Volkswagen releases 2024 financial report

Volkswagen recently released its financial report for 2024, with full-year revenue reaching 324.66 billion euros (approximately RMB 2.55 trillion), a slight increase of 0.7% year-on-year, exceeding the expected 321.66 billion euros. However, despite the increase in revenue, Volkswagen's operating profit declined, with full-year operating profit of 19.06 billion euros (about 150 billion yuan), a year-on-year decrease of 15%. In terms of car sales, Volkswagen Group's deliveries in 2024 were 9.03 million vehicles, a year-on-year decrease of 2.3%. Faced with the challenge of declining profits, Volkswagen executives said that the company's increased fixed costs and restructuring expenses have significantly squeezed profit margins. To meet these challenges, Volkswagen plans to close two low-utilization factories in Germany in the future, while tens of thousands of employees may face the risk of layoffs and salary cuts.