s strategic importance as an entry point for global commerce, creates good paying jobs, and builds the capacity of the Port of Benicia to serve the Volkswagen Group and all importers and exporters in the Golden State.”

Vehicles imported into the Port of Benicia from Volkswagen include the long wheelbase Tiguan, e-Golf and eventually the all-new 2019 Jetta compact sedan and the Arteon four-door coupe which made its U.S. debut in February. Audi vehicles imported will include the A4, A5 Sportback, Audi Q5 and Audi Q7. Vehicles arriving into the port will be distributed throughout Northern California. The selection of the Port of Benicia adds to VWGoA’s Port of San Diego, which opened in 1990, and supports over 160 Volkswagen and Audi dealers in the Western United States.

VWGoA has already begun to import and distribute Volkswagen, Audi and Bentley vehicles through the 645 acre port which features 140,000 square feet of vehicle processing facilities. VWGoA plans on transporting up to 42,000 vehicles within one year, and approximately 220,000 vehicles over the next five years through the port.

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