The Volkswagen giant is actively transforming itself. A few days ago, Volkswagen Group CEO Mullen announced at the Group's annual meeting in Berlin that by the end of 2022, the group will have 16 electric vehicle production bases worldwide. At present, the Volkswagen Group mainly produces electric vehicles at three bases, after which nine new factories will be put into production in the next two years. In order to ensure adequate battery capacity to meet the substantial increase in the production of environmentally friendly electric vehicles, the Group has entered into partnerships with manufacturers in Europe and China to provide batteries. As of now, the total amount of orders signed is about 20 billion euros. In the strategic transformation of the electric vehicle of the Volkswagen Group, the biggest beneficiary at present is the Chinese battery manufacturer, the Ningde era.
Last fall, Volkswagen Group announced the "RoadmapE" electrification strategy. By 2025, it plans to produce 3 million electric vehicles each year and launch 80 new electric models. Mullen said that in 2018, in addition to the existing 8 pure electric and plug-in hybrid vehicle lineups, the Group will also launch 9 new models including 3 pure electric vehicles. Mullen also stressed that this does not mean that Volkswagen Group has abandoned the traditional drive system. He said that in the next few decades, traditional fuel vehicles will still play an important role. In 2018, the Volkswagen Group will invest almost 20 billion Euros in the traditional automotive and product portfolio. In the next five years, this figure is expected to exceed 90 billion Euros. At the same time, an independent board committee is promoting digitalization as a key issue for the future within the Volkswagen Group.
Volkswagen is recovering from the "Diesel Gate" incident. “2017 is a very satisfactory year for us. We have created the best historical performance in terms of sales volume, operating profit, and after-tax profits,†Muller said at the live conference. In 2017, the overall sales volume of the Volkswagen Group reached 10.7 million units, a 4.3% increase over 2016, and the Group’s sales revenue reached 230.7 billion Euros, an increase of 6.2% year-on-year. In terms of operating profit, the Volkswagen Group was in 2017. It reached 17 billion euros, a significant increase of 16.5% year-on-year. During the reporting period, profit before tax rose to 13.9 billion euros, an increase of 6.6 billion euros from the previous fiscal year. After-tax profit was 11.6 billion euros (FY 2016: 5.4 billion euros).
What must be raised is that, unlike the data on vehicle delivery, the Group’s sales revenue and operating profits do not include the business data of Chinese joint ventures, because the Chinese joint ventures use the equity method of accounting. In FY2017, Volkswagen’s pro-provisioned operating profit in China reached 4.75 billion euros, compared with just under 5 billion euros in the previous fiscal year. The Chinese market’s profits have declined. This is because the impact of the incident on SAIC Audi last year caused the terminal market to conduct price reduction promotions. In addition, there will be a new change in the Chinese market in the future. The Group also plans to export Chinese-made vehicles – first to the Philippines and then to other Southeast Asian markets.
For the 2018 expectation, Volkswagen Group is very cautious to show that, compared to 2017, Volkswagen Group expects that there will be a slight increase in car delivery in 2018, and did not disclose specific sales growth expectations. The sales revenue of Volkswagen Group is expected to increase by approximately 5% year-on-year; in terms of operating profit, the operating sales return is expected to reach 6.5% to 7.5%.
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