InvestmentWiki - User contributions [en]

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2025-09-22T17:15:59Z

Moritz: Moritz uploaded a new version of File:Wordmark.png

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2025-09-22T16:51:02Z

Moritz:

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2025-09-22T16:42:21Z

Moritz:

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2025-09-22T16:26:02Z

Moritz:

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2025-09-22T16:11:04Z

Moritz:

Development:Tools/Team Organizing/Academy

2024-11-13T11:21:13Z

Moritz:

''Return to : [[Development:Tools/Team Organizing|Team Organizing]]''

We are imagining an academy in which we offer theoretical lessons (either as videos or videos and written documents), but also practical lessons (with the possibility of those creating an output we need for our own research). Practical lessons could be evaluated by a team member ( not very scaleable in the future?).

We can achieve this using an LMS (Learning Management System) or using documents (probably not Office docs, but instead an app like Coda).

Maybe we can have an Coda Doc that contains the course overview and has links to all the lessons (imagining a collapsible Doc which is the Course Overview, then it collapses into all the lessons). For each lesson we could have a link for the practical side of the lesson, which when clicked generates a new Coda Doc with a template we created for that practical lesson, and the user can edit it. So that every user can have their personal Coda Doc for practical lessons, which they can edit and the submit the link for it somewhere.

EduFlow is certainly going in the right direction, but we need an app that is as scaleable as possible.

There are hundreds of LMS to choose from, according to [https://www.forbes.com/advisor/business/best-learning-management-systems/ Forbes].

Apps like Moodle, Blackboard are not suited for us because they were mainly created for universities. They are platforms, rather than LMS, such as Eduflow.

=== Comparison Table ===

==== Legend====
X = Criteria fulfilled

~ = Criteria medium fulfilled

-- = Criteria not fulfilled

() = Footnote

=== '''Description''' ===
This table contains apps that have been mentioned at least a few times in articles that are the highest ranking in terms of SEO when searching for LMS.

Udemy is by far the most popular place for people looking to learn stuff, by watching courses, according to [https://learn.g2.com/online-learning-platform-statistics link]. We should definitely use Udemy, but maybe also other apps, for which we are awaiting emails.
{| class="wikitable"
!Name
!Consider?
!Elimination Reason
!Future Usecase
!Presentation
!Team Strength
!Affordable
!Design
!Kudos (Praise)
!Ease of use
!Mobile
!Accesibility
!Additional features
!Integrations
!Funding
!Changelog
|-
|Skool
|
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|-
|[https://www.udemy.com/?utm_source=adwords-brand&utm_medium=udemyads&utm_campaign=Brand-Udemy_la.EN_cc.ROWMTA-B&utm_term=_._ag_81029237234_._ad_534056438378_._de_c_._dm__._pl__._ti_kwd-296956216253_._li_1011798_._pd__._&utm_term=_._pd__._kw_udemy_._&matchtype=b&gad_source=1&gclid=EAIaIQobChMIrtPI7J7GgwMVz4xoCR2QDgxLEAAYASAAEgKjkPD_BwE Udemy]
|Yes
|
|"Guide on [https://community.udemy.com/t5/First-time-course-creation/how-to-publish-course/td-p/63766 how to] publish a course"
|
|
|X (free to create and can publish courses as free)
|~ / X (overall good, but for assignments it's quite basic)
|
|X
|
|X (can search for any course and watching preview videos for them without registering)
|
|
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|-
|[https://www.thinkific.com/ Thinkific]
|Yes, but not as popular as Udemy
|
|
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|No courses on investing or stocks ( at least on the free section)
|
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|-
|[https://www.learnworlds.com/?utm_medium=affiliate&utm_campaign=semanticlabs&utm_source=partners&pscd=get.learnworlds.com&ps_partner_key=c2VtYW50aWNsYWJz&sid=1-g-CjwKCAiA-bmsBhAGEiwAoaQNmmmB5Z_iUcTv95s_bJaW8aSZvnN17MlwU5ZzUnHubA5kzVwvPYKvXRoC6_4QAvD_BwE&ps_xid=gpFDo4iJWFaCui&gsxid=gpFDo4iJWFaCui&gspk=c2VtYW50aWNsYWJz LearnWorlds]
|Sent an email
|Very short, basic courses. A bit harder to access them as you have to look quite a bit.
|
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|-
|[https://cognitiveclass.ai/ Cognitive Class]
|Only answer to emails from enrolled students (users)
|Even so, they said that they doubt they would be able to address this piece of information. ( about instructor requirements)
|
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|-
|[https://www.edx.org/new-year?utm_source=google&utm_campaign=18740600533&utm_medium=cpc&utm_term=edx%20courses&hsa_acc=7245054034&hsa_cam=18740600533&hsa_grp=143364065976&hsa_ad=685082154628&hsa_src=g&hsa_tgt=kwd-42125212571&hsa_kw=edx%20courses&hsa_mt=e&hsa_net=adwords&hsa_ver=3&gad_source=1&gclid=Cj0KCQiAtOmsBhCnARIsAGPa5yaKbauPhh-gugfSf5D6H9jMiUVTPthJhRtS_4QNV0kyPOHa5KF2Uy8aAv4_EALw_wcB edX]
|Maybe
|Hard to find information. ChatGPT says that you can become an instructor.
|
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|-
|[https://kajabi.com/ Kajaby]
|No
|Great app but it's more of an LMS as not everyone can easily access it, being behind a pay-wall.
|
|!! Cannot test free trial as they need to hold $200 from the card.
|
|~ ($119, 199, 319 for 1000/10.000 and 20.000 users respectively)
|
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|Cannot create account without card details.
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|-
|[https://www.podia.com/search?q=inesting&category=Online+courses Podia]
|No
|Very basic courses provided by them. Not specialized in courses, like other apps.
|
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|-
|[https://www.skillshare.com/en/browse?via=logo-checkout Skillshare]
|No
|Accesibility issues mentioned would make it harder for people to find us (lower audience)
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|Cannot create account without card details.
|Can access free courses if you already have an account or can recieve free link for course and register but not put card details.
|
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|-
|[https://www.canvas.net/browse/qm Canvas Network]
|No
|Only universities and organizations can post courses.
|
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|-
|[https://www.coursera.org/ Coursera]
|No
|Only universities or globally-renowned experts.
|
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|-
|[https://www.futurelearn.com/ FutureLearn]
|No
|Criteria that don't fit us. Demonstrable expertise in an area of knowledge, '''strong academic research''', a commitment to advancing education
|
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|-
|[https://iversity.org/ iversity]
|No
|Cannot create and app your own courses
|
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|-
|[https://www.kadenze.com/ Kadenze]
|No
|Cannot create and app your own courses
|
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|-
|[https://www.khanacademy.org/ Khan Academy]
|No
|Cannot create and app your own courses
|
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|-
|Udacity
|No
|Does not allow individual courses and they partner with big universities.
|
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|-
|[https://learning.linkedin.com/cx/get-started?src=go-pa&trk=sem-ga_campid.1630106131_asid.62840499820_crid.482281950865_kw.linkedin%20learning_d.c_tid.kwd-310582843911_n.g_mt.e_geo.1011798&mcid=6841864363146670269&cid=&gclid=CjwKCAiA7t6sBhAiEiwAsaieYgpNmk6NZzpZexKg6H0L7USVXs3HTpQoRPU5TgFFTP8OZlb86swKBBoCAMsQAvD_BwE&gclsrc=aw.ds LinkedIn Learning]
|No
|Subscription based for users. Bad accessbility. Hard to upload your courses.
|
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|Can either buy courses or buy a subscription for access to all courses.
|
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|-
|[https://teamtreehouse.com/ TreeHouse]
|No
|Bad accessibilty, subscription based, you can't upload courses.
|
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|Hard to view their courses, as you have to search on Google (instead of being on the main page)
|
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|-
|OpenLearning
|No
|Only offers 20 courses from Universities, from which you gain a qualification.
|
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|-
|[https://www.masterclass.com/promotion?campaignid=20654081747&adgroupid=160260243731&adid=685723020419&utm_term=masterclass&utm_campaign=%5BMC%5D+%7C+Search+%7C+Brand+%7C+Keywords_Consolidated_EM_PM_BM+%7C+ROW_US+%7C+EN+%7C+MAX+%7C+EG&utm_source=google&utm_medium=search&utm_content=685723020419&hsa_acc=9801000675&hsa_cam=16376419640&hsa_grp=160260243731&hsa_ad=685723020419&hsa_src=g&hsa_tgt=kwd-66880027&hsa_kw=masterclass&hsa_mt=e&hsa_net=adwords&hsa_ver=3&gad_source=1&gclid=CjwKCAiA7t6sBhAiEiwAsaieYskfKM8ypUC1akqO55Xqu5LE2mItODYoCedr2LQAegLtvGAY_G9hcBoCDFkQAvD_BwE MasterClass]
|No
|Can only access course with a subscription, making it hard to access and reducing our possible audience.
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|-
|'''Will'''
|'''leave'''
|'''this'''
|'''space to'''
|'''separate'''
|'''LMS'''
|'''from'''
|'''Courses'''
|'''App'''
|'''Which'''
|'''We Are'''
|'''Focusing on'''
|'''For now'''
|
|
|
|-
|[https://coda.io/ Coda]
|Yes
|
|
|Example [https://coda.io/d/_dwCnCFV-Q27/testing-coda_suAxZ doc].
[https://www.youtube.com/watch?v=M4sF0AX71DE Youtube]
|?
|X (only pay for doc makers)
|X
|X (templates for Kudos boards)
|X
|X
|X
|When sending link to doc, it can be made as view-only, view and comment , edit.
|X (Linear,Slack, etc)
|Had [https://www.crunchbase.com/organization/coda-add7/company_financials 4] funding rounds. $80 million in the [https://coda.io/@coda/funding-the-future-of-coda most recent] round.
|[https://coda.io/product/updates Here]
|-
|[https://www.eduflow.com/ Eduflow]
|Maybe
|Not limitless scaleable since it allows at max 500 monthly active users.
|[https://youtu.be/pANxHFOFr30?si=oEs5VsR0DKeVQNiv Interesting elements like Peer Reviews and Certificates]
|[https://www.youtube.com/watch?v=WGGLOkBcF58 Youtube]
|
|~ (yes, but only allows 500 users)
|X
|
|X?
|
|X?
|You can create courses. Adding activities (Youtube 3:20) is a very good feature because of their options : Submission, Video, Self-Review. Content, Discussion.
|
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|-
|[https://www.ispringsolutions.com/ispring-learn?utm_source=google&utm_medium=cpc&utm_campaign=see_mea_ispring_general_special_prices&utm_term=ispring&utm_content=140161408497&ad_group=quicklinks&gclid=CjwKCAiA-bmsBhAGEiwAoaQNmsKb6C3prtyMNAZFmmpjh15fcWUfBJ1BPuE_dn9cBwEk40QXJ0LuwhoCpU8QAvD_BwE iSpring]
|Waiting for email.
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|-
|[https://www.cypherlearning.com/ CypherLearning]
|Have to contact them within working days and hours to see pricing
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|-
|[https://circle.so/ Circle.co]
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|~ ($360/month, 10 admins and 100 moderators)
|
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|-
|[https://www.getguru.com/demo Guru]
|No, but interesting search capabilities
|Pricing makes it unscalable.
|
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| -- 10$/month/user
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|Interesting search functionality across apps
|
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|-
|[https://360learning.com/ 360Learning]
|
|Pricing makes it unscalable.
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| -- ($8/user/month)
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|-
|[https://coassemble.com/ CoAssemble]
|No
|Website keeps crashing when trying to generate course or log-in to share via link.
|
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|X ($60/year to remove watermarks for your and students)
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|You can automatically generate courses (beta).
|
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|-
|[https://www.talentlms.com/ TalentLMS]
|No
|Unscaleable because you get taxed for every user.
|
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|-
|[https://teachable.com/ Teachable]
|Yes, but not as popular as Udemy (only 20 free courses)
|<blockquote>LMS with courses accesible only if invited by a community for example. Like Google Clasroom</blockquote>
|
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|Great Analytics tools (to understand who your audience is)
|
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|-
|[https://www.learnupon.com/ LearnUpon]
|No
|Not scaleable because they charge more for every 1000 users.
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|-
|[https://www.absorblms.com/ Absorb]
|No
|
|Not scaleable due to pricing.
|
| -- (pay $16/month/active user, apart from the license cost)
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|-
|[https://www.docebo.com/ Docebo]
|No
|
|Pricing starts at $25.000/year. ([https://www.getapp.com/hr-employee-management-software/a/docebo-e-learning/ link])
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|You can scale up or down to as many users. but you have to pay for every monthly active user.
|
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|-
|[https://www.anthology.com/en-emea/products/teaching-and-learning/learning-effectiveness/blackboard-learn Blackboard Learn]
|No
|[https://www.youtube.com/watch?v=tnKhpDoU7dM Youtube]
|Classic School LMS. Design, workflow is not suited.
|
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|-
|[https://www.instructure.com/canvas Canvas]
|No
|[https://www.youtube.com/watch?v=SjRufr1AR_o&list=PL_iwD7O7FG7gENeNhqPIgaw329t2BDnk4 Youtube]
|Classic School LMS. Design, workflow is not suited (check min 10:03).
|
|X (free to use, with self-enlorment via a received [https://community.canvaslms.com/t5/Instructor-Guide/How-do-I-enable-course-self-enrollment-with-a-join-code-or/ta-p/830 link])
|~ / X
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|Course by default is private.
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|-
|[https://moodle.com/solutions/lms/ Moodle]
|No
|
|At max 1200 users. making it unscaleable.
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|-
|[https://www.powerschool.com/classroom/schoology-learning/ Schoology]
|No
|
|Created specifically for schools. Similar to Google Classroom, not what we are looking for.
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|-
|[https://www.mightynetworks.com/ Might Network]
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|X ($99/month, unlimited admins, moderators, members)
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|-
|[https://skyprep.com/ SkyPrep]
|No
|
|Cannot accomodate unlimited users, making it not very scaleable.
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|-
|[https://www.d2l.com/brightspace/ D2L Brightspace]
|No
|Extremely high pricing
|Cannot contact them without work email and phone number, to ask for pricing.
|
|
| -- ($30,000/year for 500 users, according to [https://aws.amazon.com/marketplace/pp/prodview-4uwkid67qefsk link])
|
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|Easy to create courses using drag and drop features.
|
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|}

Sources

2024-10-14T17:08:39Z

Moritz:

''See also: [[Guideline:News monitoring]] / [https://docs.google.com/spreadsheets/d/1ykrgcAHcIXeMgkQNSKxv8L031rX5YHeBgGfcJoSCyQo/edit?gid=185550690#gid=185550690 Investment Sources (Sheets)]''

This is our collection of good investment sources
== Company specific sources ==
[[Meta Platforms:Sources]]

[[Spotify:Sources]]

[[Volkswagen:Sources]]

[[1&1:Sources]]

[[Upwork:Sources]]

[[Sixt:Sources]]

[[Vonovia: Sources]]

[[Deutsche Wohnen:Sources]]

==Asset Managers==

*Ed Yardeni
* Jeffrey Gundlach
*Bob Prince
*Felix Zulauf
*Ted Oakley
*[https://www.rvcapital.ch/ RV Capital]
*Eyb von Wallwitz
*Khadjavi Capital Partners

== Institutions ==
{| class="wikitable"
|+
!Name
!Description
|-
|[https://www.youtube.com/@BrookingsInstitution/streams Brookings Institute]
|High quality panel discussions on a wide range of topics
|-
|
|
|-
|
|
|}

==Economists==

====Danielle DiMartino Booth====
https://twitter.com/DiMartinoBooth

https://quillintelligence.com/

Critique: Can be over-dramatic. Example: In this video<ref>https://www.youtube.com/watch?v=PhR2piWjlO0</ref> Min 3:10 she refers to Facebook as an indication of companies laying people off and states that Facebook is cutting it's ''whole'' middle manager layer. That information is not correct. Facebook is making ''some'' cuts to it's middle manager layer and it is a special case as it grew for 18 years unchecked which created inefficiencies in the company. I don't believe that more efficiency in some exuberant tech firms is reflective of broader trends in the economy and therefore think that example is badly chosen.

'''Jim Bianco'''

https://twitter.com/biancoresearch

https://www.biancoresearch.com/visitor-home/

'''David Ronsenberg'''

https://twitter.com/EconguyRosie

https://www.rosenbergresearch.com/david-rosenberg/

'''Eric Basmajian'''

https://twitter.com/EPBResearch

https://epbresearch.com/

'''Mohamed A. El-Erian'''

https://twitter.com/elerianm

https://www.bloomberg.com/opinion/authors/ABsGWFJr5sA/mohamed-a-elerian?utm_medium=cpc_search&utm_campaign=NB_ENG_DSAXX_DSAXXXXXXXXXX_EVG_XXXX_XXX_Y0469_EN_EN_X_BLOM_GO_SE_XXX_XXXXXXXXXX&gclid=CjwKCAiA0JKfBhBIEiwAPhZXDxS61lkjmF2lSGwi6eEasYsQ7gxjdGwXBNHgmSjsrELYnS0nqbsXSRoCBt4QAvD_BwE&gclsrc=aw.ds

'''Lyn Alden'''

https://twitter.com/LynAldenContact

https://www.lynalden.com/

==Analysts==

*Mark Mahaney?

== Banking Sector Experts==

*Alfonso Peccatiello
*Joseph Wang
*Jeff Snider
*Richard Christopher Whalen

== Geopolitics ==
[[Geopolitics: Sources]]

== Strategies ==
[[Guideline:Research Process|Guidelines Research Process]]

==References==
<references />

Main Page

2024-07-29T13:31:12Z

Moritz:

'''<big>InvestmentWiki - open source valuation models that revolutionize buy-side decision making.</big>'''

'''Our Vision is to build the worlds first open source investment community around our [[Track Record|proven]] principle based [[Investment Philosophy|investment framework]].'''

'''Together we can find alpha, democratize investing and improve capital efficiency.'''

'''Join the discussion on our [https://forum.investmentwiki.org/ Forum] and [https://t.me/investmentwiki Telegram].'''

'''Our research is collected at the Wiki, [https://docs.google.com/spreadsheets/d/1PvRWKP-7t-5GGDlbTX0VnjGI6AvcPEqt4dTEHlEJwXA/edit?usp=sharing Google Sheets] and [https://www.mindmeister.com/app/map/2908037401?t=6s1WGUTkVC Mindmaps]. We are at an early stage with many incomplete articles.'''

'''You can get a first impression of topics at [[Macroeconomics]], [[Industries]] or [[Investment Ideas]].'''

'''Some news are organized at [[Company News]] and [[Macro News]] but we highly recommend following topics in the [https://forum.investmentwiki.org/ Forum] and enabling notifications.'''

'''More informations about how to [[participate]].'''

Disclaimer: We are building in public. A lot of articles are [[drafts]] and are not reflective of the end result. The InvestmentWiki is still in an experimental stage with no established quality control mechanisms. Our discussions serve information purposes and are not investment advise.
----
To upload your logo, make sure your dimensions are at most 155px by 155px. Upload it at [{{SERVER}}/wiki/Special:Upload?wpDestFile=Wiki.png Wiki.png].

For more info on how to get started with your wiki, visit [https://helpcenter.mywikis.wiki/wiki/Setting_up_your_wiki the MyWikis Help Center].

For more info on how to use MediaWiki, visit [https://helpcenter.mywikis.wiki/wiki/Help:Contents the MediaWiki help pages].

Advertising Industry

2024-07-19T09:22:37Z

Moritz:

[[Industries|Industries Overview]]

[[Advertising Industry: Search]]

[[Advertising Industry: Social Media]]

== Methodology ==
Short description methodolgy

==== Data Sources ====

* Magna
* Zenith
* Tiniuti
* Dentsu
* S4

== Developments ==

=== Tinuiti ===

==== Q4 2023 ====
{| class="wikitable"
!Y/Y Growth<ref name=":1" />
!'''Ad Spend'''
!'''CPM/CPC'''
!'''Impressions/Clicks'''<ref name=":0" />
|-
|Meta
|13%
| -3%
|16%
|-
|''Fecebook''
|8%
| -5%
|14%
|-
|''Instagram''
|27%
| 2%
|24%
|-
|TikTok
|64%
| 14%
|44%
|-
|Google
|17%
|9%
|8%
|-
|Amazon
|17%
|19%
| -2%
|-
|Walmart
|62%
| 34%
|21%
|}
==== Q3 2023 ====
{| class="wikitable"
!Y/Y Growth<ref name=":1">https://drive.google.com/file/d/1dZ1kFgBmP-B16_EBlikJUSciXDfGmEa2/view</ref>
!'''Ad Spend'''
!'''CPM/CPC'''
!'''Impressions/Clicks'''<ref name=":0" />
|-
|Meta
|19%
| -19%
|46%
|-
|''Fecebook''
|16%
| -20
|46%
|-
|''Instagram''
|25%
| -11%
|41%
|-
|TikTok
|12%
| -8%
|21%
|-
|Google
|13%
|4%
|8%
|-
|Amazon
|14%
|8%
|5%
|-
|Walmart
|55%
| 33%
|17%
|}
==== Q2 2023 ====
Most of the major digital ad platforms saw an acceleration in spending growth in Q2 2023, with Instagram leading the way with a 16-point improvement in growth compared to a quarter earlier.<ref>https://drive.google.com/file/d/1soM8MQV1aQD8pQxkM225AR714JtniPzb/view</ref>
{| class="wikitable"
!Y/Y Growth
!'''Ad Spend'''
!'''CPM/CPC'''
!'''Impressions/Clicks'''<ref name=":0">https://drive.google.com/file/d/1soM8MQV1aQD8pQxkM225AR714JtniPzb/view</ref>
|-
|Meta
|9%
| -25%
|44%
|-
|''Fecebook''
|''2%''
| ''-25%''
|''37%''
|-
|''Instagram''
|''31%''
| ''-29%''
|''84%''
|-
|TikTok
|11%
| -4%
|16%
|-
|Google
|11%
|0%
|11%
|-
|Amazon
|8%
|3%
|5%
|-
|Walmart
|39%
| -4%
|45%
|}
'''Meta Platforms'''

* Meta ad spend rose 9% year-over-year versus a flat growth rate in Q1 2023.
* Meta impressions rose 44% year-over-year(Q1 2023:+42%), helped by Reels.
* Meta Platforms CPM fell 25% year-over-year(Q1 2023:-30%).

'''Facebook'''

* Facebook ad spend rose 2% year-over-year, the first positive growth in the last four quarters(Q1 2023:-4%)
* Facebook CPM declined 25% year over year(Q1 2023: -32%)
* Facebook impression rose 37%(Q1 2023: 42%)

'''Instagram'''

* Instagram impression rose 84% year-over-year(Q1 2023: 45%)
* Ad spend growth on Instagram more than doubled to 31% year-over-year from 15% in Q1 2023, aided by Instagram Reels and Explore Grid Home placements.
* Instagram CPM declined 29% year-over-year(Q1 2023: -20%).
* Instagram Reels CPC was 13% lower than that of Instagram Feeds, compared to 19% in Q1 2023.

'''TikTok'''

* Tik tok as spend rose to 11%
* TikTok CPM declined 4% year-over-year(Q1 2023:+44%).
* TikTok impression rose 16% in Q2 from a 13% decline in Q1.

== Advertising Forecast 2023 ==

=== Disclaimers ===
Do advertising agencies like Magna and Zenith have a positive bias?
=== Magna Forecast ===

==== June 2024 ====
MAGNA is raising its 2024 growth forecast following a '''stronger-than-expected ad market in the first quarter (+12%)''' and an improvement in the economic outlook (real GDP growth +3.2%, US +2.5%).<ref>https://magnaglobal.com/global-ad-forecast-june-2024-update/</ref>

* MAGNA’s “Global Ad Forecast” predicts media owners net advertising revenues (NAR) will reach $927 billion this year, growing +10.0% over 2023. This is a significant acceleration on the global growth recorded in 2023 (+6.4%). Neutralizing the impact of cyclical events in 2023 and 2024, the normalized acceleration is still real but more modest: non-cyclical ad revenues grew by +7.5% in 2023 and will grow by +8.7% in 2024.

* 1Q24 was an even stronger than expected. Year-over-Year growth average +12% in key markets, +17% in Spain, +15% in France, and Germany. Quarterly growth rates will gradually slow as comps become tougher in the second half, but this strong start of the year, coupled with a stronger economic outlook led us to raise the full year 2024 forecast for almost every individual market monitor, bringing the expected global growth from +6.4% in December, to +10% now. The full-year ad revenues of traditional media owners are now forecast to grow by +3% instead of +2%, and the ad sales of digital pure players are now expected to grow by +13% (previously +9.4%).
* '''In the first quarter of 2024, the leading global digital vendors reported the strongest growth rates in more than two years.''' Based on MAGNA’s analysis of financial report, global Search ad sales grew by +16% year-over-year, pure-play video by +21% and Social Media by +28% year-over-year. Quarterly growth rates are bound to slow down as comps will gradually get tougher, but MAGNA anticipates double-digit growth for all key digital formats and vendors this year.
* Full-year 2023, Google, Meta, and Amazon organic ad revenues increased by +6%, +16% and +24% respectively. '''The big three now attract a combined 60% of total advertising revenues outside China''' ($417 billion out of $698 billion), up from 57% in 2021-2022. Including China – where they don’t operate – they control 49% of global ad sales.
* US Media owners advertising revenues are forecast to reach an all-time high of $374 billion this year, growing +10.7% over 2023. This is 1.5 percentage points above our previous full-year forecast (+9.2% in our March 2024 update), following a stronger-than-expected start of the year (+12% in the first quarter) and an improvement in the macro-economic outlook – with the latest GDP growth forecasts raised to a robust +2.5%. The macro-economic factor offsets slightly lower cyclical expectations, as our political advertising forecast is reduced following by weaker-than-expected fundraising in the first few months of the year. We still expect the 2024 election campaigns to generate $9 billion dollars of incremental advertising revenues for US media owners this year, an increase of +10% vs 2020.
* The US remains the largest and most intense ad market in the world with advertisers spending $1,100 per consumer in 2024; it’s 8 times more than the global average ($160), ten times more than China ($110) and a hundred times more than India ($10). 

'''Global Forecasts'''
[[File:Table-3-Global-Ad-Forecast-for-2024.png|center|thumb|683x683px|https://magnaglobal.com/global-ad-forecast-june-2024-update/]]
'''US Forecasts'''
[[File:Table-1-US-Ad-Forecast.png|center|thumb|722x722px|https://magnaglobal.com/global-ad-forecast-june-2024-update/]]

==== March 2024 ====
[[File:Screenshot 2024-04-17 101337.png|center|thumb|738x738px|https://vimeo.com/926389177/7fadab9dcb?share=copy]]
[[File:Screenshot 2024-04-17 101001.png|center|thumb|734x734px|https://vimeo.com/926389177/7fadab9dcb?share=copy]]

Based on MAGNA’s analysis of media companies’ financials''',''' '''non-cyclical advertising revenues grew by +9.1% in the fourth quarter of 2023''' e., the strongest quarterly growth in almost two years, bringing full-year 2023 ad market growth to +5.7%.<ref>https://magnaglobal.com/digital-momentum-leads-ad-market-forecast-to-9/</ref>

Because of an improving macro-economic outlook, the momentum of digital media and streaming, and the impact of cyclical events, '''MAGNA anticipates more growth in 2024''': '''total media owners ad revenues will increase by +9.2% to reach $369 billion'''. That’s nearly one percentage point above the previous forecast (+8.4% in Dec. 2023).

'''Advertising spend around major cyclical events will drive approx. $10 billion of incremental ad sales as the 2024 election cycle will generate $9 billion''' of additional ad revenue for media owners (+13% vs the 2020 cycle). '''This will add 2.5 percentage points to the non-cyclical growth rate''', bringing total revenue growth from +6.7% (non-cyclical ad sales) to +9.2% (total ad sales). The impact will be even greater for some media categories like Local TV (excluding political -4%, including political +26%).

* Digital pure players (DPP) dominating Search, Retail, Social and Short-Form Video formats will once again capture most of the growth, with '''DPP ad sales growing by +11.7% to $260 billion''' (previous forecast +10.5%).
* '''Short form, pure player digital video''' ad sales (primarily YouTube and Twitch), will grow by +12% this year to reach $22 billion.
* '''Social media sales will feel the wind at their back and will rise +14% to $81 billion.''' Artificial intelligence (AI) is becoming an increasingly important tool used by advertisers to set up, run, and optimize their social media campaigns. MAGNA looks for this to drive additional sales in 2024, especially for small businesses setting up their first campaigns.
* '''Search/Retail ad sales will increase by nearly +12% to $146 billion in 2024''' and will also benefit from increasing AI functionality in helping brands set up and run new advertising campaigns.
* '''Audio ad sales''' (terrestrial and satellite radio, audio streaming, and podcasting) will be stable at around $16 billion in 2024. Digital audio usage and ad sales continue to develop but growth rates are maturing (+6%), which means it barely offsets the erosion of linear radio (-3%)
* '''Long-Form Streaming advertising will expand by +13% to reach $10 billion milestone.'''

[[File:Screenshot 2024-04-17 101835.png|center|thumb|745x745px|https://vimeo.com/926389177/7fadab9dcb?share=copy]]
[[File:Screenshot 2024-04-17 102009.png|center|thumb|750x750px|https://vimeo.com/926389177/7fadab9dcb?share=copy]]

==== December 2023 ====

[[File:Screenshot 2024-01-03 162449.png|center|thumb|722x722px|https://magnaglobal.com/digital-advertising-reaccelerated-in-2023-major-events-will-fuel-traditional-media-in-2024/]]

MAGNA’s “Global Ad Forecast” predicts that global media owners '''net advertising revenues (NAR) will reach $853 billion this year, +5.5%''' above the 2022 level, and will grow by +7.2% in 2024.<ref>https://magnaglobal.com/digital-advertising-reaccelerated-in-2023-major-events-will-fuel-traditional-media-in-2024/</ref>

* Advertising spending accelerated and grew by +6.3% yoy in the second half of 2023 following a weaker first half (+4.7%) to average +5.5 growth full year.
* '''Digital Pure-Play media owners (DPP) ad revenue g'''rew by +10.5% to $587bn (69% of total ad sales). DPP ad sales are driven by organic growth factors incl. the rise of ecommerce, retail media
* The US market grew +3.6% to $338 billion this year (National TV -6%, Local TV -22%, Audio -4%, Publishing -7%, OOH +2%, Search +10%, Social +14%). Non-cyclical ad revenue is up +5.4% in 2023 and will accelerate to +5.9% in 2024 (+8.4% including cyclical ad spend – including almost $10 billion in political spending).
* In 2024, economic stabilization, lower inflation, digital innovation, and the return of major cyclical events (elections, international sports events) will drive ad spend +7.2% to $914 billion, +8.4% in the US. TMO ad revenues will recover by +2.2% while digital pure players ad sales will increase by +9.4%.
* After stagnating for several quarters, the global advertising sales of Google, Meta and Alibaba re-accelerated since 2Q23 to reach a year-to-date 1Q-3Q growth of +4%, +13% and +5% respectively.
* These three media owners account for a combined 49% of global advertising revenues. Outside China, the top three vendors are Google, Meta, and Amazon, capturing 80% to 90% of digital ad spend and 56% of ''total'' ad spend (the market share being lower for national consumer brands higher for small, local, direct advertisers).

==== September 2023 ====
'''''Focused on US only'''''

'''Total advertising spending re-accelerated in the second quarter of 2023. Sales were up +4.4% year-over-year, following two quarters of stagnation'''.However, only pure-play digital media vendors (Search, Social, Video) really benefited (+8.7% in 2Q23), while traditional media companies continued to struggle (-4.1% in 2Q23).The recovery in ad spend in 2Q23 was caused by a general improvement in the economy, and easier yoy comps<ref>https://magnaglobal.com/us-ad-forecast-fall-2023/</ref>
[[File:Screenshot 2023-09-25 104318.png|center|thumb|765x765px|https://magnaglobal.com/us-ad-forecast-fall-2023/]]

* As the US economy and advertising spending were both stronger than expected so far this year, and digital media is finally recovering from its 2022 woes, '''MAGNA raises its full-year ad revenue growth forecast to +5.2% for 2023 to reach $337 billion'''
* With the economic outlook improving and yoy comps becoming even easier, MAGNA maintains its growth forecast for the second half of the year. '''Total ad spend will grow by +7% to +8% in 3Q23 and 4Q23 (compared to +2.9% in first half) to bring full year growth to +5.2% (excluding cyclical), up from +4.2% in our previous update (June 2023).'''

* Around the average advertising spending growth of +4.4% in 2Q23, MAGNA observed a strong dynamic from Travel, Pharma and Retail brands, and – more surprisingly – CPG (food, drinks, personal care). The slowdown of inflation in recent months may explain this recovery in CPG brand business and marketing spending, after a difficult year 2022 when high inflation hurt the sales of premium brands.
* Looking at individual media types, digital media formats will outperform again in the next 18 months, growing by high-single digits or low double-digits. Social media formats and short-form digital video formats are finally recovering from the headwinds and disruptions that hurt ad sales in 2022, brought on by the modifications to privacy settings in the Apple environment and the rapid rise of short vertical video snacking.

==== June 2023 ====
'''Advertising spending slowed down to a halt in the first quarter of 2023 (+1.5% globally, flat in most Western markets) due to economic uncertainty and the lack of cyclical drivers.''' There are, however, some drivers mitigating the impact of economic slowdown: Ecommerce and Retail Media bringing more marketing dollars into digital advertising formats, and the counter-cyclical dynamic of some large industry verticals (Retail, Auto, Travel).<ref>https://magnaglobal.com/global-ad-market-june-2023-update/</ref>
[[File:Screenshot 2023-07-14 112834.png|center|thumb|683x683px|https://magnaglobal.com/global-ad-market-june-2023-update/]]

* Magna predicts media owners advertising revenues will reach '''$842 billion this year, +4.6% growth vs. 2022 ($805bn). Deterioration of economic conditions and marketing spending in most Western markets is mitigated by stronger-than-expected growth in some markets (China, Spain), industry verticals (Retail) and media types (Retail, Social).'''
* Traditional media companies and branding formats (Television, Audio, Publishing, OOH, Cinema) are most exposed in this uncertain business climate, as some brands reduce marketing budget or prioritize performance-based digital ad formats.
* '''Digital pure-play advertising sales will grow by +8.5% to reach $577 billion dollars i.e., 69% of total ad sales''', driven by organic growth factors (ecommerce, retail media, media consumption shifts, stabilization in the data landscape).
* The strongest ad growth rate this year will come once again from India (+12.3% to $12.6bn); India is the 11th largest market. The Chinese ad market is set to recover faster than previously expected (+8.4%). At the other end of the spectrum, most Western European markets will stagnate this year: Germany, France, Italy all below +3% growth all-media, and negative for traditional media owners.
* In 2024, economic stabilization and the return of major cyclical events (US presidential elections, Paris Olympics, Euro Football championship) will re-accelerate ad spend: +6.1% to $892 billion globally, +7.3% in the US. Traditional media owners’ ad revenues will recover by +1% while digital pure players ad sales will increase by +8%.
* Social media formats will re-accelerate by +9.4% this year reach to $172 billion. The industry seems to have turned a corner in 1Q23 when Meta reported a return to YOY growth on an FX-adjusted basis after two consecutive quarters of flat or negative growth. '''Meta and other established social media vendors seem to have finally recovered from the loss of workable consumer data in the Apple ecosystem since late 2021, and they are making inroads in the monetization of the short vertical videos that have completely changed the user experience, challenging ad optimization, in less than two years.'''
* '''North America and European markets will underperform this year''' (ad market growth of +2.5% and +4.2% resp.), due to weaker economic activity (+1.6% and +0.8% real GDP growth, resp), mature media/marketing landscapes, and a lack of major cyclical driver compared to 2022. APAC (+7.1%) and Latin America (+8.7%) will grow significantly faster.

==== March 2023 ====
'''US update'''[[File:Advertising2.PNG|thumb|https://magnaglobal.com/us-ad-market-update-march-2023/|alt=|center|571x571px]]In its new 2023 scenario, MAGNA expects little or no growth in the first half (+2% in 1Q23, +4% in 2Q23) against tough quarterly comps, followed by a recovery in the second half (+6% to +7%), as the economy solidifies, and advertising comps become much easier. Overall, full-year advertising revenues will grow by +3.4% this year to reach $326 billion (incl. CE).<ref>https://magnaglobal.com/us-ad-market-update-march-2023/</ref>

* Search and e-commerce advertising formats (Google, Amazon, retail media networks) will continue to be driven by the expansion of e-commerce to CPG and grow by +10% (slowing down from +14% in 2022) to remain the largest advertising format ($125bn in 2023)
* Social media formats (Facebook, Instagram, Tiktok …) will re-accelerate +6% to $66bn after stalling in 2022 (+2%) due to headwinds including audience maturity and the data targeting limitations established in 2021.
* Cross-platform audio ad sales will stabilize at around $17 billion this year. Linear radio ad formats will drop -4%, while digital audio formats (audio streaming, podcasting) will rise +9%. Podcasting will help drive digital audio growth, and grow +16%, though this represents a slowdown compared to MAGNA’s previous forecast of +22%
''Magna is using the assumption of Real GDP growth of +1.3% in 2023.''

=== Dentsu Forecast ===

==== June 2024 ====

* Global advertising spend is now forecast to grow by 5.0% in 2024 (vs. 3.3% in 2023) to reach $754.4 billion, as spend prospects improve in the UK, Germany, US, Japan, and France.<ref>https://info.dentsu.com/AdSpendMay2024</ref>
* Digital is beating previous growth expectations and is now predicted to increase by 7.4% to capture 59.6% of global spend in 2024, with double-digit growth for retail media and paid social.
* Substantial ad spend increases are forecast for retail media (+32.0% YOY, 17.7% three-year CAGR to 2026), paid social (+13.7% YOY), and programmatic (+10.9% YOY), while paid search (+7.7% YOY) and online video (+6.7% YOY) are set to maintain strong growth.
* The US presidential election alone is forecast to account for about a third ($11 billion) of the incremental ad spend in 2024.
* In the top 12 markets,** inflation-adjusted growth is projected at 2.6% in 2024 (vs. 5.2% at current prices), as media inflation shows signs of coming down but remains high, especially for TV and sought-after digital video formats such as social video.

[[File:Ad Spend Per Medium 2022-2026.png|center|thumb|712x712px|https://www.dentsu.com/news-releases/ad-spend-growth-tracks-ahead-of-the-economy#:~:text=Ad%20spend%20growth%20tracks%20ahead,forecasts%20to%205.0%25%20for%202024&text=Global%20advertising%20spend%20is%20now,US%2C%20Japan%2C%20and%20France.]]
[[File:Ad Spend Per Region 2022-2026.png|center|thumb|732x732px|https://www.dentsu.com/news-releases/ad-spend-growth-tracks-ahead-of-the-economy#:~:text=Ad%20spend%20growth%20tracks%20ahead,forecasts%20to%205.0%25%20for%202024&text=Global%20advertising%20spend%20is%20now,US%2C%20Japan%2C%20and%20France.]]

===== December 2023 =====
[[File:Share of global spend by channel.jpg|center|thumb|747x747px|https://info.dentsu.com/dentsuGlobalAdSpendForecasts_December2023]]

Latest forecast, covering 58 markets across the globe, is that '''advertising spend will expand by $33.0 billion in 2024 to reach $752.8 billion. This represents a 4.6% growth year-over-year for the ad industry – much faster than the pace seen in 2023 (+2.7% vs. 2022).'''<ref>https://info.dentsu.com/dentsuGlobalAdSpendForecasts_December2023</ref>

* Whilst the first quarter will be the slowest of the year (4.2%), growth is forecast to accelerate in the second quarter (4.9%) before peaking during the third (5.5%), supported by major sports events
* Global advertising spend at constant prices actually decreased by 0.7% in 2023.
* In 2024, advertising spend is forecast to represent, on average, 0.75% of the gross domestic product (GDP) of the countries we track, which is consistent with the average annual ad spend/GDP indicator observed in the last 20 years (0.70%).
* In 2024, advertisers will spend, on average, $139 per capita across the world. It is about 75% more than what they spent 20 years ago ($80).
* Digital is expected to follow an upward trajectory to reach $442.6 billion in 2024, representing 58.8% of global advertising spend. Total display spend (including social and digital video) has grown by 6.4% in 2023to reach $220.7 billion. It is forecast to grow by 6.9% in 2024, and by a 6.5% three-year CAGR to 2026.
* In the digital space, retail media investments will accelerate the fastest with a 17.2% three-year CAGR, followed by paid social investments (12.3% three-year CAGR), especially in Asia-Pacific (21.0% three-year CAGR). Programmatic channels, that already account for more than 70% of digital ad spend, are also expected to continue growing by doubledigits (10.2% three-year CAGR).

==== May 2023 ====
“The adjusted for 2023 points to continued growth, albeit adjusted marginally downwards from the 3.5% predicted in the December 2022 report, in the most part due to macroeconomic factors. Exploring behind the headlines, the report also shows '''growth driven by media price inflation rather than increased advertising volume, where advertising spend at constant prices is expected to decline slightly, with –0.6% reduction year on year”'''<ref>https://info.dentsu.com/ad-spend-may-2023-pdf</ref>

* Global advertising spend expected to grow by '''3.3% in 2023 with inflation driving increase to reach US$727.9 billion'''
* Stronger growth ahead, with 2024 global advertising market now expected to increase by 4.7%, to reach US$762.5 billion, with a further 3.8% growth into 2025
* Digital is projected to settle into almost consistent incremental growth for three years, to account for around $3 in every $5 spent in advertising worldwide.
* '''Social spend is forecast to grow by a 12.8% three-year CAGR''', driven by new platforms, social commerce, and the popularity of short-form video content across platforms such as TikTok and Instagram Reels
* '''Programmatic is expected to grow at a 11.0% three-year CAGR to reach a forecast 76% share of digital spend in 2025''', a year-by-year analysis reveals its growth will slow (14.4% in 2023, 9.2% in 2024, 9.5% in 2025).
* Traditional radio is projected to decrease by 0.1% in 2023 whilst '''online radio growth is forecast at 3.6%.'''

=== Zenith Forecast ===

==== December 2023 ====
Zenith’s latest ''Advertising Expenditure Forecasts'' reports continued resilience and forecasts 5.3% global advertising growth for 2023, which is above initial expectations given a healthier than expected Q3 for major digital advertisers.<ref>https://www.zenithmedia.com/zenith-forecasts-4-8-growth-for-2024-marking-continued-adspend-acceleration-into-2025-and-beyond/</ref>

* '''Global adspend growth is expected at 4.8% in 2024,''' excluding U.S. political spending*, aided by events such as the Olympics as well as a combination of continued advertiser spending in support of their brands and the positive impact of Chinese brands fueling growth.
* The Americas are expected to continue as the fastest-growing region with 5.7% advertising growth in 2024. Europe continues to contribute meaningful growth (4.5%) due in part to online spending, while Asia-Pac (3.8%) remains impacted by China’s slower-than-expected recovery.
* Adspend momentum remains steadily on an upward trajectory in large part due to the strong adoption of online propositions such as retail media and social media. Online continues to lead as the fastest-growing category, accounting for 59% of overall spending in 2024 and expected to increase to 61% in 2026, with a CAGR of 4.6%.

==== June 2022 ====

* The global advertising market will continue to maintain its resilience and Zenith '''forecasts a 4.4% growth in global advertising expenditure for 2023'''<ref>https://www.zenithmedia.com/zenith-reports-a-consistent-global-ad-market-with-4-4-growth/</ref>
* Global adspend growth is expected to accelerate '''6.9% in 2024 and 4.8% in 2025''' to account for nearly $1 trillion in advertising spending in 2025.
* '''North America''' is expected to continue to provide the biggest contribution to advertising growth between 2023 and 2025 with adspend growing US $53 billion – representing 41% of total adspend during the period. A healthy growth of '''4.3% is expected in 2023 and Zenith forecasts advertising expenditure will then jump to 9.8% in 2024 thanks to the Presidential election and the Olympics.'''
* '''Online, including Retail Media, Search and Social Media''', will continue to lead as the fastest-growing category, constituting 57% of overall adspend in 2023. Zenith forecasts an increase to 59% in '''2025, with a compounded annual growth rate of 6.8%.''' Retail Media will drive the category growth, with an estimated annual global spend of $129 billion in 2025 and an expected compounded annual growth rate of 11.5% from 2022 to 2025.
* Zenith forecasts a compounded growth rate of '''25% between 2022 and 2025 within the Subscription Video on Demand (SVOD) space.'''

==== December 2022 ====
According to Zenith, the advertising industry is expected to maintain its resilience in 2023 despite current economic challenges, driven by the growth of new channels such as retail media and advertising on [https://www.appsflyer.com/glossary/svod/ Subscription Video on Demand] (SVOD) services. '''They anticipate a 4.5% growth in ad spending. Furthermore, global ad spending growth is expected to pick up pace to 7.2% in 2024''', driven by major events like the US Presidential elections and the Olympics.<ref>https://www.zenithmedia.com/zenith-forecasts-4-5-growth-for-2023-after-7-3-uplift-in-2022-marking-continued-healthy-growth/#:~:text=Zenith%20estimates%20that%20advertising%20on,are%20likely%20to%20follow%20suit</ref>

Online advertising, specifically Search and Social Media, is expected to continue as the fastest-growing category, making up 55% of overall ad spending in 2022 and projected to increase to 57% by 2025, with a compound annual growth rate of 7%.
*

*

== Advertising behavior during a recession ==
Looking back at the 3 last recessions<ref>https://www.statista.com/statistics/272443/growth-of-advertising-spending-worldwide/</ref>, it is clear ad budgets get cut during economic contractions, but the magnitude of the decline can vary depending on the severity of the recession, the specific industries and companies involved, and their advertising strategy.

Important to note that the advertising industry could recover quickly after crises, often reaching or even exceeding prior spending levels within one to two years post-economic downturn.

* COVID-19 pandemic resulted in a 3.7 percent decrease in ad spending in 2020 compared to 2019.
* During the Great Financial Crisis, advertising spending experienced a decrease of 9.5% in 2009
* During the Dot Com crisis, advertising spending saw a decrease of 4.04% in 2001
{| class="wikitable"
|'''Year'''
|'''Ad spending in million U.S. dollars'''
|'''Growth Rate'''
|-
|2024*
|884,999
|7.57%
|-
|2023*
|822,756
|5.36%
|-
|2022*
|780,870
|8.03%
|-
|2021
|722,843
|16.00%
|-
|2020
|623,116
| -3.70%
|-
|2019
|647,035
|5.43%
|-
|2018
|613,721
|6.80%
|-
|2017
|574,640
|6.08%
|-
|2016
|541,698
|5.53%
|-
|2015
|513,304
|4.60%
|-
|2014
|490,713
|5.61%
|-
|2013
|464,668
|4.87%
|-
|2012
|443,077
|4.34%
|-
|2011
|424,666
|3.92%
|-
|2010
|408,663
|7.82%
|-
|2009
|379,036
| -9.50%
|-
|2008
|418,828
| -0.12%
|-
|2007
|419,319
|5.60%
|-
|2006
|397,088
|6.56%
|-
|2005
|372,646
|5.22%
|-
|2004
|354,171
|6.61%
|-
|2003
|332,198
|3.01%
|-
|2002
|322,505
|0.10%
|-
|2001
|322,182
| -4.04%
|-
|2000
|335,733
|
|}

=== 2022 Developments ===

==== Magna ====
[[File:US-Ad-Forecast-March-2023-Option-2-768x570.png|center|thumb|580x580px|https://magnaglobal.com/us-ad-market-update-march-2023/]]
'''Social media''' formats (Facebook, Instagram, Tiktok …) will re-accelerate +6% to $66bn after stalling in 2022 (+2%) due to headwinds including audience maturity and the data targeting limitations established in 2021.<ref>https://magnaglobal.com/us-ad-market-update-march-2023/</ref>

==== News ====

# After years of social media being one of the most powerful engines of digital ad spending growth, 2022 saw the first meaningful decline in social’s share of digital ad spending since Insider Intelligence began tracking it in 2008. This was, in part, due to the rise of retail media and connected TV (CTV), plus a radical slowdown in growth caused by ATT.<ref>https://www.insiderintelligence.com/insights/social-media-paid-ads/</ref>

Previously expected $33.98 billion in social network video ad spending by 2022, and that figure has now been slashed to $29.82 billion—a difference of more than $4 billion. These staggering reductions are the result of a perfect storm starting in 2021—with '''Apple’s rollout of its AppTrackingTransparency framework, followed by a downturn in the global economy due to persistent inflation, soaring interest rates, supply chain disruptions, and the Russia-Ukraine war.'''
[[File:Screenshot 2024-02-07 111654.png|center|thumb|547x547px]]2. Over the full year, UK social media spend, which is a sub-category of the online display section in the report, increased by 4.9%. The overall category grew at 10% in 2022 and is projected to grow by 1.7% in 2023. Total ad spend grew 8.8% in 2022.

* Sharp and sustained falls in social media spend – the first time this has been recorded in the UK – are likely to have been instigated by r'''educed advertising activity among the SMEs who comprise a ‘long tail’ of ad volume on social platforms and whose margins are under incredible stress as inflation''' bites
* The decline in the latter half of 2022 also coincides with a period of unrest within the wider social media ad landscape.<ref>https://www.marketingweek.com/social-media-ad-spend-drops/</ref>

3. Digital ad revenue in the U.S. rose 10.8% to $209.7 billion last year as marketers continued to spend in online channels despite slower economic growth, market uncertainty and mass layoffs at big tech companies, according to a new report from the Interactive Advertising Bureau and PricewaterhouseCoopers LLP. But the increase was smaller than the 35% leap seen in 2021. <ref>https://www.wsj.com/articles/digital-ad-revenue-grew-again-in-2022-but-much-more-slowly-41485957</ref>

In addition to broader economic uncertainty, which led some companies to draw back on marketing budgets in the last part of 2022, the '''online ad business has been grappling with evolving privacy regulation and increased consumer privacy protections from companies such as Apple Inc., which some industry players say have made it harder to target messages and measure their efficacy.'''

Social media ad revenue grew 3.6% in 2022, a slowdown in growth from 39.3% a year earlier, according to the new IAB report, as privacy protections affected companies in the sector in particular. <blockquote>“Social media, of all the different kinds of [media] types that we looked at, was the most adversely affected in 2022” as a result of tech platform policies, Mr. Cohen said. </blockquote>

==== Public Companies ====

=== 2008-2009 Company Comparison ===
{| class="wikitable"
|+
!Company
! colspan="2" |Revenue
! colspan="2" |EPS
! colspan="2" |Margin
!Comments 2009
|-
!
!2008
!2009
!2008
!2009
!2008
!2009
!
|-
|Alphabet
|
|
|
|
|
|
|To be updated here. Work in [https://docs.google.com/spreadsheets/d/1LW-eTnCNNbzEpsZEBrjQBcWBbNvqSvKK7VcEMuUEjqM/edit?gid=724201715#gid=724201715&range=A1 Google Sheets]
|-
|WPP<ref>https://www.wpp.com/-/media/project/wpp/files/imported-reports/2009/ar09_complete.pdf</ref>
|7,476.9
|8,684.3
|37.6p
|35.3p
|
|
|
* Pressure continued on the Group’s Advertising and Media Investment Management businesses, although the pressure seen by Media Investment Management in quarters two and three eased significantly in the final quarter.
* The pressure continued on the Group’s Advertising and Media Investment Management businesses, with '''clients continuing to seek greater and greater effectiveness and efficiencies, in markets where there is little inflation and, as a result, little pricing power and an over-supply of old and new media inventory.'''
* In constant currencies''', Advertising and Media Investment Management revenues fell by 8.6%, with like-for-like revenues down almost the same at 8.5%.''' Although cost actions were taken by the year end, the impact of revenue declines resulted in the combined annual operating margin of this sector falling by over 3.0 margin points.
|-
|Publicis<ref>https://www.publicisgroupe.com/sites/default/files/press-release/20100217_Annual_Results_2009_final.pdf</ref>
|4,704
|4,524
|2.12
|1.90
|16.7%
|15.0%
|
* As expected, after the advertising market reached its low point in 2009 during the summer, the decline, which had been gathering pace since mid-2008, began to slow, and then stopped. The fourth quarter brought an improvement, confirming the first signs of recovery.
* While the market overall was down by 12% to 14%, Publicis managed to limit the decrease to 6.5%, thereby gaining market share. Tight control over our costs and headcount; services with added value; these are some of the reasons why we were able to achieve an operating margin which remains one of the highest on the market despite the crisis.
|-
|Interpublic Group<ref>https://investors.interpublic.com/static-files/bcbb3af5-6514-4138-bc49-f67bd7800ae5</ref>
|$6,962.7
|$6,027.6
|$0.52
|$0.19
|8.5%
|5.7%
|
* Revenues were down 10.8% organically compared to the previous period. This was primarily due to the impact of the recession on marketers’ willingness to spend.
|}

=== 2008-2009 News and Commentary ===

# Us total measured advertising expenditures fell 12.3% in 2009 from 2008 levels, to $125.3 billion, according to data released by Kantar Media<ref>https://techcrunch.com/2010/03/17/advertising-expenditures-2009/</ref>

[[File:Screenshot 2024-01-04 192603.png|alt=|center|thumb|511x511px|https://techcrunch.com/2010/03/17/advertising-expenditures-2009/]]
2. U.S. ad spending declined nine percent in 2009, according to preliminary figures released today by The Nielsen Company. Spending fell an estimated $11.6 billion to a total of $117 billion last year. The figures continue a trend of at least six straight quarters of negative growth in the ad industry<ref>https://www.nielsen.com/wp-content/uploads/sites/2/2019/04/2009-Year-End-Ad-Spend-Press-Release.pdf</ref>

There was some notable activity among product categories outside the top 10. Investment Services not only saw ad spending fall 14% to $1.3 billion in 2009, but the category also had about 1000 fewer advertisers in 2009 compared to 2008. On the other hand, spending by web-based advertisers climbed 32% to $1.1 billion, paced by dramatic spending increases by Hulu and Bing.<blockquote>“Fourth quarter ad spending was down just two percent year-over-year, and that helped soften the full-year decline,” said Terrie Brennan, senior VP for new business development at The Nielsen Company. “In fact, most of the top advertisers showed increased spending late in the year. These are encouraging signs for an ad market that’s still trying to stop the bleeding.”</blockquote>
[[File:Screenshot 2024-01-04 193459.png|center|thumb|553x553px|https://www.nielsen.com/wp-content/uploads/sites/2/2019/04/2009-Year-End-Ad-Spend-Press-Release.pdf]]
[[File:Screenshot 2024-01-04 193508.png|center|thumb|602x602px|https://www.nielsen.com/wp-content/uploads/sites/2/2019/04/2009-Year-End-Ad-Spend-Press-Release.pdf]]

== References ==

Advertising Industry

2024-07-18T18:12:38Z

Moritz:

[[Industries|Industries Overview]]

[[Advertising Industry: Search]]

[[Advertising Industry: Social Media]]

== Methodology ==
Short description methodolgy

==== Data Sources ====

* Magna
* Zenith
* Tiniuti
* Dentsu
* S4

== Developments ==

=== Tinuiti ===

==== Q4 2023 ====
{| class="wikitable"
!Y/Y Growth<ref name=":1" />
!'''Ad Spend'''
!'''CPM/CPC'''
!'''Impressions/Clicks'''<ref name=":0" />
|-
|Meta
|13%
| -3%
|16%
|-
|''Fecebook''
|8%
| -5%
|14%
|-
|''Instagram''
|27%
| 2%
|24%
|-
|TikTok
|64%
| 14%
|44%
|-
|Google
|17%
|9%
|8%
|-
|Amazon
|17%
|19%
| -2%
|-
|Walmart
|62%
| 34%
|21%
|}
==== Q3 2023 ====
{| class="wikitable"
!Y/Y Growth<ref name=":1">https://drive.google.com/file/d/1dZ1kFgBmP-B16_EBlikJUSciXDfGmEa2/view</ref>
!'''Ad Spend'''
!'''CPM/CPC'''
!'''Impressions/Clicks'''<ref name=":0" />
|-
|Meta
|19%
| -19%
|46%
|-
|''Fecebook''
|16%
| -20
|46%
|-
|''Instagram''
|25%
| -11%
|41%
|-
|TikTok
|12%
| -8%
|21%
|-
|Google
|13%
|4%
|8%
|-
|Amazon
|14%
|8%
|5%
|-
|Walmart
|55%
| 33%
|17%
|}
==== Q2 2023 ====
Most of the major digital ad platforms saw an acceleration in spending growth in Q2 2023, with Instagram leading the way with a 16-point improvement in growth compared to a quarter earlier.<ref>https://drive.google.com/file/d/1soM8MQV1aQD8pQxkM225AR714JtniPzb/view</ref>
{| class="wikitable"
!Y/Y Growth
!'''Ad Spend'''
!'''CPM/CPC'''
!'''Impressions/Clicks'''<ref name=":0">https://drive.google.com/file/d/1soM8MQV1aQD8pQxkM225AR714JtniPzb/view</ref>
|-
|Meta
|9%
| -25%
|44%
|-
|''Fecebook''
|''2%''
| ''-25%''
|''37%''
|-
|''Instagram''
|''31%''
| ''-29%''
|''84%''
|-
|TikTok
|11%
| -4%
|16%
|-
|Google
|11%
|0%
|11%
|-
|Amazon
|8%
|3%
|5%
|-
|Walmart
|39%
| -4%
|45%
|}
'''Meta Platforms'''

* Meta ad spend rose 9% year-over-year versus a flat growth rate in Q1 2023.
* Meta impressions rose 44% year-over-year(Q1 2023:+42%), helped by Reels.
* Meta Platforms CPM fell 25% year-over-year(Q1 2023:-30%).

'''Facebook'''

* Facebook ad spend rose 2% year-over-year, the first positive growth in the last four quarters(Q1 2023:-4%)
* Facebook CPM declined 25% year over year(Q1 2023: -32%)
* Facebook impression rose 37%(Q1 2023: 42%)

'''Instagram'''

* Instagram impression rose 84% year-over-year(Q1 2023: 45%)
* Ad spend growth on Instagram more than doubled to 31% year-over-year from 15% in Q1 2023, aided by Instagram Reels and Explore Grid Home placements.
* Instagram CPM declined 29% year-over-year(Q1 2023: -20%).
* Instagram Reels CPC was 13% lower than that of Instagram Feeds, compared to 19% in Q1 2023.

'''TikTok'''

* Tik tok as spend rose to 11%
* TikTok CPM declined 4% year-over-year(Q1 2023:+44%).
* TikTok impression rose 16% in Q2 from a 13% decline in Q1.

== Advertising Forecast 2023 ==

=== Disclaimers ===
Do advertising agencies like Magna and Zenith have a positive bias?
=== Magna Forecast ===

==== June 2024 ====
MAGNA is raising its 2024 growth forecast following a '''stronger-than-expected ad market in the first quarter (+12%)''' and an improvement in the economic outlook (real GDP growth +3.2%, US +2.5%).<ref>https://magnaglobal.com/global-ad-forecast-june-2024-update/</ref>

* MAGNA’s “Global Ad Forecast” predicts media owners net advertising revenues (NAR) will reach $927 billion this year, growing +10.0% over 2023. This is a significant acceleration on the global growth recorded in 2023 (+6.4%). Neutralizing the impact of cyclical events in 2023 and 2024, the normalized acceleration is still real but more modest: non-cyclical ad revenues grew by +7.5% in 2023 and will grow by +8.7% in 2024.

* 1Q24 was an even stronger than expected. Year-over-Year growth average +12% in key markets, +17% in Spain, +15% in France, and Germany. Quarterly growth rates will gradually slow as comps become tougher in the second half, but this strong start of the year, coupled with a stronger economic outlook led us to raise the full year 2024 forecast for almost every individual market monitor, bringing the expected global growth from +6.4% in December, to +10% now. The full-year ad revenues of traditional media owners are now forecast to grow by +3% instead of +2%, and the ad sales of digital pure players are now expected to grow by +13% (previously +9.4%).
* '''In the first quarter of 2024, the leading global digital vendors reported the strongest growth rates in more than two years.''' Based on MAGNA’s analysis of financial report, global Search ad sales grew by +16% year-over-year, pure-play video by +21% and Social Media by +28% year-over-year. Quarterly growth rates are bound to slow down as comps will gradually get tougher, but MAGNA anticipates double-digit growth for all key digital formats and vendors this year.
* Full-year 2023, Google, Meta, and Amazon organic ad revenues increased by +6%, +16% and +24% respectively. '''The big three now attract a combined 60% of total advertising revenues outside China''' ($417 billion out of $698 billion), up from 57% in 2021-2022. Including China – where they don’t operate – they control 49% of global ad sales.
* US Media owners advertising revenues are forecast to reach an all-time high of $374 billion this year, growing +10.7% over 2023. This is 1.5 percentage points above our previous full-year forecast (+9.2% in our March 2024 update), following a stronger-than-expected start of the year (+12% in the first quarter) and an improvement in the macro-economic outlook – with the latest GDP growth forecasts raised to a robust +2.5%. The macro-economic factor offsets slightly lower cyclical expectations, as our political advertising forecast is reduced following by weaker-than-expected fundraising in the first few months of the year. We still expect the 2024 election campaigns to generate $9 billion dollars of incremental advertising revenues for US media owners this year, an increase of +10% vs 2020.
* The US remains the largest and most intense ad market in the world with advertisers spending $1,100 per consumer in 2024; it’s 8 times more than the global average ($160), ten times more than China ($110) and a hundred times more than India ($10). 

'''Global Forecasts'''
[[File:Table-3-Global-Ad-Forecast-for-2024.png|center|thumb|683x683px|https://magnaglobal.com/global-ad-forecast-june-2024-update/]]
'''US Forecasts'''
[[File:Table-1-US-Ad-Forecast.png|center|thumb|722x722px|https://magnaglobal.com/global-ad-forecast-june-2024-update/]]

==== March 2024 ====
[[File:Screenshot 2024-04-17 101337.png|center|thumb|738x738px|https://vimeo.com/926389177/7fadab9dcb?share=copy]]
[[File:Screenshot 2024-04-17 101001.png|center|thumb|734x734px|https://vimeo.com/926389177/7fadab9dcb?share=copy]]

Based on MAGNA’s analysis of media companies’ financials''',''' '''non-cyclical advertising revenues grew by +9.1% in the fourth quarter of 2023''' e., the strongest quarterly growth in almost two years, bringing full-year 2023 ad market growth to +5.7%.<ref>https://magnaglobal.com/digital-momentum-leads-ad-market-forecast-to-9/</ref>

Because of an improving macro-economic outlook, the momentum of digital media and streaming, and the impact of cyclical events, '''MAGNA anticipates more growth in 2024''': '''total media owners ad revenues will increase by +9.2% to reach $369 billion'''. That’s nearly one percentage point above the previous forecast (+8.4% in Dec. 2023).

'''Advertising spend around major cyclical events will drive approx. $10 billion of incremental ad sales as the 2024 election cycle will generate $9 billion''' of additional ad revenue for media owners (+13% vs the 2020 cycle). '''This will add 2.5 percentage points to the non-cyclical growth rate''', bringing total revenue growth from +6.7% (non-cyclical ad sales) to +9.2% (total ad sales). The impact will be even greater for some media categories like Local TV (excluding political -4%, including political +26%).

* Digital pure players (DPP) dominating Search, Retail, Social and Short-Form Video formats will once again capture most of the growth, with '''DPP ad sales growing by +11.7% to $260 billion''' (previous forecast +10.5%).
* '''Short form, pure player digital video''' ad sales (primarily YouTube and Twitch), will grow by +12% this year to reach $22 billion.
* '''Social media sales will feel the wind at their back and will rise +14% to $81 billion.''' Artificial intelligence (AI) is becoming an increasingly important tool used by advertisers to set up, run, and optimize their social media campaigns. MAGNA looks for this to drive additional sales in 2024, especially for small businesses setting up their first campaigns.
* '''Search/Retail ad sales will increase by nearly +12% to $146 billion in 2024''' and will also benefit from increasing AI functionality in helping brands set up and run new advertising campaigns.
* '''Audio ad sales''' (terrestrial and satellite radio, audio streaming, and podcasting) will be stable at around $16 billion in 2024. Digital audio usage and ad sales continue to develop but growth rates are maturing (+6%), which means it barely offsets the erosion of linear radio (-3%)
* '''Long-Form Streaming advertising will expand by +13% to reach $10 billion milestone.'''

[[File:Screenshot 2024-04-17 101835.png|center|thumb|745x745px|https://vimeo.com/926389177/7fadab9dcb?share=copy]]
[[File:Screenshot 2024-04-17 102009.png|center|thumb|750x750px|https://vimeo.com/926389177/7fadab9dcb?share=copy]]

==== December 2023 ====

[[File:Screenshot 2024-01-03 162449.png|center|thumb|722x722px|https://magnaglobal.com/digital-advertising-reaccelerated-in-2023-major-events-will-fuel-traditional-media-in-2024/]]

MAGNA’s “Global Ad Forecast” predicts that global media owners '''net advertising revenues (NAR) will reach $853 billion this year, +5.5%''' above the 2022 level, and will grow by +7.2% in 2024.<ref>https://magnaglobal.com/digital-advertising-reaccelerated-in-2023-major-events-will-fuel-traditional-media-in-2024/</ref>

* Advertising spending accelerated and grew by +6.3% yoy in the second half of 2023 following a weaker first half (+4.7%) to average +5.5 growth full year.
* '''Digital Pure-Play media owners (DPP) ad revenue g'''rew by +10.5% to $587bn (69% of total ad sales). DPP ad sales are driven by organic growth factors incl. the rise of ecommerce, retail media
* The US market grew +3.6% to $338 billion this year (National TV -6%, Local TV -22%, Audio -4%, Publishing -7%, OOH +2%, Search +10%, Social +14%). Non-cyclical ad revenue is up +5.4% in 2023 and will accelerate to +5.9% in 2024 (+8.4% including cyclical ad spend – including almost $10 billion in political spending).
* In 2024, economic stabilization, lower inflation, digital innovation, and the return of major cyclical events (elections, international sports events) will drive ad spend +7.2% to $914 billion, +8.4% in the US. TMO ad revenues will recover by +2.2% while digital pure players ad sales will increase by +9.4%.
* After stagnating for several quarters, the global advertising sales of Google, Meta and Alibaba re-accelerated since 2Q23 to reach a year-to-date 1Q-3Q growth of +4%, +13% and +5% respectively.
* These three media owners account for a combined 49% of global advertising revenues. Outside China, the top three vendors are Google, Meta, and Amazon, capturing 80% to 90% of digital ad spend and 56% of ''total'' ad spend (the market share being lower for national consumer brands higher for small, local, direct advertisers).

==== September 2023 ====
'''''Focused on US only'''''

'''Total advertising spending re-accelerated in the second quarter of 2023. Sales were up +4.4% year-over-year, following two quarters of stagnation'''.However, only pure-play digital media vendors (Search, Social, Video) really benefited (+8.7% in 2Q23), while traditional media companies continued to struggle (-4.1% in 2Q23).The recovery in ad spend in 2Q23 was caused by a general improvement in the economy, and easier yoy comps<ref>https://magnaglobal.com/us-ad-forecast-fall-2023/</ref>
[[File:Screenshot 2023-09-25 104318.png|center|thumb|765x765px|https://magnaglobal.com/us-ad-forecast-fall-2023/]]

* As the US economy and advertising spending were both stronger than expected so far this year, and digital media is finally recovering from its 2022 woes, '''MAGNA raises its full-year ad revenue growth forecast to +5.2% for 2023 to reach $337 billion'''
* With the economic outlook improving and yoy comps becoming even easier, MAGNA maintains its growth forecast for the second half of the year. '''Total ad spend will grow by +7% to +8% in 3Q23 and 4Q23 (compared to +2.9% in first half) to bring full year growth to +5.2% (excluding cyclical), up from +4.2% in our previous update (June 2023).'''

* Around the average advertising spending growth of +4.4% in 2Q23, MAGNA observed a strong dynamic from Travel, Pharma and Retail brands, and – more surprisingly – CPG (food, drinks, personal care). The slowdown of inflation in recent months may explain this recovery in CPG brand business and marketing spending, after a difficult year 2022 when high inflation hurt the sales of premium brands.
* Looking at individual media types, digital media formats will outperform again in the next 18 months, growing by high-single digits or low double-digits. Social media formats and short-form digital video formats are finally recovering from the headwinds and disruptions that hurt ad sales in 2022, brought on by the modifications to privacy settings in the Apple environment and the rapid rise of short vertical video snacking.

==== June 2023 ====
'''Advertising spending slowed down to a halt in the first quarter of 2023 (+1.5% globally, flat in most Western markets) due to economic uncertainty and the lack of cyclical drivers.''' There are, however, some drivers mitigating the impact of economic slowdown: Ecommerce and Retail Media bringing more marketing dollars into digital advertising formats, and the counter-cyclical dynamic of some large industry verticals (Retail, Auto, Travel).<ref>https://magnaglobal.com/global-ad-market-june-2023-update/</ref>
[[File:Screenshot 2023-07-14 112834.png|center|thumb|683x683px|https://magnaglobal.com/global-ad-market-june-2023-update/]]

* Magna predicts media owners advertising revenues will reach '''$842 billion this year, +4.6% growth vs. 2022 ($805bn). Deterioration of economic conditions and marketing spending in most Western markets is mitigated by stronger-than-expected growth in some markets (China, Spain), industry verticals (Retail) and media types (Retail, Social).'''
* Traditional media companies and branding formats (Television, Audio, Publishing, OOH, Cinema) are most exposed in this uncertain business climate, as some brands reduce marketing budget or prioritize performance-based digital ad formats.
* '''Digital pure-play advertising sales will grow by +8.5% to reach $577 billion dollars i.e., 69% of total ad sales''', driven by organic growth factors (ecommerce, retail media, media consumption shifts, stabilization in the data landscape).
* The strongest ad growth rate this year will come once again from India (+12.3% to $12.6bn); India is the 11th largest market. The Chinese ad market is set to recover faster than previously expected (+8.4%). At the other end of the spectrum, most Western European markets will stagnate this year: Germany, France, Italy all below +3% growth all-media, and negative for traditional media owners.
* In 2024, economic stabilization and the return of major cyclical events (US presidential elections, Paris Olympics, Euro Football championship) will re-accelerate ad spend: +6.1% to $892 billion globally, +7.3% in the US. Traditional media owners’ ad revenues will recover by +1% while digital pure players ad sales will increase by +8%.
* Social media formats will re-accelerate by +9.4% this year reach to $172 billion. The industry seems to have turned a corner in 1Q23 when Meta reported a return to YOY growth on an FX-adjusted basis after two consecutive quarters of flat or negative growth. '''Meta and other established social media vendors seem to have finally recovered from the loss of workable consumer data in the Apple ecosystem since late 2021, and they are making inroads in the monetization of the short vertical videos that have completely changed the user experience, challenging ad optimization, in less than two years.'''
* '''North America and European markets will underperform this year''' (ad market growth of +2.5% and +4.2% resp.), due to weaker economic activity (+1.6% and +0.8% real GDP growth, resp), mature media/marketing landscapes, and a lack of major cyclical driver compared to 2022. APAC (+7.1%) and Latin America (+8.7%) will grow significantly faster.

==== March 2023 ====
'''US update'''[[File:Advertising2.PNG|thumb|https://magnaglobal.com/us-ad-market-update-march-2023/|alt=|center|571x571px]]In its new 2023 scenario, MAGNA expects little or no growth in the first half (+2% in 1Q23, +4% in 2Q23) against tough quarterly comps, followed by a recovery in the second half (+6% to +7%), as the economy solidifies, and advertising comps become much easier. Overall, full-year advertising revenues will grow by +3.4% this year to reach $326 billion (incl. CE).<ref>https://magnaglobal.com/us-ad-market-update-march-2023/</ref>

* Search and e-commerce advertising formats (Google, Amazon, retail media networks) will continue to be driven by the expansion of e-commerce to CPG and grow by +10% (slowing down from +14% in 2022) to remain the largest advertising format ($125bn in 2023)
* Social media formats (Facebook, Instagram, Tiktok …) will re-accelerate +6% to $66bn after stalling in 2022 (+2%) due to headwinds including audience maturity and the data targeting limitations established in 2021.
* Cross-platform audio ad sales will stabilize at around $17 billion this year. Linear radio ad formats will drop -4%, while digital audio formats (audio streaming, podcasting) will rise +9%. Podcasting will help drive digital audio growth, and grow +16%, though this represents a slowdown compared to MAGNA’s previous forecast of +22%
''Magna is using the assumption of Real GDP growth of +1.3% in 2023.''

=== Dentsu Forecast ===

==== June 2024 ====

* Global advertising spend is now forecast to grow by 5.0% in 2024 (vs. 3.3% in 2023) to reach $754.4 billion, as spend prospects improve in the UK, Germany, US, Japan, and France.<ref>https://info.dentsu.com/AdSpendMay2024</ref>
* Digital is beating previous growth expectations and is now predicted to increase by 7.4% to capture 59.6% of global spend in 2024, with double-digit growth for retail media and paid social.
* Substantial ad spend increases are forecast for retail media (+32.0% YOY, 17.7% three-year CAGR to 2026), paid social (+13.7% YOY), and programmatic (+10.9% YOY), while paid search (+7.7% YOY) and online video (+6.7% YOY) are set to maintain strong growth.
* The US presidential election alone is forecast to account for about a third ($11 billion) of the incremental ad spend in 2024.
* In the top 12 markets,** inflation-adjusted growth is projected at 2.6% in 2024 (vs. 5.2% at current prices), as media inflation shows signs of coming down but remains high, especially for TV and sought-after digital video formats such as social video.

[[File:Ad Spend Per Medium 2022-2026.png|center|thumb|712x712px|https://www.dentsu.com/news-releases/ad-spend-growth-tracks-ahead-of-the-economy#:~:text=Ad%20spend%20growth%20tracks%20ahead,forecasts%20to%205.0%25%20for%202024&text=Global%20advertising%20spend%20is%20now,US%2C%20Japan%2C%20and%20France.]]
[[File:Ad Spend Per Region 2022-2026.png|center|thumb|732x732px|https://www.dentsu.com/news-releases/ad-spend-growth-tracks-ahead-of-the-economy#:~:text=Ad%20spend%20growth%20tracks%20ahead,forecasts%20to%205.0%25%20for%202024&text=Global%20advertising%20spend%20is%20now,US%2C%20Japan%2C%20and%20France.]]

===== December 2023 =====
[[File:Share of global spend by channel.jpg|center|thumb|747x747px|https://info.dentsu.com/dentsuGlobalAdSpendForecasts_December2023]]

Latest forecast, covering 58 markets across the globe, is that '''advertising spend will expand by $33.0 billion in 2024 to reach $752.8 billion. This represents a 4.6% growth year-over-year for the ad industry – much faster than the pace seen in 2023 (+2.7% vs. 2022).'''<ref>https://info.dentsu.com/dentsuGlobalAdSpendForecasts_December2023</ref>

* Whilst the first quarter will be the slowest of the year (4.2%), growth is forecast to accelerate in the second quarter (4.9%) before peaking during the third (5.5%), supported by major sports events
* Global advertising spend at constant prices actually decreased by 0.7% in 2023.
* In 2024, advertising spend is forecast to represent, on average, 0.75% of the gross domestic product (GDP) of the countries we track, which is consistent with the average annual ad spend/GDP indicator observed in the last 20 years (0.70%).
* In 2024, advertisers will spend, on average, $139 per capita across the world. It is about 75% more than what they spent 20 years ago ($80).
* Digital is expected to follow an upward trajectory to reach $442.6 billion in 2024, representing 58.8% of global advertising spend. Total display spend (including social and digital video) has grown by 6.4% in 2023to reach $220.7 billion. It is forecast to grow by 6.9% in 2024, and by a 6.5% three-year CAGR to 2026.
* In the digital space, retail media investments will accelerate the fastest with a 17.2% three-year CAGR, followed by paid social investments (12.3% three-year CAGR), especially in Asia-Pacific (21.0% three-year CAGR). Programmatic channels, that already account for more than 70% of digital ad spend, are also expected to continue growing by doubledigits (10.2% three-year CAGR).

==== May 2023 ====
“The adjusted for 2023 points to continued growth, albeit adjusted marginally downwards from the 3.5% predicted in the December 2022 report, in the most part due to macroeconomic factors. Exploring behind the headlines, the report also shows '''growth driven by media price inflation rather than increased advertising volume, where advertising spend at constant prices is expected to decline slightly, with –0.6% reduction year on year”'''<ref>https://info.dentsu.com/ad-spend-may-2023-pdf</ref>

* Global advertising spend expected to grow by '''3.3% in 2023 with inflation driving increase to reach US$727.9 billion'''
* Stronger growth ahead, with 2024 global advertising market now expected to increase by 4.7%, to reach US$762.5 billion, with a further 3.8% growth into 2025
* Digital is projected to settle into almost consistent incremental growth for three years, to account for around $3 in every $5 spent in advertising worldwide.
* '''Social spend is forecast to grow by a 12.8% three-year CAGR''', driven by new platforms, social commerce, and the popularity of short-form video content across platforms such as TikTok and Instagram Reels
* '''Programmatic is expected to grow at a 11.0% three-year CAGR to reach a forecast 76% share of digital spend in 2025''', a year-by-year analysis reveals its growth will slow (14.4% in 2023, 9.2% in 2024, 9.5% in 2025).
* Traditional radio is projected to decrease by 0.1% in 2023 whilst '''online radio growth is forecast at 3.6%.'''

=== Zenith Forecast ===

==== December 2023 ====
Zenith’s latest ''Advertising Expenditure Forecasts'' reports continued resilience and forecasts 5.3% global advertising growth for 2023, which is above initial expectations given a healthier than expected Q3 for major digital advertisers.<ref>https://www.zenithmedia.com/zenith-forecasts-4-8-growth-for-2024-marking-continued-adspend-acceleration-into-2025-and-beyond/</ref>

* '''Global adspend growth is expected at 4.8% in 2024,''' excluding U.S. political spending*, aided by events such as the Olympics as well as a combination of continued advertiser spending in support of their brands and the positive impact of Chinese brands fueling growth.
* The Americas are expected to continue as the fastest-growing region with 5.7% advertising growth in 2024. Europe continues to contribute meaningful growth (4.5%) due in part to online spending, while Asia-Pac (3.8%) remains impacted by China’s slower-than-expected recovery.
* Adspend momentum remains steadily on an upward trajectory in large part due to the strong adoption of online propositions such as retail media and social media. Online continues to lead as the fastest-growing category, accounting for 59% of overall spending in 2024 and expected to increase to 61% in 2026, with a CAGR of 4.6%.

==== June 2022 ====

* The global advertising market will continue to maintain its resilience and Zenith '''forecasts a 4.4% growth in global advertising expenditure for 2023'''<ref>https://www.zenithmedia.com/zenith-reports-a-consistent-global-ad-market-with-4-4-growth/</ref>
* Global adspend growth is expected to accelerate '''6.9% in 2024 and 4.8% in 2025''' to account for nearly $1 trillion in advertising spending in 2025.
* '''North America''' is expected to continue to provide the biggest contribution to advertising growth between 2023 and 2025 with adspend growing US $53 billion – representing 41% of total adspend during the period. A healthy growth of '''4.3% is expected in 2023 and Zenith forecasts advertising expenditure will then jump to 9.8% in 2024 thanks to the Presidential election and the Olympics.'''
* '''Online, including Retail Media, Search and Social Media''', will continue to lead as the fastest-growing category, constituting 57% of overall adspend in 2023. Zenith forecasts an increase to 59% in '''2025, with a compounded annual growth rate of 6.8%.''' Retail Media will drive the category growth, with an estimated annual global spend of $129 billion in 2025 and an expected compounded annual growth rate of 11.5% from 2022 to 2025.
* Zenith forecasts a compounded growth rate of '''25% between 2022 and 2025 within the Subscription Video on Demand (SVOD) space.'''

==== December 2022 ====
According to Zenith, the advertising industry is expected to maintain its resilience in 2023 despite current economic challenges, driven by the growth of new channels such as retail media and advertising on [https://www.appsflyer.com/glossary/svod/ Subscription Video on Demand] (SVOD) services. '''They anticipate a 4.5% growth in ad spending. Furthermore, global ad spending growth is expected to pick up pace to 7.2% in 2024''', driven by major events like the US Presidential elections and the Olympics.<ref>https://www.zenithmedia.com/zenith-forecasts-4-5-growth-for-2023-after-7-3-uplift-in-2022-marking-continued-healthy-growth/#:~:text=Zenith%20estimates%20that%20advertising%20on,are%20likely%20to%20follow%20suit</ref>

Online advertising, specifically Search and Social Media, is expected to continue as the fastest-growing category, making up 55% of overall ad spending in 2022 and projected to increase to 57% by 2025, with a compound annual growth rate of 7%.
*

*

== Advertising behavior during a recession ==
Looking back at the 3 last recessions<ref>https://www.statista.com/statistics/272443/growth-of-advertising-spending-worldwide/</ref>, it is clear ad budgets get cut during economic contractions, but the magnitude of the decline can vary depending on the severity of the recession, the specific industries and companies involved, and their advertising strategy.

Important to note that the advertising industry could recover quickly after crises, often reaching or even exceeding prior spending levels within one to two years post-economic downturn.

* COVID-19 pandemic resulted in a 3.7 percent decrease in ad spending in 2020 compared to 2019.
* During the Great Financial Crisis, advertising spending experienced a decrease of 9.5% in 2009
* During the Dot Com crisis, advertising spending saw a decrease of 4.04% in 2001
{| class="wikitable"
|'''Year'''
|'''Ad spending in million U.S. dollars'''
|'''Growth Rate'''
|-
|2024*
|884,999
|7.57%
|-
|2023*
|822,756
|5.36%
|-
|2022*
|780,870
|8.03%
|-
|2021
|722,843
|16.00%
|-
|2020
|623,116
| -3.70%
|-
|2019
|647,035
|5.43%
|-
|2018
|613,721
|6.80%
|-
|2017
|574,640
|6.08%
|-
|2016
|541,698
|5.53%
|-
|2015
|513,304
|4.60%
|-
|2014
|490,713
|5.61%
|-
|2013
|464,668
|4.87%
|-
|2012
|443,077
|4.34%
|-
|2011
|424,666
|3.92%
|-
|2010
|408,663
|7.82%
|-
|2009
|379,036
| -9.50%
|-
|2008
|418,828
| -0.12%
|-
|2007
|419,319
|5.60%
|-
|2006
|397,088
|6.56%
|-
|2005
|372,646
|5.22%
|-
|2004
|354,171
|6.61%
|-
|2003
|332,198
|3.01%
|-
|2002
|322,505
|0.10%
|-
|2001
|322,182
| -4.04%
|-
|2000
|335,733
|
|}

=== 2022 Developments ===

==== Magna ====
[[File:US-Ad-Forecast-March-2023-Option-2-768x570.png|center|thumb|580x580px|https://magnaglobal.com/us-ad-market-update-march-2023/]]
'''Social media''' formats (Facebook, Instagram, Tiktok …) will re-accelerate +6% to $66bn after stalling in 2022 (+2%) due to headwinds including audience maturity and the data targeting limitations established in 2021.<ref>https://magnaglobal.com/us-ad-market-update-march-2023/</ref>

==== News ====

# After years of social media being one of the most powerful engines of digital ad spending growth, 2022 saw the first meaningful decline in social’s share of digital ad spending since Insider Intelligence began tracking it in 2008. This was, in part, due to the rise of retail media and connected TV (CTV), plus a radical slowdown in growth caused by ATT.<ref>https://www.insiderintelligence.com/insights/social-media-paid-ads/</ref>

Previously expected $33.98 billion in social network video ad spending by 2022, and that figure has now been slashed to $29.82 billion—a difference of more than $4 billion. These staggering reductions are the result of a perfect storm starting in 2021—with '''Apple’s rollout of its AppTrackingTransparency framework, followed by a downturn in the global economy due to persistent inflation, soaring interest rates, supply chain disruptions, and the Russia-Ukraine war.'''
[[File:Screenshot 2024-02-07 111654.png|center|thumb|547x547px]]2. Over the full year, UK social media spend, which is a sub-category of the online display section in the report, increased by 4.9%. The overall category grew at 10% in 2022 and is projected to grow by 1.7% in 2023. Total ad spend grew 8.8% in 2022.

* Sharp and sustained falls in social media spend – the first time this has been recorded in the UK – are likely to have been instigated by r'''educed advertising activity among the SMEs who comprise a ‘long tail’ of ad volume on social platforms and whose margins are under incredible stress as inflation''' bites
* The decline in the latter half of 2022 also coincides with a period of unrest within the wider social media ad landscape.<ref>https://www.marketingweek.com/social-media-ad-spend-drops/</ref>

3. Digital ad revenue in the U.S. rose 10.8% to $209.7 billion last year as marketers continued to spend in online channels despite slower economic growth, market uncertainty and mass layoffs at big tech companies, according to a new report from the Interactive Advertising Bureau and PricewaterhouseCoopers LLP. But the increase was smaller than the 35% leap seen in 2021. <ref>https://www.wsj.com/articles/digital-ad-revenue-grew-again-in-2022-but-much-more-slowly-41485957</ref>

In addition to broader economic uncertainty, which led some companies to draw back on marketing budgets in the last part of 2022, the '''online ad business has been grappling with evolving privacy regulation and increased consumer privacy protections from companies such as Apple Inc., which some industry players say have made it harder to target messages and measure their efficacy.'''

Social media ad revenue grew 3.6% in 2022, a slowdown in growth from 39.3% a year earlier, according to the new IAB report, as privacy protections affected companies in the sector in particular. <blockquote>“Social media, of all the different kinds of [media] types that we looked at, was the most adversely affected in 2022” as a result of tech platform policies, Mr. Cohen said. </blockquote>

==== Public Companies ====

=== 2008-2009 Company Comparison ===
{| class="wikitable"
|+
!Company
! colspan="2" |Revenue
! colspan="2" |EPS
! colspan="2" |Margin
!Comments 2009
|-
!
!2008
!2009
!2008
!2009
!2008
!2009
!
|-
|Meta
|
|
|
|
|
|
|To be updated here. Work in [https://docs.google.com/spreadsheets/d/1LW-eTnCNNbzEpsZEBrjQBcWBbNvqSvKK7VcEMuUEjqM/edit?gid=724201715#gid=724201715&range=A1 Google Sheets]
|-
|WPP<ref>https://www.wpp.com/-/media/project/wpp/files/imported-reports/2009/ar09_complete.pdf</ref>
|7,476.9
|8,684.3
|37.6p
|35.3p
|
|
|
* Pressure continued on the Group’s Advertising and Media Investment Management businesses, although the pressure seen by Media Investment Management in quarters two and three eased significantly in the final quarter.
* The pressure continued on the Group’s Advertising and Media Investment Management businesses, with '''clients continuing to seek greater and greater effectiveness and efficiencies, in markets where there is little inflation and, as a result, little pricing power and an over-supply of old and new media inventory.'''
* In constant currencies''', Advertising and Media Investment Management revenues fell by 8.6%, with like-for-like revenues down almost the same at 8.5%.''' Although cost actions were taken by the year end, the impact of revenue declines resulted in the combined annual operating margin of this sector falling by over 3.0 margin points.
|-
|Publicis<ref>https://www.publicisgroupe.com/sites/default/files/press-release/20100217_Annual_Results_2009_final.pdf</ref>
|4,704
|4,524
|2.12
|1.90
|16.7%
|15.0%
|
* As expected, after the advertising market reached its low point in 2009 during the summer, the decline, which had been gathering pace since mid-2008, began to slow, and then stopped. The fourth quarter brought an improvement, confirming the first signs of recovery.
* While the market overall was down by 12% to 14%, Publicis managed to limit the decrease to 6.5%, thereby gaining market share. Tight control over our costs and headcount; services with added value; these are some of the reasons why we were able to achieve an operating margin which remains one of the highest on the market despite the crisis.
|-
|Interpublic Group<ref>https://investors.interpublic.com/static-files/bcbb3af5-6514-4138-bc49-f67bd7800ae5</ref>
|$6,962.7
|$6,027.6
|$0.52
|$0.19
|8.5%
|5.7%
|
* Revenues were down 10.8% organically compared to the previous period. This was primarily due to the impact of the recession on marketers’ willingness to spend.
|}

=== 2008-2009 News and Commentary ===

# Us total measured advertising expenditures fell 12.3% in 2009 from 2008 levels, to $125.3 billion, according to data released by Kantar Media<ref>https://techcrunch.com/2010/03/17/advertising-expenditures-2009/</ref>

[[File:Screenshot 2024-01-04 192603.png|alt=|center|thumb|511x511px|https://techcrunch.com/2010/03/17/advertising-expenditures-2009/]]
2. U.S. ad spending declined nine percent in 2009, according to preliminary figures released today by The Nielsen Company. Spending fell an estimated $11.6 billion to a total of $117 billion last year. The figures continue a trend of at least six straight quarters of negative growth in the ad industry<ref>https://www.nielsen.com/wp-content/uploads/sites/2/2019/04/2009-Year-End-Ad-Spend-Press-Release.pdf</ref>

There was some notable activity among product categories outside the top 10. Investment Services not only saw ad spending fall 14% to $1.3 billion in 2009, but the category also had about 1000 fewer advertisers in 2009 compared to 2008. On the other hand, spending by web-based advertisers climbed 32% to $1.1 billion, paced by dramatic spending increases by Hulu and Bing.<blockquote>“Fourth quarter ad spending was down just two percent year-over-year, and that helped soften the full-year decline,” said Terrie Brennan, senior VP for new business development at The Nielsen Company. “In fact, most of the top advertisers showed increased spending late in the year. These are encouraging signs for an ad market that’s still trying to stop the bleeding.”</blockquote>
[[File:Screenshot 2024-01-04 193459.png|center|thumb|553x553px|https://www.nielsen.com/wp-content/uploads/sites/2/2019/04/2009-Year-End-Ad-Spend-Press-Release.pdf]]
[[File:Screenshot 2024-01-04 193508.png|center|thumb|602x602px|https://www.nielsen.com/wp-content/uploads/sites/2/2019/04/2009-Year-End-Ad-Spend-Press-Release.pdf]]

== References ==

Development:Tools/Email Tool

2024-07-04T14:54:51Z

Moritz:

''Return to : [[Development:Tools|Tools]]''
==Description==
The scope of this article is to find the best email app that fits our needs.
===Components ===
* Good email features (Send Later, Snooze, Reminder)
* Calendar integrations (maybe)
==Tools==
=== Comparison Table===
====Legend ====
X = Criteria fulfilled

~ = Criteria medium fulfilled

-- = Criteria not fulfilled

() = Footnote

== Comments ==

* Most apps offer features such as Send Later, Reminders, Pin email, etc.
* When marking emails as done I think they get archived and they only pop back up if you receive a follow-up email.
* Some apps group emails directly into clusters , e.g: Updates, Promotions, Social.

{| class="wikitable"
!Name
!Consider?
!Elimination reason (or comments)
!Presentation
!USP
!Works with Gmail email address
!Work well with multiple email adresses
!Testing
!Affordable
!Additional functions
!Speed (Desktop)
!Stability
!Mobile
!AppStore Number of Reviews
!Changelog
!Team Strength
|-
|[https://www.hey.com/ HEY]
|Yes
|Extremely good app, especially their pin feature.
|[https://www.youtube.com/watch?v=4GKv8HCylZY Youtube]
|
|
|
|I think this app offers the best way of not missing any important emails, especially using their pin function. Best value for money because of their many great features.
|X ($144/year, to not be forced to use their .hey domain with a new email address)
|Extremely good for using as little time as possible on emails and greatly reducing the risk of missing important emails. Structures email very well into different places. Must watch full presentation.
|X (1 sec load time)
|
|X (same speed and functionality as on desktop)
|
|X ([https://www.hey.com/new/ link] and [https://github.com/heyxyz/hey/releases GitHub])
|~ (small company, launched in 2020 by BaseCamp, a $100 billion company) (Crunchbase [https://www.crunchbase.com/organization/hey-a1a3 Link])
|-
|[https://missiveapp.com/?ref_id=AE3F5C8F9C4F Missive]
|Maybe (tested)
|Most features it has can be found on other apps as well, but here it comes at a greater price. Some features, like Pin are very basic, just like on Gmail.
|[https://www.youtube.com/watch?v=j95F4sr5Qdw Youtube]
|
|
|
|A bit hard to find all the commands you can do for an email as they are structured in 2 or 3 places instead of just one. Their pin feature is not as good as HEY, as it looks more blend.
Depending on preferences this could also be used.
|~ (free, $168, $216, $312 /year, but paid monthly)
|Labels. Send later. Snooze. Assignments. Auto CC/BCC. Follow-up reminder.
|X
|
|X (instant)
|
|X ([https://missiveapp.com/changelog link])
| --? (very small company launched in 2015. Very few employees) (Crunchbase [https://www.crunchbase.com/organization/missive Link])
|-
|[https://superhuman.com/ Superhuman]
|Maybe
|Similar features with other apps but at a way higher price.
|[https://www.youtube.com/watch?v=gfKlNfF6Tfo Youtube]
|
|
|
|Cannot test, as they don't provide a free trial.
Taking into account the other apps that offers the same features for a lower prices I say we can exclude this one.
| -- ($300/year - Starter Plan, only one suited for 1 person)
|Commands can make your workflow way faster (min 2:25). Templates. Very fast. Unsubscribe(from spam). Can add calendar events directly when writing an email (min 4:55). Remind me. Snooze. See when people read your email.
|
|
|
|
|X ([https://new.superhuman.com/ link])
|~/X (medium sized company, which received funding, founded in 2014.) (Crunchbase [https://www.crunchbase.com/organization/superhuman link])
|-
|[https://www.shortwave.com/ Shortwave]
|Maybe (tested)
|Check out their Shortwave method : Drag and drop emails and group them together to add notes, etc (Min 1:51) Most features it has can be found on other apps as well. Some features,e.g. Pin are better than on most apps.
|[https://www.youtube.com/watch?v=f9-Bc_0NIzU Youtube]
|
|
|
|Pin feature is a bit better as instead of creating a new inbox of pinned email it sets it at the top of the normal inbox. Basic features like Snooze, Labels.
|~ ($84, $158, $288/year, free version has message at end of email "sent with shortwave", therefore not professional)
|Labels. Undo send. Scheduled send. Calendar integration. Snooze.
|X (nearly instant)
|
|X (nearly instant)
|
|X ([https://www.shortwave.com/changelog/ link])
|~ (small company. Only found 1 funding round ([https://tracxn.com/d/companies/shortwave/__VgTw3b2F6DvtNNn_m-RCzXZKFvl6I34XTB7ZA7teCF0/funding-and-investors link])
|-
|[https://sparkmailapp.com/ Spark]
|No (tested)
|Features are similar to other apps but are not as good as theirs. Download only for Desktop. Therefore - low accessibility.
|[https://www.youtube.com/watch?v=8MrnFLmnihs Youtube]
|
|
|
|Basic pin feature like on Gmail. Can put email as priority and they pop up at top of inbox. Good app but HEY has a better pin feature.
|X ($70/year)
|Moves completed emails to an archived folder. Reminders. Send later. Labels. Assignments. Pin conversations (not as well made as other apps). Snooze. Templates. Send later. Reminder.
|
|
|X (nearly instant)
|
|
|
|-
|[https://www.neo.space/ Neo]
|No
|Bad design, basic features for the most part.
|[https://www.youtube.com/watch?v=E2VPk4RcNH8 Youtube]
|
|
|
|Cannot test without putting card details.
|X ($42/mailbox/year)
|Send later. Reminders. Templates. Automations.
|
|
|
|
|
|
|-
|[https://www.emclient.com/ eM Client]
|No (tested)
|Seems a bit uglier than the rest, and a bit simpler, but has an attractive pricing. Download only.
|[https://www.youtube.com/watch?v=dqDSbVYv5sQ Youtube]
|
|
|
|No pinning for messages, only flagging and they appear like in a separate index. Offer good features, but not as well developed as other apps, especially since their design is bad.
|X ($40, $170 one time)
|Instant email translation. Snooze. Undo-send. Send later. Tags. Templates. Watch for reply (cannot be customized, only 8 hours, 1 week, etc) . Can run on Windows, Mac, iOS and Android.
|
|
|
|
|
|
|-
|[https://airmailapp.com/ Airmail]
|No? Cannot test
|Only for iOS, Mac and IPhone. Very good.
|[https://www.youtube.com/watch?v=4vfANd_7pDs Youtube]
|
|
|
|Cannot test on anything outside the Apple ecosystem.
|X ($30/year)
|Has a To Do label (and more) for emails. separating them like the Spam feature. Unsubscribe button. Receive again later (sends the mail again to your inbox e.g: in 3 days from now). Send later button ( not having to send it at the moment of writing). Has templates. Remind me - if haven't received a response in 24 hours, 48, etc). Privacy mode. Check out how to quickly go through emails at min 5:05.
|
|
|
|
|
|
|-
|[https://bluemail.me/ BlueMail]
|No (tested)
|Download only. (On Windows it can be downloaded only from Microsoft Store)
|[https://www.youtube.com/watch?v=BbTAve1pFV0 Youtube] (first 5 min)
|
|
|
|When adding account it's getting bugged and have to try adding a few times for it to work. Only read later function, read today, mark as done. Later board. Way too basic.
|X (free, $60, $144/year)
|Snooze. Full list of features [https://bluemail.me/features-functions/ here]. Mostly like others, but task boards seem useful.
|
|
|
|
|
|
|-
|[https://www.intheloop.io/ Loop Email]
|No
|Good fit for customer support businesses but not too good for personal email as it lacks a lot of features like Send Later, Remind me, etc.
|[https://www.youtube.com/watch?v=4QvpChybL3g Youtube]
|
|
|
|
|~ / -- ($180, $360/year)
|Ai assistant. Assign email to a team member. Automations.
|
|
|
|
|
|
|-
|[https://www.inky.com/ Inky]
|No
|Don't present and can't find any other features, expect what they are marketing - security.
|[https://www.youtube.com/watch?v=s5HbfQQiwbs Youtube]
|
|
|
|
|? (can only find out after demo, price per mailbox)
|Claims to focus on security.
|
|
|
|
|
|
|-
|[https://proton.me/mail Proton Mail]
|No
|Expect for security if both you and the receiver of the message use Proton, it doesn't offer too many features.
|[https://www.youtube.com/watch?v=o6j4KgZfWDY Youtube]
|
|
|
|
|X (free, $50, $120/year)
|Ad free. High security - End-to-end encrypted, but only works if both sender and reciever uses Proton Mail. Can send important data like password using a great security system (min 0:55). (only works if sender and receiver are Proton users). Proton subscription includes email, drive, VPN.
|
|
|
|
|
|
|-
|[https://clean.email/ Clean Email]
|No
|Mainly to be used for Categorized Inboxes, but seems to categorize them only with your help (intervention) and not too relevantly (wrote this after looking at their website - Features)
|
|
|
|
|
|X ($36/year)
|
|
|
|
|
|
|
|-
|[https://www.edisonmail.com/ Edison Email]
|No
|Only for iOS, Android and Mac, as download. Quite basic, except a few features.
|[https://www.youtube.com/watch?v=ZA4fOUvyyQ0 Youtube]
|
|
|
|
|X (free or paid, no price shown)
|You can make an email pop back up in your inbox in x hours.
|
|
|
|
|
|
|-
|[https://www.twobird.com/ Twobird]
|No
|Download only. Too few features.
|[https://www.youtube.com/watch?v=QOYy3faHjJg Youtube]
|
|
|
|
|X (free)
|Reminders. Labels.
|
|
|
|
|
|
|-
|[https://www.getmailbird.com/ MailBird]
|No
|Lacks a lot of features that other apps offer.
|
|
|
|
|
|X ($50, $100 pay once)
|Snooze. Labels.
|
|
|
|
|
|
|-
|[https://www.getmailspring.com/ Mail Spring]
|No
|Download only. Inboxes are not categorized like in other apps. Price is also high compared to apps that offer more at a lower price.
|[https://www.youtube.com/watch?v=Oij2U1d3yL4&t=463s Youtube]
|
|
|
|
|X ($96/year)
|Remind me - if haven't received a response in x hours. If you sent links in the email you can see if the person opened that link.
|
|
|
|
|
|
|-
|[https://www.postbox-inc.com/ Postbox]
|No
|Very basic with not many features.
|[https://www.youtube.com/watch?v=i04NmP7dHww&pp=ygUNcG9zdGJveCBlbWFpbA%3D%3D Youtube]
|
|
|
|
|X ($49 one time)
|
|
|
|
|
|
|
|-
|[https://mimestream.com/ Mimestream]
|No
|Quite a basic app. Only for MacOS.
|[https://www.youtube.com/watch?v=LmtKeKRd5kk Youtube]
|
|
|
|
|X ($50/year)
|Labels, Categorized Inbox.
|
|
|
|
|
|
|-
|[https://canarymail.io/ Canary Mail]
|No
|Too few features when compared to other apps.
|[https://www.youtube.com/watch?v=rz3HTOvK4YA Youtube]
|
|
|
|
|X (free or $20/year - Premium)
|Snooze. Pin email (not as well made as other apps)
|
|
|
|
|
|
|-
|[https://front.com/?utm_medium=referral&utm_source=partner-referral&utm_campaign=semantic_labs&utm_term=1-g-CjwKCAiAzc2tBhA6EiwArv-i6aRUjysEI2A1zJXLKsuREfLlK2XMM9zte2InV73p-Az8MbJAvNzv3BoC7acQAvD_BwE&gad_source=1 Front]
|No
|Good for helpdesks, by integrating Email, Whatsapp, etc in once place, but every integration costs $70-100/month. Outside of those, the features it offers are more for business or helpdesks. So for the normal use features, it costs way more than other apps, such as Airmail.
|[https://www.youtube.com/watch?v=VBZra-UWseM Youtube]
|
|
|
|
|~ / -- ($230/year, for small teams plan. For businesses starts at $720/year)
|Has tags (labels). Reminder if email hasn't been responded to in a certain time. Removes the use of CC by assigning email directly to a team college for example.
|
|
|
|
|
|
|-
|[https://k9mail.app/ K-9 Mail]
|No
|Only for Android
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|[https://www.getrooftop.io/ Rooftop]
|No
|Very high pricing
|
|
|
|
|
| -- ($470/year)
|
|
|
|
|
|
|
|-
|[https://mail.google.com/mail/u/0/ Gmail]
|No
|Very basic when it comes to features.
|
|
|
|
|
|X ($48, $96/year)
|
|
|
|
|
|
|
|-
|[https://outlook.live.com/owa/?rru=addevent&startdt=20231217T155000&enddt=20231217T195000&subject=Bayern%20%E2%80%93%20Ulm&location=Elisa%20Viihde%20Sport&body=Koripalloa.%20Saksan%20Bundesliiga.%20Suomenkielinen%20selostus.&allday=false&uid=1701583836171_379477841216&path=/calendar/view/Month Microsoft Outlook]
|No
|Very basic when it comes to features.
|
|
|
|
|
|X ($70/year, comes with Office subscription)
|
|
|
|
|
|
|
|}

Development:Tools/Email Tool

2024-07-02T14:33:05Z

Moritz:

''Return to : [[Development:Tools|Tools]]''
==Description==
The scope of this article is to find the best email app that fits our needs.
===Components ===
* Good email features (Send Later, Snooze, Reminder)
* Calendar integrations (maybe)
==Tools==
=== Comparison Table===
====Legend ====
X = Criteria fulfilled

~ = Criteria medium fulfilled

-- = Criteria not fulfilled

() = Footnote

== Comments ==

* Most apps offer features such as Send Later, Reminders, Pin email, etc.
* When marking emails as done I think they get archived and they only pop back up if you receive a follow-up email.
* Some apps group emails directly into clusters , e.g: Updates, Promotions, Social.

{| class="wikitable"
!Name
!Consider?
!Elimination reason (or comments)
!Presentation
!USP
!Works with Gmail email address
!Testing
!Affordable
!Additional functions
!Speed (Desktop)
!Mobile
!AppStore Number of Reviews
!Changelog
!Team Strength
|-
|[https://www.hey.com/ HEY]
|Yes
|Extremely good app, especially their pin feature.
|[https://www.youtube.com/watch?v=4GKv8HCylZY Youtube]
|
|
|I think this app offers the best way of not missing any important emails, especially using their pin function. Best value for money because of their many great features.
|X ($144/year, to not be forced to use their .hey domain with a new email address)
|Extremely good for using as little time as possible on emails and greatly reducing the risk of missing important emails. Structures email very well into different places. Must watch full presentation.
|X (1 sec load time)
|X (same speed and functionality as on desktop)
|
|X ([https://www.hey.com/new/ link] and [https://github.com/heyxyz/hey/releases GitHub])
|~ (small company, launched in 2020 by BaseCamp, a $100 billion company) (Crunchbase [https://www.crunchbase.com/organization/hey-a1a3 Link])
|-
|[https://missiveapp.com/?ref_id=AE3F5C8F9C4F Missive]
|Maybe (tested)
|Most features it has can be found on other apps as well, but here it comes at a greater price. Some features, like Pin are very basic, just like on Gmail.
|[https://www.youtube.com/watch?v=j95F4sr5Qdw Youtube]
|
|
|A bit hard to find all the commands you can do for an email as they are structured in 2 or 3 places instead of just one. Their pin feature is not as good as HEY, as it looks more blend.
Depending on preferences this could also be used.
|~ (free, $168, $216, $312 /year, but paid monthly)
|Labels. Send later. Snooze. Assignments. Auto CC/BCC. Follow-up reminder.
|X
|X (instant)
|
|X ([https://missiveapp.com/changelog link])
| --? (very small company launched in 2015. Very few employees) (Crunchbase [https://www.crunchbase.com/organization/missive Link])
|-
|[https://superhuman.com/ Superhuman]
|Maybe
|Similar features with other apps but at a way higher price.
|[https://www.youtube.com/watch?v=gfKlNfF6Tfo Youtube]
|
|
|Cannot test, as they don't provide a free trial.
Taking into account the other apps that offers the same features for a lower prices I say we can exclude this one.
| -- ($300/year - Starter Plan, only one suited for 1 person)
|Commands can make your workflow way faster (min 2:25). Templates. Very fast. Unsubscribe(from spam). Can add calendar events directly when writing an email (min 4:55). Remind me. Snooze. See when people read your email.
|
|
|
|X ([https://new.superhuman.com/ link])
|~/X (medium sized company, which received funding, founded in 2014.) (Crunchbase [https://www.crunchbase.com/organization/superhuman link])
|-
|[https://www.shortwave.com/ Shortwave]
|Maybe (tested)
|Check out their Shortwave method : Drag and drop emails and group them together to add notes, etc (Min 1:51) Most features it has can be found on other apps as well. Some features,e.g. Pin are better than on most apps.
|[https://www.youtube.com/watch?v=f9-Bc_0NIzU Youtube]
|
|
|Pin feature is a bit better as instead of creating a new inbox of pinned email it sets it at the top of the normal inbox. Basic features like Snooze, Labels.
|~ ($84, $158, $288/year, free version has message at end of email "sent with shortwave", therefore not professional)
|Labels. Undo send. Scheduled send. Calendar integration. Snooze.
|X (nearly instant)
|X (nearly instant)
|
|X ([https://www.shortwave.com/changelog/ link])
|~ (small company. Only found 1 funding round ([https://tracxn.com/d/companies/shortwave/__VgTw3b2F6DvtNNn_m-RCzXZKFvl6I34XTB7ZA7teCF0/funding-and-investors link])
|-
|[https://sparkmailapp.com/ Spark]
|No (tested)
|Features are similar to other apps but are not as good as theirs. Download only for Desktop. Therefore - low accessibility.
|[https://www.youtube.com/watch?v=8MrnFLmnihs Youtube]
|
|
|Basic pin feature like on Gmail. Can put email as priority and they pop up at top of inbox. Good app but HEY has a better pin feature.
|X ($70/year)
|Moves completed emails to an archived folder. Reminders. Send later. Labels. Assignments. Pin conversations (not as well made as other apps). Snooze. Templates. Send later. Reminder.
|
|X (nearly instant)
|
|
|
|-
|[https://www.neo.space/ Neo]
|No
|Bad design, basic features for the most part.
|[https://www.youtube.com/watch?v=E2VPk4RcNH8 Youtube]
|
|
|Cannot test without putting card details.
|X ($42/mailbox/year)
|Send later. Reminders. Templates. Automations.
|
|
|
|
|
|-
|[https://www.emclient.com/ eM Client]
|No (tested)
|Seems a bit uglier than the rest, and a bit simpler, but has an attractive pricing. Download only.
|[https://www.youtube.com/watch?v=dqDSbVYv5sQ Youtube]
|
|
|No pinning for messages, only flagging and they appear like in a separate index. Offer good features, but not as well developed as other apps, especially since their design is bad.
|X ($40, $170 one time)
|Instant email translation. Snooze. Undo-send. Send later. Tags. Templates. Watch for reply (cannot be customized, only 8 hours, 1 week, etc) . Can run on Windows, Mac, iOS and Android.
|
|
|
|
|
|-
|[https://airmailapp.com/ Airmail]
|No? Cannot test
|Only for iOS, Mac and IPhone. Very good.
|[https://www.youtube.com/watch?v=4vfANd_7pDs Youtube]
|
|
|Cannot test on anything outside the Apple ecosystem.
|X ($30/year)
|Has a To Do label (and more) for emails. separating them like the Spam feature. Unsubscribe button. Receive again later (sends the mail again to your inbox e.g: in 3 days from now). Send later button ( not having to send it at the moment of writing). Has templates. Remind me - if haven't received a response in 24 hours, 48, etc). Privacy mode. Check out how to quickly go through emails at min 5:05.
|
|
|
|
|
|-
|[https://bluemail.me/ BlueMail]
|No (tested)
|Download only. (On Windows it can be downloaded only from Microsoft Store)
|[https://www.youtube.com/watch?v=BbTAve1pFV0 Youtube] (first 5 min)
|
|
|When adding account it's getting bugged and have to try adding a few times for it to work. Only read later function, read today, mark as done. Later board. Way too basic.
|X (free, $60, $144/year)
|Snooze. Full list of features [https://bluemail.me/features-functions/ here]. Mostly like others, but task boards seem useful.
|
|
|
|
|
|-
|[https://www.intheloop.io/ Loop Email]
|No
|Good fit for customer support businesses but not too good for personal email as it lacks a lot of features like Send Later, Remind me, etc.
|[https://www.youtube.com/watch?v=4QvpChybL3g Youtube]
|
|
|
|~ / -- ($180, $360/year)
|Ai assistant. Assign email to a team member. Automations.
|
|
|
|
|
|-
|[https://www.inky.com/ Inky]
|No
|Don't present and can't find any other features, expect what they are marketing - security.
|[https://www.youtube.com/watch?v=s5HbfQQiwbs Youtube]
|
|
|
|? (can only find out after demo, price per mailbox)
|Claims to focus on security.
|
|
|
|
|
|-
|[https://proton.me/mail Proton Mail]
|No
|Expect for security if both you and the receiver of the message use Proton, it doesn't offer too many features.
|[https://www.youtube.com/watch?v=o6j4KgZfWDY Youtube]
|
|
|
|X (free, $50, $120/year)
|Ad free. High security - End-to-end encrypted, but only works if both sender and reciever uses Proton Mail. Can send important data like password using a great security system (min 0:55). (only works if sender and receiver are Proton users). Proton subscription includes email, drive, VPN.
|
|
|
|
|
|-
|[https://clean.email/ Clean Email]
|No
|Mainly to be used for Categorized Inboxes, but seems to categorize them only with your help (intervention) and not too relevantly (wrote this after looking at their website - Features)
|
|
|
|
|X ($36/year)
|
|
|
|
|
|
|-
|[https://www.edisonmail.com/ Edison Email]
|No
|Only for iOS, Android and Mac, as download. Quite basic, except a few features.
|[https://www.youtube.com/watch?v=ZA4fOUvyyQ0 Youtube]
|
|
|
|X (free or paid, no price shown)
|You can make an email pop back up in your inbox in x hours.
|
|
|
|
|
|-
|[https://www.twobird.com/ Twobird]
|No
|Download only. Too few features.
|[https://www.youtube.com/watch?v=QOYy3faHjJg Youtube]
|
|
|
|X (free)
|Reminders. Labels.
|
|
|
|
|
|-
|[https://www.getmailbird.com/ MailBird]
|No
|Lacks a lot of features that other apps offer.
|
|
|
|
|X ($50, $100 pay once)
|Snooze. Labels.
|
|
|
|
|
|-
|[https://www.getmailspring.com/ Mail Spring]
|No
|Download only. Inboxes are not categorized like in other apps. Price is also high compared to apps that offer more at a lower price.
|[https://www.youtube.com/watch?v=Oij2U1d3yL4&t=463s Youtube]
|
|
|
|X ($96/year)
|Remind me - if haven't received a response in x hours. If you sent links in the email you can see if the person opened that link.
|
|
|
|
|
|-
|[https://www.postbox-inc.com/ Postbox]
|No
|Very basic with not many features.
|[https://www.youtube.com/watch?v=i04NmP7dHww&pp=ygUNcG9zdGJveCBlbWFpbA%3D%3D Youtube]
|
|
|
|X ($49 one time)
|
|
|
|
|
|
|-
|[https://mimestream.com/ Mimestream]
|No
|Quite a basic app. Only for MacOS.
|[https://www.youtube.com/watch?v=LmtKeKRd5kk Youtube]
|
|
|
|X ($50/year)
|Labels, Categorized Inbox.
|
|
|
|
|
|-
|[https://canarymail.io/ Canary Mail]
|No
|Too few features when compared to other apps.
|[https://www.youtube.com/watch?v=rz3HTOvK4YA Youtube]
|
|
|
|X (free or $20/year - Premium)
|Snooze. Pin email (not as well made as other apps)
|
|
|
|
|
|-
|[https://front.com/?utm_medium=referral&utm_source=partner-referral&utm_campaign=semantic_labs&utm_term=1-g-CjwKCAiAzc2tBhA6EiwArv-i6aRUjysEI2A1zJXLKsuREfLlK2XMM9zte2InV73p-Az8MbJAvNzv3BoC7acQAvD_BwE&gad_source=1 Front]
|No
|Good for helpdesks, by integrating Email, Whatsapp, etc in once place, but every integration costs $70-100/month. Outside of those, the features it offers are more for business or helpdesks. So for the normal use features, it costs way more than other apps, such as Airmail.
|[https://www.youtube.com/watch?v=VBZra-UWseM Youtube]
|
|
|
|~ / -- ($230/year, for small teams plan. For businesses starts at $720/year)
|Has tags (labels). Reminder if email hasn't been responded to in a certain time. Removes the use of CC by assigning email directly to a team college for example.
|
|
|
|
|
|-
|[https://k9mail.app/ K-9 Mail]
|No
|Only for Android
|
|
|
|
|
|
|
|
|
|
|
|-
|[https://www.getrooftop.io/ Rooftop]
|No
|Very high pricing
|
|
|
|
| -- ($470/year)
|
|
|
|
|
|
|-
|[https://mail.google.com/mail/u/0/ Gmail]
|No
|Very basic when it comes to features.
|
|
|
|
|X ($48, $96/year)
|
|
|
|
|
|
|-
|[https://outlook.live.com/owa/?rru=addevent&startdt=20231217T155000&enddt=20231217T195000&subject=Bayern%20%E2%80%93%20Ulm&location=Elisa%20Viihde%20Sport&body=Koripalloa.%20Saksan%20Bundesliiga.%20Suomenkielinen%20selostus.&allday=false&uid=1701583836171_379477841216&path=/calendar/view/Month Microsoft Outlook]
|No
|Very basic when it comes to features.
|
|
|
|
|X ($70/year, comes with Office subscription)
|
|
|
|
|
|
|}

Development:Tools/Email Tool

2024-06-30T17:16:29Z

Moritz:

''Return to : [[Development:Tools|Tools]]''
==Description==
The scope of this article is to find the best email app that fits our needs.
===Components ===
* Good email features (Send Later, Snooze, Reminder)
* Calendar integrations (maybe)
==Tools==
=== Comparison Table===
====Legend ====
X = Criteria fulfilled

~ = Criteria medium fulfilled

-- = Criteria not fulfilled

() = Footnote

== Comments ==

* Most apps offer features such as Send Later, Reminders, Pin email, etc.
* When marking emails as done I think they get archived and they only pop back up if you receive a follow-up email.
* Some apps group emails directly into clusters , e.g: Updates, Promotions, Social.

{| class="wikitable"
!Name
!Consider?
!Elimination reason (or comments)
!Presentation
!USP
!Testing
!Affordable
!Additional functions
!Speed (Desktop)
!Mobile
!AppStore Number of Reviews
!Changelog
!Team Strength
|-
|[https://www.hey.com/ HEY]
|Yes
|Extremely good app, especially their pin feature.
|[https://www.youtube.com/watch?v=4GKv8HCylZY Youtube]
|
|I think this app offers the best way of not missing any important emails, especially using their pin function. Best value for money because of their many great features.
|X ($144/year, to not be forced to use their .hey domain with a new email address)
|Extremely good for using as little time as possible on emails and greatly reducing the risk of missing important emails. Structures email very well into different places. Must watch full presentation.
|X (1 sec load time)
|X (same speed and functionality as on desktop)
|
|X ([https://www.hey.com/new/ link] and [https://github.com/heyxyz/hey/releases GitHub])
|~ (small company, launched in 2020 by BaseCamp, a $100 billion company) (Crunchbase [https://www.crunchbase.com/organization/hey-a1a3 Link])
|-
|[https://missiveapp.com/?ref_id=AE3F5C8F9C4F Missive]
|Maybe (tested)
|Most features it has can be found on other apps as well, but here it comes at a greater price. Some features, like Pin are very basic, just like on Gmail.
|[https://www.youtube.com/watch?v=j95F4sr5Qdw Youtube]
|
|A bit hard to find all the commands you can do for an email as they are structured in 2 or 3 places instead of just one. Their pin feature is not as good as HEY, as it looks more blend.
Depending on preferences this could also be used.
|~ (free, $168, $216, $312 /year, but paid monthly)
|Labels. Send later. Snooze. Assignments. Auto CC/BCC. Follow-up reminder.
|X
|X (instant)
|
|X ([https://missiveapp.com/changelog link])
| --? (very small company launched in 2015. Very few employees) (Crunchbase [https://www.crunchbase.com/organization/missive Link])
|-
|[https://superhuman.com/ Superhuman]
|Maybe
|Similar features with other apps but at a way higher price.
|[https://www.youtube.com/watch?v=gfKlNfF6Tfo Youtube]
|
|Cannot test, as they don't provide a free trial.
Taking into account the other apps that offers the same features for a lower prices I say we can exclude this one.
| -- ($300/year - Starter Plan, only one suited for 1 person)
|Commands can make your workflow way faster (min 2:25). Templates. Very fast. Unsubscribe(from spam). Can add calendar events directly when writing an email (min 4:55). Remind me. Snooze. See when people read your email.
|
|
|
|X ([https://new.superhuman.com/ link])
|~/X (medium sized company, which received funding, founded in 2014.) (Crunchbase [https://www.crunchbase.com/organization/superhuman link])
|-
|[https://www.shortwave.com/ Shortwave]
|Maybe (tested)
|Check out their Shortwave method : Drag and drop emails and group them together to add notes, etc (Min 1:51) Most features it has can be found on other apps as well. Some features,e.g. Pin are better than on most apps.
|[https://www.youtube.com/watch?v=f9-Bc_0NIzU Youtube]
|
|Pin feature is a bit better as instead of creating a new inbox of pinned email it sets it at the top of the normal inbox. Basic features like Snooze, Labels.
|~ ($84, $158, $288/year, free version has message at end of email "sent with shortwave", therefore not professional)
|Labels. Undo send. Scheduled send. Calendar integration. Snooze.
|X (nearly instant)
|X (nearly instant)
|
|X ([https://www.shortwave.com/changelog/ link])
|~ (small company. Only found 1 funding round ([https://tracxn.com/d/companies/shortwave/__VgTw3b2F6DvtNNn_m-RCzXZKFvl6I34XTB7ZA7teCF0/funding-and-investors link])
|-
|[https://sparkmailapp.com/ Spark]
|No (tested)
|Features are similar to other apps but are not as good as theirs. Download only for Desktop. Therefore - low accessibility.
|[https://www.youtube.com/watch?v=8MrnFLmnihs Youtube]
|
|Basic pin feature like on Gmail. Can put email as priority and they pop up at top of inbox. Good app but HEY has a better pin feature.
|X ($70/year)
|Moves completed emails to an archived folder. Reminders. Send later. Labels. Assignments. Pin conversations (not as well made as other apps). Snooze. Templates. Send later. Reminder.
|
|X (nearly instant)
|
|
|
|-
|[https://www.neo.space/ Neo]
|No
|Bad design, basic features for the most part.
|[https://www.youtube.com/watch?v=E2VPk4RcNH8 Youtube]
|
|Cannot test without putting card details.
|X ($42/mailbox/year)
|Send later. Reminders. Templates. Automations.
|
|
|
|
|
|-
|[https://www.emclient.com/ eM Client]
|No (tested)
|Seems a bit uglier than the rest, and a bit simpler, but has an attractive pricing. Download only.
|[https://www.youtube.com/watch?v=dqDSbVYv5sQ Youtube]
|
|No pinning for messages, only flagging and they appear like in a separate index. Offer good features, but not as well developed as other apps, especially since their design is bad.
|X ($40, $170 one time)
|Instant email translation. Snooze. Undo-send. Send later. Tags. Templates. Watch for reply (cannot be customized, only 8 hours, 1 week, etc) . Can run on Windows, Mac, iOS and Android.
|
|
|
|
|
|-
|[https://airmailapp.com/ Airmail]
|No? Cannot test
|Only for iOS, Mac and IPhone. Very good.
|[https://www.youtube.com/watch?v=4vfANd_7pDs Youtube]
|
|Cannot test on anything outside the Apple ecosystem.
|X ($30/year)
|Has a To Do label (and more) for emails. separating them like the Spam feature. Unsubscribe button. Receive again later (sends the mail again to your inbox e.g: in 3 days from now). Send later button ( not having to send it at the moment of writing). Has templates. Remind me - if haven't received a response in 24 hours, 48, etc). Privacy mode. Check out how to quickly go through emails at min 5:05.
|
|
|
|
|
|-
|[https://bluemail.me/ BlueMail]
|No (tested)
|Download only. (On Windows it can be downloaded only from Microsoft Store)
|[https://www.youtube.com/watch?v=BbTAve1pFV0 Youtube] (first 5 min)
|
|When adding account it's getting bugged and have to try adding a few times for it to work. Only read later function, read today, mark as done. Later board. Way too basic.
|X (free, $60, $144/year)
|Snooze. Full list of features [https://bluemail.me/features-functions/ here]. Mostly like others, but task boards seem useful.
|
|
|
|
|
|-
|[https://www.intheloop.io/ Loop Email]
|No
|Good fit for customer support businesses but not too good for personal email as it lacks a lot of features like Send Later, Remind me, etc.
|[https://www.youtube.com/watch?v=4QvpChybL3g Youtube]
|
|
|~ / -- ($180, $360/year)
|Ai assistant. Assign email to a team member. Automations.
|
|
|
|
|
|-
|[https://www.inky.com/ Inky]
|No
|Don't present and can't find any other features, expect what they are marketing - security.
|[https://www.youtube.com/watch?v=s5HbfQQiwbs Youtube]
|
|
|? (can only find out after demo, price per mailbox)
|Claims to focus on security.
|
|
|
|
|
|-
|[https://proton.me/mail Proton Mail]
|No
|Expect for security if both you and the receiver of the message use Proton, it doesn't offer too many features.
|[https://www.youtube.com/watch?v=o6j4KgZfWDY Youtube]
|
|
|X (free, $50, $120/year)
|Ad free. High security - End-to-end encrypted, but only works if both sender and reciever uses Proton Mail. Can send important data like password using a great security system (min 0:55). (only works if sender and receiver are Proton users). Proton subscription includes email, drive, VPN.
|
|
|
|
|
|-
|[https://clean.email/ Clean Email]
|No
|Mainly to be used for Categorized Inboxes, but seems to categorize them only with your help (intervention) and not too relevantly (wrote this after looking at their website - Features)
|
|
|
|X ($36/year)
|
|
|
|
|
|
|-
|[https://www.edisonmail.com/ Edison Email]
|No
|Only for iOS, Android and Mac, as download. Quite basic, except a few features.
|[https://www.youtube.com/watch?v=ZA4fOUvyyQ0 Youtube]
|
|
|X (free or paid, no price shown)
|You can make an email pop back up in your inbox in x hours.
|
|
|
|
|
|-
|[https://www.twobird.com/ Twobird]
|No
|Download only. Too few features.
|[https://www.youtube.com/watch?v=QOYy3faHjJg Youtube]
|
|
|X (free)
|Reminders. Labels.
|
|
|
|
|
|-
|[https://www.getmailbird.com/ MailBird]
|No
|Lacks a lot of features that other apps offer.
|
|
|
|X ($50, $100 pay once)
|Snooze. Labels.
|
|
|
|
|
|-
|[https://www.getmailspring.com/ Mail Spring]
|No
|Download only. Inboxes are not categorized like in other apps. Price is also high compared to apps that offer more at a lower price.
|[https://www.youtube.com/watch?v=Oij2U1d3yL4&t=463s Youtube]
|
|
|X ($96/year)
|Remind me - if haven't received a response in x hours. If you sent links in the email you can see if the person opened that link.
|
|
|
|
|
|-
|[https://www.postbox-inc.com/ Postbox]
|No
|Very basic with not many features.
|[https://www.youtube.com/watch?v=i04NmP7dHww&pp=ygUNcG9zdGJveCBlbWFpbA%3D%3D Youtube]
|
|
|X ($49 one time)
|
|
|
|
|
|
|-
|[https://mimestream.com/ Mimestream]
|No
|Quite a basic app. Only for MacOS.
|[https://www.youtube.com/watch?v=LmtKeKRd5kk Youtube]
|
|
|X ($50/year)
|Labels, Categorized Inbox.
|
|
|
|
|
|-
|[https://canarymail.io/ Canary Mail]
|No
|Too few features when compared to other apps.
|[https://www.youtube.com/watch?v=rz3HTOvK4YA Youtube]
|
|
|X (free or $20/year - Premium)
|Snooze. Pin email (not as well made as other apps)
|
|
|
|
|
|-
|[https://front.com/?utm_medium=referral&utm_source=partner-referral&utm_campaign=semantic_labs&utm_term=1-g-CjwKCAiAzc2tBhA6EiwArv-i6aRUjysEI2A1zJXLKsuREfLlK2XMM9zte2InV73p-Az8MbJAvNzv3BoC7acQAvD_BwE&gad_source=1 Front]
|No
|Good for helpdesks, by integrating Email, Whatsapp, etc in once place, but every integration costs $70-100/month. Outside of those, the features it offers are more for business or helpdesks. So for the normal use features, it costs way more than other apps, such as Airmail.
|[https://www.youtube.com/watch?v=VBZra-UWseM Youtube]
|
|
|~ / -- ($230/year, for small teams plan. For businesses starts at $720/year)
|Has tags (labels). Reminder if email hasn't been responded to in a certain time. Removes the use of CC by assigning email directly to a team college for example.
|
|
|
|
|
|-
|[https://k9mail.app/ K-9 Mail]
|No
|Only for Android
|
|
|
|
|
|
|
|
|
|
|-
|[https://www.getrooftop.io/ Rooftop]
|No
|Very high pricing
|
|
|
| -- ($470/year)
|
|
|
|
|
|
|-
|[https://mail.google.com/mail/u/0/ Gmail]
|No
|Very basic when it comes to features.
|
|
|
|X ($48, $96/year)
|
|
|
|
|
|
|-
|[https://outlook.live.com/owa/?rru=addevent&startdt=20231217T155000&enddt=20231217T195000&subject=Bayern%20%E2%80%93%20Ulm&location=Elisa%20Viihde%20Sport&body=Koripalloa.%20Saksan%20Bundesliiga.%20Suomenkielinen%20selostus.&allday=false&uid=1701583836171_379477841216&path=/calendar/view/Month Microsoft Outlook]
|No
|Very basic when it comes to features.
|
|
|
|X ($70/year, comes with Office subscription)
|
|
|
|
|
|
|}

Volkswagen:Product

2024-06-07T12:52:45Z

Moritz:

Return to [[Volkswagen]] | [[Volkswagen:Product]]

The purpose of this article is to provide detailed informations about upcoming Volkswagen vehicles which help us to project [https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1292059112 Volkswagen Unit sales] and factor those projections into our [https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1414737805 Volkswagen Valuation model].

== Summary ==
Volkswagen will bring 30 new models in 2024<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-3-percent-more-vehicles-in-the-first-quarter-18318</ref>. Some of these models have seen significant changes while others are still almost the same as before. Here we have covered only those models that Volkswagen claims to have significant changes and are associated with large deliveries<ref>https://miro.com/app/board/uXjVNgE1mpk=/?moveToWidget=3458764585479337332&cot=14</ref>. The new Panamera, Passat and Kodiaq look more appealing. Here is a summary of the changes made to each model as well as our assessment:
{| class="wikitable"
|+
!Facelift
!Pros
!Cons
!Past sales performance
!Price of the base model
!Assessment
|-
|2024 Porsche Panamera
|
* Improved performance and more standard tech features.
* Better design.
* Has received great customer attention.
|
* The new Porsche Active Ride suspension system which has been praised is available as an option
|• 34,020 Panameras delivered in 2023, accounting for 11% of Porsche's deliveries.
|107,800 euros. Around 10,000 euros more than that of the outgoing model.
|The 2024 Panamera comes with more power, additional tech features and better design. Customer reception also looks good judging on comments. However, given that deliveries began in Q2 2024, I expect the changes to bring in 3,000 more sales this year.
|-
|2024 Porsche Taycan
|
* More power and additional tech features as standard.
* Design of the old Taycan was well liked.
|
* Little interior and exterior changes.
* Most people aren't impressed with how the residual values of the old Taycan EV has performed.
|
* 40,629 Taycans delivered in 2023 accounting for 11% of Porsche's deliveries.
|101,500 euros. Around 8,000 euros more than that of the outgoing model.
|The 2024 Porsche Taycan is an improved version of its old model. However, reception doesn't look good given the current residual values of EVs. Also, deliveries of the facelift will begin in the second half of 2024. As such, I expect deliveries of the model to decline by around 21% in 2024. However, I expect deliveries to pick up in 2025 with the addition of around 3,000 units.
|-
|2024 Volkswagen Tiguan
|
* More spacious than the old model.
* Better tech and cabin materials.
|
* A number of important features are optional.
* Exterior design appears to be a big turnoff to most people.
|
* It's one of Volkswagen's best -seller.
* 499,000 of the old model were sold in 2023.
|36,600 eurs. Around 3,000 euros more than that of the outgoing model.
|The new Tiguan looks like a big turnoff to most people out there. However, given its added space, better tech, upmarket materials and popularity, it could attract some 5,000 more sales this year compared to last year.
|-
|2024 Volkswagen Passat
|
* More space, more flashy interior and more efficiency.
* More steering wheel buttons than its predecessor.
* Reception of the new model looks great.
|
* Most complaints are on the eliminated HVAC buttons.
|
* It's one of Volkswagen's best-seller.
* 490,000 Passats were delivered to customers in 2023.
|39,995 euros. Around 3,000 euros more than that of the outgoing model.
|The new Passat looks like it has received great reception. I am also impressed by the improved features. As a result, I expect 20,000 more units to be delivered this year.
|-
|2024 Volkswagen Atlas
|
* Still spacious enough.
* Interior has seen heavy uplifting.
|
* V6 engine has been replaced with with a four-cylinder turbocharged engine, an act that hasn't been received well by customers.
* Lack of HVAC knobs.
* Exterior design hasn't changed much.
* Hasn't received great excitement from customers.
|
* 115,000 Atlas models were sold in 2021.
* Given that it's mainly sold in U.S, it's important strategically.
|35,000 euros. Around 2,600 more euros than the old Atlas.
|The new Atlas hasn't received major changes but an increase of 2,600 euros may not be good for a model that's mainly sold in U.S. Therefore, I expect the changes to cause deliveries to decline by some 2,000 units. But its sales haven't been significant for the group lately.
|-
|2024 Audi Q4 e-tron
|
* More power and efficiency.
* More standard tech features.
* Some upmarket tweaks to the interior.
* Not changes in pricing, hence could attract more sales.
|
* Nothing much that differentiates it from the likes of Volkswagen ID.4 and Skoda Enyang.
|
* 111,000 units of this model were delivered in 2023 (+112% y/y).
|52,950 euros, unchanged from that of the outgoing model.
|The 2024 Audi Q4 e-tron is a slightly improved version of the outgoing model. Given that the outgoing model had been received well by customers, I also expect this one to do well. I expect 20,000 more units to be delivered this year compared to last year.
|-
|2024 Skoda Octavia
|
* More upmarket interior and better tech.
* As spacious as before.
|
* No much changes on the exterior.
* Many people are disappointed with the lack of HVAC buttons.
* Pricing a bit higher than that of its predecessor.
|
* Skoda delivered 191,941 Octavia vehicles in 2023; hence the model was the number one best-seller.
|30,730 euros. Around 1,500 euros more than the outgoing model.
|Based on reviews, the Skoda Octavia was already a good vehicle at its pricing. Hence the added tweaks could make it more attractive. I expect around 15,000 more units to be delivered this year compared to 2023.
|-
|2024 Skoda Kodiaq
|
* HVAC knobs have been retained.
* More spacious than its predecessor.
* The model looks appealing in all areas.
|
* Sharp increase in pricing.
|
* 105,847 Kodiaqs delivered in 2023 accounting for 12% of Skoda's deliveries.
|41,990 euros. Around 2,000 euros more than the old model.
|I am quite impressed by the improvements made to this model. Looks like customers are also excited about it. In fact there are comments that say the new Kodiaq is better than the new Tiguan. As such, I expect 30,000 more units to be delivered this year compared to last year.
|-
|2024 Skoda Kamiq
|
* Minor tweaks to the interior and exterior
* Slightly more spacious than the old model.
* Slightly more powerful than its predecessor.
|
* Still lacks visual touches.
|
* 116,461 Kamiqs delivered in 2023 accounting for 13% of Skoda's deliveries (866,820).
|24,390 euros. Around 1,000 euros more than the old version.
|Like the Skoda Octavia, the Skoda Kamiq was already a good vehicle at its pricing. Therefore, the added tweaks could make it more attractive. As a result, I expect deliveries of this model to increase by around 11,000 this year.
|}

== Porsche ==

=== 2024 Porsche Panamera ===

* Launched in March 2024. Deliveries to start immediately after launch<ref>https://www.porsche.com/stories/mobility/the-new-2024-porsche-panamera/</ref>.

{| class="wikitable"
!Specifications
!2024 Porsche Macan Panamera
!2024 Mercedes AMG GT 4-door Coupe
|-
|Engine Power
|
* Modifications have been made to the 2.9-litre V6 turbo engine in the base model to increase power by 23PS to 353PS<ref name=":7">https://www.porsche.com/stories/mobility/the-new-2024-porsche-panamera</ref>.
* The E-hybrids use a 4.0-litre V8 turbo engine (a significant upgrade compared to the outgoing model) that produces an output of 680PS<ref name=":7" />.
|Twin-turbo 4.0-liter V-8. 475PS 91) power and 585PS (2)<ref name=":8">https://www.mbusa.com/en/future-vehicles/2024-mercedes-amg-gt-coupe</ref>
|-
|Speeed
|
* Can accelerate from from 0-100km/h in 5.1 seconds and boasts a top speed of 272km/h<ref name=":7" />.
* The all-wheel drive can accelerate from 0-100km/h in 4.8 seconds and reaches a top speed of 270km/h<ref name=":7" />.
* The E-hybrids can accelerate from 0-100km/h in 3.2 seconds and have a top speed of 315km/h<ref name=":7" />.
|0–60 mph in 3.8 seconds (1) and 0–60 mph in 3.1 seconds <ref name=":8" />
|-
|Design
|Review 1: The exterior has been redesigned to make it look more modern and chiselled as opposed to the old rounded look, added self-closing doors, sunroof is not a fulll panoramic, the passenger interior is not as big as expected, the interior adopts that of Taycan<ref>https://www.youtube.com/watch?v=ZmWdKRAQpzU</ref>, which has always been praised<ref>https://www.carscoops.com/2023/11/2024-porsche-panamera-has-taycan-the-best-interior-bits-from-its-ev-brother/</ref>.

Review 2: The vehicle side design has a more Taycan vibe, sitting adjustment is electric, the steering wheel has a perfect view to it, the steering wheel leathers are excellent, door handle is firm, buttons such as traction control are now at illogic locations (Volkswagen disorganized lately), more on the humble side compared to Audi when it comes to infontainment system, back space is small, has a more sharp design at the front, underperforms competitors when it comes to the limousine aspect. Boot space bigger than that of Mercedes S-Class<ref>https://www.youtube.com/watch?v=4XOC4SuE7O0</ref>.

Review 3: Porsche place key buttons such as air controls within the immediate vicinity of the driver<ref>https://www.youtube.com/watch?v=4doEiBr8Hyc</ref>.

Review 4: More boot space than before, more leg room, plenty of sub-par material , more athletic than before<ref>https://www.autocar.co.uk/car-review/porsche/panamera</ref>.
|
|-
|Cargo Capacity
|494 litres<ref>https://www.parkers.co.uk/porsche/panamera/review/</ref>
|320 litres<ref>https://www.autoevolution.com/cars/mercedes-amg-amg-gt-coupe-2023.html#aeng_mercedes-amg-amg-gt-coupe-2023-40l-v8-9at-awd-585-hp</ref>
|-
|Tech
|
* Newly developed Porsche Active Suspension Management (PASM) which reduces impacts on tranverse joints of the road has been fitted as a standard<ref name=":7" />.
* The new Porsche Active Ride suspension system which allows the car to lean into corners, combat rapid acceleration and raise the car's body to make it easier for the driver to get in and out, have been fitted as an option in the 4 new E-hybrids<ref name=":7" />.
* Significant upgrade of assistant systems such as making active speed assistant standard, which regulates speeds on traffic signs. Porsche InnoDrive which junction, lane and swerve assistance has been enhanced. The new Remote ParkAssist enables automatic parking using smartphone<ref name=":7" />.
* The new model has more options than its rivals which increases the price<ref>https://www.parkers.co.uk/porsche/panamera/review/</ref>.
|
|-
|Maintainance heavy?
|Repair costs for the 2024 model are not out yet. But Porsche is generally more expensive to maintain than other luxury brands. RepairPal estimates it will cost Porsche $1,192 per year to maintain, Mercedes ($908) and BMW ($968)<ref>https://www.marketwatch.com/guides/car-warranty/porsche-maintenance-cost/</ref>
|
|-
|Hyped?
|Review 1: Test rides confirm what the firm is saying i.e stability, comfort and ability to rise and fall as the driver enters. Tyre noise is hard on rough roads though<ref>https://www.youtube.com/watch?v=2pFFHJ-jVyE</ref>.
Review 2: Tyre noise is hard on rough roads when using the base model. Otherwise, the car offers great comfort and stability<ref>https://www.parkers.co.uk/porsche/panamera/review/</ref>.
|
|-
|In a popular category? or similar to the current modelS?
|Its direct competitors would be Mercedes AMG GT 4-door Coupe and BMW 8 Series Gran Coupe<ref>https://www.capitalone.com/cars/learn/finding-the-right-car/2024-porsche-panamera-first-drive-review-refined-not-rebooted/3095</ref>
|
|-
|Fuel economy
|4.8 gals/100 miles<ref>https://www.fueleconomy.gov/Feg/noframes/47761.shtml</ref>
|6.2 gals/100 miles<ref>https://fueleconomy.gov/feg/noframes/47565.shtml</ref>
|-
|Built quality
|Review 1: Comes with huge air intakes that improve aerodynamics<ref name=":9">https://www.youtube.com/watch?v=f5f9dSWRHEE</ref>.

Review 2: Nice build quality with door handles and so on<ref>https://www.youtube.com/watch?v=u54USQyaQvM</ref>.

Review 3: The exterior and trunk build quality is insane!<ref name=":9" />

Review 4: Upgraded the engine to last into the future<ref>https://www.youtube.com/watch?v=2pFFHJ-jVyE</ref>.

Review 5: Interior build quality is high<ref>https://www.youtube.com/watch?v=lru7tRJ0U7E</ref>.

Review 6: The leather, the controls and the metal paddles show the quality.
|
|-
|Price
|In Germany, Panamera costs €107,800 (around €10,000 more than the old model) while Panamera Turbo E-Hybrid starts at €192,500
In U.S, Panamera starts at $99,900<ref>https://newsroom.porsche.com/en_US/2023/products/The_new_2024_Panamera_More_digitai_more_luxurious_more_efficient-34461.html</ref> ($7,500 more than the 2023 model<ref>https://www.cars.com/research/compare/?vehicles=porsche-panamera-2023%2Cporsche-panamera-2024</ref>)
|Mercedes-AMG GT 43 4MATIC+ (base model) costs €111,032 while the Mercedes-AMG GT 63 S 4MATIC+ starts at €185,348.<ref>https://www.mercedes-benz.de/passengercars/mercedes-benz-cars/car-configurator.html/motorization/CCci/DE/de/GT-KLASSE/4-TUERER%20COUPE</ref>
|}

'''Photos''' [[File:Panamera 2024.png|left|thumb|2024 Porsche PanameraSource: Porsche

]]
[[File:Panamera 2023 .png|center|thumb|2023 Porsche PanameraSource: MotorTrend]]
[[File:Panamera 2024 .png|left|thumb|2024 Porsche PanameraSource: Porsche]]
[[File:Porsche 2023 .png|center|thumb|2023 Porsche PanameraSource: MotorTrend]]
[[File:Panamera 2024 3.png|left|thumb|2024 Porsche PanameraSource: Porsche]]
[[File:Panamera 2023 3.png|center|thumb|2023 Porsche PanameraSource: MotorTrend]]

=== 2024 Porsche Taycan ===

* It will arrive at Porsche Centres from the spring of 2024<ref>https://newsroom.porsche.com/en/2024/products/porsche-the-new-taycan-35190.html#:~:text=The%20revised%20versions%20will%20arrive,electric%20sports%20car%20from%20Porsche.</ref>.

* The most important individual markets for the Taycan are the US, the UK, Germany and China<ref name=":10">https://newsroom.porsche.com/en/2024/products/porsche-the-new-taycan-35190.html</ref>.
* '''It appears the main changes are under the hood (tech and performance).'''

{| class="wikitable"
!Specifications
!2024 Porsche Taycan
|-
|Engine Power
|Taycan delivers 60kW more than before while Taycan Turbo S has seen
its power improved by 140kW to 700 kW/952 PS<ref name=":10" />.
|-
|Speeed
|The Taycan and Taycan Turbo S are 0.6 and 0.4 seconds faster
than their predecessors, accelerating from 0-100km/hr in 4.8 seconds

and 2.4 seconds,respectively<ref name=":10" />.
|-
|Range
|The new Taycan has seen its range improved by up to 35% to 678km depending
on the engine and model variant.
|-
|Charging capacity
|
* It can charge from 10 to 80 percent at 18 minutes, half the time it took the predecessor

to be recharged<ref name=":10" />.

* Battery performance has been improved from 93 kWh to 105 kWh.
|-
|Tech
|
* It comes with adaptive air suspension as standard<ref name=":10" />.
* The newly developed Active Ride suspension can be added as an option. The system provides a smooth ride by absorbing the bumps and ensures balanced distribution of wheel loads<ref name=":10" />.
* The new model comes with more standard features such as ParkAssist with reversing camera, Porsche Intelligent Range Manager (PIRM), Drive Mode switch, Power Steering Plus, heated seats, smartphone tray for wireless charging, etc<ref name=":10" />.
|-
|Design
|
* All variants now come with aerodynamically optimised wheels and reduced-rolling-resistance tyres.
* The body now weighs up to 15 kilograms less.
* The base models are now equipped with aluminium door sill protectors as standard.
* Comes with new headlights that feature high-resolution HD matrix technology.
* The Turbonite color is meant to make the new model distinctive from other versions<ref name=":10" />.
|-
|Cargo Capacity
|17.2 cu.ft. (average)<ref>https://www.edmunds.com/porsche/taycan/</ref>
|-
|Maintainance heavy?
|
* JD Power has assigned the 2024 Porsche Taycan a 76% quality and reliability rating.
* The 2024 Porsche Taycan comes with a a four-year/50,000-mile basic warranty and an eight-year/100,000-mile warranty<ref>https://cars.usnews.com/cars-trucks/porsche/taycan/reliability</ref>.
|-
|Hyped?
What's its built quality?
|Review 1: The power of Taycan Turbo S is insane! but no real surprises in the exterior design<ref>https://www.youtube.com/watch?v=v0Uud7pIdYA</ref>

Review 2: Review 1: Nothing much has changed in the interior (only a few improvements to the infontainment) when

it comes to the facelift<ref>https://www.youtube.com/watch?v=jex5I6LYtC8</ref>

Review 3: Capacity, especially back seats are not up to standard. It has shallow bottle holders in the

back seat<ref>https://www.youtube.com/watch?v=jex5I6LYtC8</ref>.

Review 4: High material cabin quality<ref>https://www.autocar.co.uk/car-review/porsche/taycan</ref>.

Review 5: Top-notch build quality<ref>https://www.driving.co.uk/car-reviews/first-drive/porsche-taycan-2024-review/</ref>
|-
|In a popular category? or similar to the current models?
|
|-
|Price
|In Germany Taycan starts at 101,500 euros (around 8,000 euros more than the old model) while Taycan Turbo S starts at 209,900 euros<ref>https://configurator.porsche.com/de-DE/model-start/taycan</ref>.
In U.S Taycan starts at $99,400<ref>https://www.porsche.com/usa/models/taycan/</ref> ($12,600 more than the 2023 model<ref>https://www.cars.com/research/compare/?vehicles=porsche-taycan-2023%2Cporsche-taycan_cross_turismo-2024</ref>)

Price is 8% more than that of pre-facelifted version<ref>https://www.autocar.co.uk/car-review/porsche/taycan</ref>.
|}
'''Photos'''
[[File:2024 Porsche Taycan 1.png|left|thumb|2024 Porsche TaycanSource: Porsche]]
[[File:Screenshot 2024-05-30 121919.png|center|thumb|2023 Porsche TaycanSource: MotorTrend]]
[[File:Screenshot 2024-05-30 122659.png|left|thumb|2024 Porsche TaycanSource: Porsche]]
[[File:Screenshot 2024-05-30 122831.png|center|thumb|2023 Porsche TaycanSource:MotorTrend]]

== Audi ==

=== 2024 Audi Q4 e-tron ===
{| class="wikitable"
!Specifications
!2024 Audi Q4 e-tron
|-
|Engine Power
|Audi says the new model comes with more power and efficiency<ref>https://www.audi-mediacenter.com/en/press-releases/update-for-the-audi-q4-e-tron-more-range-more-efficiency-more-emotions-15594</ref>.

* Audi Q4 45 e-tron and the Audi Q4 Sportback 45 e-tron produces 210 kW (286 PS) and accelerate from 0 to 100km/h in 6.7 seconds (1.8 seconds faster than the old model).
* Audi Q4 45 e-tron quattro and the Audi Q4 Sportback 45 e-tron quattro produces 210 kW (286 PS) and accelerate from 0 to100km/h in 6.6 seconds.
* Audi Q4 55 e-tron quattro and Audi Q4 Sportback 55 e-tron quattro produces 250 kW (340 PS) and accelerate from 0 to100km/h in 5.4 seconds (0.8 seconds faster than the old model).
|-
|Speeed
|
* Top speed for all the models is 180 km/h (112 mph).
|-
|Battery and charging capacity
|
* The new model comes with a larger battery that provides 77 kWh of net energy (82 kWh gross).
* Improved charging power. It can now charge from 10 to 80 percent in around 28 minutes under ideal conditions
|-
|Range
|
* Audi Q4 45 e-tron has a range of up to 544 km (338 miles compared to 322 miles in the old model)

* Audi Q4 Sportback 45 e-tron has a range of up to 562 kilometers (349 miles).
|-
|Design
|
* Review 1: Bottle space at the front door is huge. Enough room in the back seats<ref name=":11">https://www.youtube.com/watch?v=qhK9R_pPPas</ref>.
* Review 2: The interior looks futuristic<ref>https://www.youtube.com/watch?v=R56NFy1sbwk</ref>.
* Review 3: The exterior design for the base model isn't fancy but Audi has tried to give the new model some upmarket details such as thick front pumper, large grille and full-width rare lights. The rare lights have a cool signature that dances around when you lock and unlock the car. Has lots of leg and head room. The interior feels upmarket though its doors and dashboard comes with some cheap plastics<ref>https://www.carwow.co.uk/audi/q4-e-tron#gref</ref>.
* Review 4: The new model doesn't respond well to corners but rides well under normal circumstances<ref>https://www.autoexpress.co.uk/audi/q4-e-tron/362504/new-audi-q4-e-tron-2024-review-more-power-more-range-and-faster-charging</ref>.
* Review 5: The design is unlike-Audi<ref>https://www.autocar.co.uk/car-review/audi/q4-e-tron</ref>.
|-
|Cargo Capacity
|Review 1: 520 litres boot capacity <ref name=":11" />
|-
|Tech
|
* The suspension has been fine-tuned to provide greater comfort.
* Audi MMI navigation plus, Audi connect Navigation & Infotainment are now standard.
* Heated front seats and 10.25 inch instrument panel Audi virtual cockpit are now standard.
* New acoustic system that distinguishes it from other Audi EV models and that of other manufactures.
|-
|Energy effeciency
|
* The new model uses optimized thermal management for greater efficiency.
|-
|Maintainance heavy?
|
* J.D Power has assigned the 2024 Audi Q4 e-tron a reliability score of 63<ref>https://cars.usnews.com/cars-trucks/audi/q4-e-tron/reliability</ref>.
|-
|Hyped?
|No
|-
|In a popular category? or similar to the current modelS?
|Nothing much that makes it stand out from its sister cars such as Volkswagen ID.4 and Skoda Enyang.
|-
|Built quality
|Review 1: Built quality is sturdy with no detectable creaks or squeaks, even over rough roads<ref>https://www.truecar.com/audi/q4-e-tron/</ref>.
|-
|Price
|
* Starts at 52,950 euros in Germany.
* Price of the new variant is unchanged from the old one<ref>https://www.cars.com/articles/2024-audi-q4-55-e-tron-replaces-q4-50-gets-more-power-and-greater-range-479084/#:~:text=Despite%20the%20upgrades%2C%20pricing%20for,both%20prices%20include%20%241%2C195%20destination).</ref>.
|}
'''Photos'''
[[File:2024 Audi Q4 e-tron 1.png|left|thumb|2024 Audi Q4 e-tron Source: Audi]]
[[File:2023 Audi Q4 e-tron 1.png|center|thumb|2023 Audi Q4 e-tron Source: MotorTrend]]

[[File:2024 Audi Q4 e-tron 2.png|left|thumb|2024 Audi Q4 e-tron Source: Audi]]
[[File:2023 Audi Q4 e-tron 2.png|center|thumb|2023 Audi Q4 e-tronSource: MotorTrend ]]

[[File:2024 Audi Q4 e-tron 3.png|left|thumb|2024 Audi Q4 e-tron Source: Audi]]
[[File:2023 Audi Q4 e-tron 4.png|center|thumb|2023 Audi Q4 e-tron Source: MotorTrend]]

== Volkswagen Passenger Cars ==

=== The 2024 Volkswagen Tiguan ===
{| class="wikitable"
!Specifications
!2024 Volkswagen Tiguan
|-
|Engine Power
|
* The new model will be available in eight different mild hybrid (eTSI), plug-in hybrid (eHybrid), turbocharged petrol (TSI) and turbocharged diesel (TDI) drives.
* The eTSI drives deliver an output of 96 kW (130 PS) and 110 kW (150 PS)<ref name=":12">https://www.volkswagen-newsroom.com/en/press-releases/the-all-new-tiguan-is-now-available-to-order-in-europe-17886</ref>.
|-
|Range
|
* The eHybrid has an all-electric range of up to 100km and can be charged using a 50 kW fast charger<ref name=":12" />.
|-
|Design
|
* Volkswagen says the new model comes with new design; higher and more powerful looking front-end which improves the drag coefficient from 0.33 to 0.28. A glass-covered horizontal bar which houses the optional LED strip replaces the traditional radiator grille<ref name=":12" />.
* Volkswagen says it has completely redesigned the interior with high-quality materials and high finish standard<ref name=":12" />.

|-
|Cargo Capacity
|Has a boot space of 652 liters (40 liters more than that of the old model).
|-
|Tech
|
* The new IQ.LIGHT HD matrix headlights with 38,400 multi-pixel LEDs are optional in the new Tiguan<ref name=":12" />.
* The company notes that the components of the latest modular infotainment matrix (MIB4) are merged on the board to create an intuitive space. The modules include the new IDA voice assistant, new Digital Cockpit ((digital instruments with anti-reflective coating in tablet landscape format), 12.9 inches infotainment screen (15 inches comes as optional)<ref name=":12" />.
* The new Tiguan has an optional new ergoActive Plus seats with pneumatic massage. The seat's heating and ventilation can also be activated automatically, depending on the outside temperature<ref name=":12" />.
|-
|Maintainance heavy?
|The 2024 Tiguan currently has a 75% quality and reliability score at J.D Power<ref>https://cars.usnews.com/cars-trucks/volkswagen/tiguan/reliability</ref>.
|-
|Hyped?
|No
|-
|In a popular category? or similar to the current modelS?
|Similar to current models.
|-
|Fuel economy
|24 mpg city and 31 mpg highway. 27 mpg (3.7 gal/100 mi) combined as per EPA estimates<ref>https://www.fueleconomy.gov/feg/PowerSearch.do?action=noform&path=1&year1=2024&year2=2024&make=Volkswagen&baseModel=Tiguan&srchtyp=ymm&pageno=1&rowLimit=50</ref>
|-
|Built quality
|Reviews haven't established any issue around the build quality.
|-
|Price
|
* Basic model starts at 36,600 euros in Germany<ref name=":12" />, around 3,000 euros more than the old model.
* In U.S it starts at $29,855, an increase of $1,610 over the pre-facelifted version<ref>https://www.cars.com/research/volkswagen-tiguan-2024/#:~:text=The%202024%20Tiguan%20starts%20at,in%20a%202023%20Volkswagen%20Tiguan%3F</ref>.
|-
|Reviews
|Review 1: The new Tiguan has a modern high-tech interior. Its exterior hasn't changed much but the LED headlight strips give it a new look. Material quality used in the interior outperforms that of SUVs in a similar price range. Build quality is also solid. The infotainment is a big leap forward from that of the old model. The awkward touch-sensitive controls (at the steering wheel) in the old model have been replaced with proper buttons. Its boot space is considerably bigger than anything else at its price.<ref>https://www.carwow.co.uk/volkswagen/tiguan#gref</ref>.

Review 2: The exterior design looks blunt. Interior design and texture looks nice. Without the dynamic chassis control which comes as an option, the car is a bit bumpy<ref>https://www.youtube.com/watch?v=8dGwORWaITA</ref>

Review 3: The cabin materials are better than before. The cabin design and tech isn't particularly ground-breaking<ref>https://www.youtube.com/watch?v=OkJpALb2_GE</ref>.

Review 4: Exterior design has been borrowed from Tuareg (that sits above it). It's 30mm longer than before with height which is 4 mm higher than before. Higher headroom and legroom than before. The interior has been upgraded for the better.

Review 5: The new model has a less sharp exterior compared to the old model (i.e it adopts a soft design). Also the plastic used in the front isn't appealing. Cabin materials are of better quality than that used in the old model. Air vents are now better angled towards the passengers<ref>https://www.youtube.com/watch?v=O0LokHmsaLM</ref>.

Review 6: The sharpness in the old Tiguan has been removed. The new Tiguan adopts a more curvy and rounded approach<ref>https://www.youtube.com/watch?v=O0LokHmsaLM</ref>.

Review 7: Panel gaps and so on look good. Looks like a good build quality<ref>https://www.youtube.com/watch?v=eS-sv22lFKc</ref>.
|-
|'''Assessment'''
|'''The new 2024 Tiguan is more spacious than the old one. It also comes with better tech and cabin materials. However, some important features such as the new IQ.LIGHT HD matrix headlights, the dynamic chassis control and the ergoActive Plus seats are optional. Also, its exterior design appears to be a big turnoff to most people out there who have dared to give their personal opinion. The other positive thing about it is that no one has complained about its build quality.'''
|}
'''Photos'''

[[File:2024 Volkswagen Tiguan.png|left|thumb|2024 Volkswagen TiguanSource: Volkswagen]]
[[File:2023 Volkswagen Tiguan.png|center|thumb|2023 Volkswagen TiguanSource: MotorTrend]]

[[File:2024 Volkswagen Tiguan 4.png|left|thumb|2024 Volkswagen Tiguan Source: MotorTrend|319x319px]]
[[File:2023 Volkswagen Tiguan 3.png|center|thumb|2023 Volkswagen TiguanSource: MotorTrend]]

=== The 2024 Volkswagen Atlas ===
{| class="wikitable"
!Specifications
!The 2024 Volkswagen Atlas
|-
|Engine Power
|
* A four-cylinder turbocharged and direct-injection TSI® engine replaces the outgoing VR6<ref name=":13">https://www.volkswagen-newsroom.com/en/press-releases/2024-volkswagen-atlas-and-atlas-cross-sport-debut-at-the-chicago-auto-show-15438</ref>.
* The new engine provides 269 horsepower and 273 lb-ft of torque but has improved fuel economy, drivability and acceleration compared to the outgoing engine<ref name=":13" />.
|-
|Design
|
* Volkswagen said the whole of the interior received premium materials in the new upgrade<ref name=":13" />.
* Heated steering wheel, ventilated front seats, height-adjustable passenger seat and Climatronic® automatic climate control and Voice Control are now standard in the new Atlas<ref name=":13" />.
* Volkswagen said the new model features a new front-end design that provides greater differentiation between Atlas and Atlas Cross Sport. The front end has a new fascia with integrated air intakes while the rear has been designed to be sleeker<ref name=":13" />.
* The new model gets new wheel designs ranging from 18 to 20 inches<ref name=":13" />.
|-
|Cargo Capacity
|2,735 liters with rear seats folded
|-
|Tech
|
* Volkswagen says the new model's cockpit has been redesigned featuring a 10.25-inch fully configurable Volkswagen Digital Cockpit Pro<ref name=":13" />.
* 12-inch infotainment screen is now standard.
* Volkswagen has made it easier to connect devices with standard wireless App-Connect, wireless charging, and six USB-C ports<ref name=":13" />.
* IQ.DRIVE® driver assistance technology is now standard<ref name=":13" />.
|-
|Maintainance heavy?
|
* Volkswagen says the 2024 Volkswagen Atlas costs less to maintain compared to the Toyota 4Runner and Highlander, Honda Pilot and Passport, Subaru Outback and Ascent. It cited a July 10, 2023 study conducted by Vincentric, LLC<ref>https://www.vw.com/en/models/atlas.html</ref>.
|-
|Hyped?
|No
|-
|Towing capacity
|Unchanged at 5,000 pounds
|-
|In a popular category? or similar to the current modelS?
|Similar to current models
|-
|Fuel economy
|23 MPG combined city/highway (4.3 gals/ 100 miles)<ref>https://www.fueleconomy.gov/feg/bymodel/2024_Volkswagen_Atlas.shtml</ref>
|-
|Built quality
|No complains so far.
|-
|Price
|
* Starts at 37,995 dollars in the U.S. An increase of $2,843 over the 2023 version<ref>https://www.cars.com/research/volkswagen-atlas-2023/</ref>.
|-
|Reviews
|Review 1: New front grille is nice. Overall the shape hasn't changed. The interior is top notch i.e it has excellent door pins, infotainment is responsive enough. Visibility is terrible (no fog light). Ride quality suffers on rough trains. Fuel consumption is not great (underperforms its competitors)<ref>https://www.youtube.com/watch?v=v9HzCuZy8RM</ref>.
Review 2: The exterior design is good. Stitching in the interior is good though materials used in the base model appear fake. Some features such as sunglass windoors, automatic boot doors, packing sensors and sunroof are available as an option. Many people were upset with the dropping of the VR6 engine but the new one is responsive and quiet on a smooth road. Infotainment is not very responsive. Not very great when it comes to fuel economy<ref>https://www.youtube.com/watch?v=a797IC1k_5o</ref>.

Review 3: The interior looks good but a step or two down from the former (i.e the infotainment is less intuitive). Other than the new taillights in the rear, nothing particularly interesting when it comes to the exterior. It underperforms its competitors when it comes to looks. The VR6 engine was always the most enjoyable Atlas engine but the new one is excellent as well though the engine sound in the Sport mode is irritating (VW attempted to make it sound like that of the V6 but failed). The ride quality was sloppy. It's spacious though<ref>https://www.thedrive.com/car-reviews/2024-volkswagen-atlas-review</ref>.

Review 4: In comparison to facelifts of rivals, the new model feels old. Visibilty is good, ride is smooth, and spacious enough but the tailpipes look fake<ref>https://www.youtube.com/watch?v=Y8WG4p73Bok</ref>.

Review 5: The larger front grille makes the new model more muscular. Tailpipes doesn't look good. Interior materials are more premium. Infotainment is a lot smoother. Visibility is good. The new engine is less smooth but the overall driving experience is still intact i.e ride is still nice even in not so good roads<ref>https://www.youtube.com/watch?v=8KDeHp4YmOY</ref>.

Review 6: The new engine is more fuel efficient than the old engine but is more complex. But the old engine has a big following among the Volkswagen enthusiasts. The interior is more premium (i.e more standard features) but a lot of physical controls have been removed (i.e not straightforward)<ref>https://www.youtube.com/watch?v=lqBNQsbLsGo</ref>.

Review 7: The exterior changes are subtle. The most visible change is the light grille at the front. Changes in the interior are visible with the unpleasant haptic touch functionality making an appearance (Volkswagen had said they will get rid of it but didn't). The cabin is made up of soft-touch materials and fake wood that appear real. Drive quality is still the same. Engine noise is not smooth but not unpleasant. The inside is spacious enough<ref>https://www.thetruthaboutcars.com/cars/reviews/2024-volkswagen-atlas-review-changing-yet-staying-the-same-44501914</ref>.

Review 8: The interior materials are much nicer i.e fewer hard plastics and better stitched seats. However, the infotainment is less intuitive and the company has removed most physical buttons such as HVAC knobs<ref>https://www.caranddriver.com/reviews/a44520220/2024-vw-atlas-drive/</ref>.

Review 9: Build quality is solid<ref>https://www.edmunds.com/volkswagen/atlas/</ref>.
|-
|'''Assessment'''
|'''The new Atlas is still spacious enough, one of the key selling points among the U.S customers given that it's a family car. However, it has replaced its V6 engine with a four-cylinder turbocharged engine, an act that hasn't been received well by customers. Also, most people doesn't like that a number of physical buttons such as the HVAC knobs have been eradicated and replaced with touch buttons. The exterior doesn't have many changes while the interior has seen heavy uplifting. That said, I don't expect the new changes to bring in more sales. In fact they could be a turnoff.'''
|}

'''Photos'''[[File:2024 Volkswagen Atlas.png|left|thumb|302x302px|2024 Volkswagen AtlasSource: MotorTrend]]
[[File:2023 Volkswagen Atlas.png|center|thumb|2023 Volkswagen AtlasSource: MotorTrend]]
[[File:2024 Volkswagen Atlas 2.png|left|thumb|2024 Volkswagen Atlas Source: MotorTrend]]
[[File:2023 Volkswagen Atlas 2.png|center|thumb|313x313px|2023 Volkswagen Atlas Source: MotorTrend]]
[[File:2024 Volkswagen Atlas 3.png|left|thumb|2024 Volkswagen Atlas Source: MotorTrend]]
[[File:2023 Volkswagen Atlas 3.png|center|thumb|2023 Volkswagen Atlas Source: MotorTrend]]

=== The 2024 Volkswagen Passat ===

* Alongside Tiguan and Polo, the Passat is Volkswagen's global best seller. More than 34 million units have been delivered to customers globally<ref name=":14">https://www.volkswagen-newsroom.com/en/the-new-passat-international-media-drive-18257</ref>.
* Volkswagen says the 2024 Passat has been developed from scratch<ref name=":14" />.
* The new Passat is an eHybrid that activates its petrol engine (TSI) on long journeys<ref name=":14" />.
* It is now available as an estate only<ref name=":14" />.

{| class="wikitable"
!Specifications
!2024 Volkswagen Passat<ref name=":14" /><ref>https://www.volkswagen-newsroom.com/en/press-releases/configurator-open-pre-sales-of-the-all-new-passat-have-now-started-17924</ref>
|-
|Engine Power
|The base model is a 48 V mild hybrid drive with an output of 110 kW (150 PS).
|-
|Range
|The plug-in hybrids has a range of up to 100km (900km combined range), improvement from 64km.
|-
|Design
|
* Improved aerodynamics that reduces drag coefficient to 0.25 from 0.31.
* Volkswagen says the Passat's running gear has been further developed to provide more comfort on long-distance.
* The new DCC Pro adaptive chassis control system which is available as an option which provides additional comfort.
* The newly-tuned progressive steering reduces the number of steering wheel turns (minus 0.65 turns to 2.1 turns).
* Volkswagen notes that the interior has a neat stitching and illuminated accents.
* 12.9 inch infotainment is available as a standard (15 inch as an option).
|-
|Cargo Capacity
|
* Load capacity has been increased by 40 liters to 690 liters (total capacity has been increased by 140 liters to 1,920 liters).
* Leg room has increased by 50 mm.
|-
|Tech
|
* Volkswagen said the new Passat comes with a new cockpit with an intuitively operated infotainment system
* Other features that the company says the new model will have include new ergoActive seats with a pneumatic pressure massage (option), next-generation adaptive running gear (DCC Pro) and new IQ.LIGHT LED matrix headlights.
* Volkswagen says ChatGPT will be available as an update.
* It's equipped with Vehicle Dynamics Manager as standard for the first time. This feature ensures neutral, stable, agile and precise handling.
|-
|Price
|
* starting from 39,995 euros in Germany.
* The 2023 Passat started at around 36,000 euros<ref>https://www.vwpress.co.uk/en-gb/press-kits/1059</ref>.
|-
!Reviews
|Review 1: Its look is more stylish. The touchscreen uses the latest MIB4 software which is slicker to operate than the outgoing system. It's more spacious and now available as an estate only (discontinued the salon due to weak sales)<ref>https://www.swanswaygarages.com/blog/5-things-you-need-to-know-about-the-2024-volkswagen-passat/</ref>.

Review 2: Exterior design has borrowed from Golf. It has improved on air vents. The boxy exterior look has been eliminated. Seats are too sporty. Simplicity has been reduced (most operations are on infotainment). Door handle is very pleasant. Window buttons are blunt<ref>https://www.youtube.com/watch?v=VZm9lR1W6Vg</ref>.

Review 3: Exterior design looks like that of Golf. Boot, legroom and headroom are spacious. Interior materials are premium. Software experience has been improved. Has a smooth ride. Generally, Volkswagen has implemented a number of customer requests<ref>https://www.youtube.com/watch?v=0I6341FrMGs</ref>.

Review 4: Interior quality is pretty cool<ref>https://www.youtube.com/watch?v=Onz1vF1kdV4</ref>.

Review 5: The 2024 Passat loses the buttons for climate controls (just like Tiguan). There are plenty of soft material and high-quality materials in the interior, making it more upmarket than the likes of C5 X. It's more spacious than its predecessor. Ride is a bit choppy on standard suspension. Price of higher trims could make one consider the more expensive premium cars<ref>https://www.whatcar.com/volkswagen/passat/estate/review/n29</ref>.

Review 6: Many fiddly interior problems have been addressed eg reintroduced steering wheels buttons. The new design is eye-catching. It's spacious enough. The interior of the new Passat is more upmarket. Ride and handling is quitter and more comfortable than ever<ref>https://www.autocar.co.uk/car-review/volkswagen/passat</ref>.

Review 7: The exterior of the new Passat looks more futuristic than that of the old. Volkswagen has done away with most of the switch gear<ref>https://www.youtube.com/watch?v=TYl_H76uO0o&t=7s</ref>.
|-
|Maintainance heavy?
|No insights on this yet
|-
|Hyped?
|Doesn't seem so.
|-
|In a popular category? or similar to the current modelS?
|Similar to current models
|-
|Built quality
|No complaints so far.
|-
!Assessment
|'''No much complaints on the new Passat so far. It's a much improved version of its predecessor. It comes with more space, more flashy interior, more efficiency thanks to its reduced drag coefficient. It also has more steering wheel buttons. The main complaint against the new model is its lack of HVAC buttons. Also, some people are not impressed with the new exterior design. but in my opinion, the new exterior design is better than that of its predecessor.'''
|}

'''Photos'''[[File:2024 Volkswagen Passat.png|left|thumb|2024 Volkswagen PassatSource: Autoexpress]]
[[File:2023 Volkswagen Passat.png|center|thumb|2023 Volkswagen PassatSource:Autoexpress]]
[[File:2024 Volkswagen Passat 2.png|left|thumb|2024 Volkswagen Passat Source: Autoexpress]]

* [[File:2023 Volkswagen Passat 2.png|center|thumb|2023 Volkswagen Passat Source: Autoexpress]][[File:2024 Volkswagen Passat 3.png|left|thumb|2024 Volkswagen Passat Source: Autoexpress]][[File:2023 Volkswagen Passat 3.png|center|thumb|2023 Volkswagen PassatSource: VW media]]

== Skoda ==

=== The 2024 Skoda Octavia ===

* The Skoda Octavia is Skoda's best-selling model with over 7 million units sold since its launch in 1996<ref>https://skodamedia.com/en-gb/releases/1474</ref>.
* It's a facelift of the fourth generation model.

{| class="wikitable"
!Specifications
!2024 Skoda Octavia<ref>https://skodamedia.com/en-gb/releases/1474</ref><ref>https://www.skoda-storyboard.com/en/skoda-world/new-octavia/</ref>
|-
|Trims
|Design selections include SE Technology, SE L, Sportline, vRS
|-
|Engine Power
|
* Four petrol and two diesel engines. Two 1.5 TSI petrol engines with optional mild-hybrid technology and a 2.0 TDI diesel, each with 116 PS (85 kW) of power.
|-
|Design
|
* The front and rear bumpers have been revamped. Also, the Skoda grille has been updated.
* The lower air intakes and Air Curtains have been redesigned to give the new model a more dynamic look.
* It comes with a 10-inch infotainment display as a standard (13-inch available as an option).
* The interior comes with new designs that use sustainable materials.
* Longer than before by 9 milimetres due to changes in front and rear bumpers.
|-
|Cargo Capacity
|600 liters
|-
|Tech
|
* The Driver Alert system has been replaced with the Attention and Drowsiness Assist which is more powerful.
* A dual-zone Climatronic system is now available as a standard.
* USB-C ports now delivers three times more charging power (45 watts) than before. It also has more ventilation.
* ChatGPT will be integrated in future as a standard. It will work with its Laura voice assistant.
* The Kessy keyless vehicle access system has been upgraded to automatically lock and unlock the vehicle as soon enters or leaves an area within 1.5 metres of the car while carrying the key.
* The basic headlights now use the LED technology as a standard. LED Matrix beam headlights are available are available as an option for higher trims.
* Skoda brings in a new Intelligent Park Assist and Remote Park Assist which makes parking easier.
* AppleCar Play is standard.
|-
|Fuel economy
|53.3-57.6mpg<ref>https://www.driving.co.uk/car-reviews/skoda-octavia-2024-review-czech-family-hatch-dreams-big-and-drives-like-a-big-dream/</ref>
|-
|Price
|Starts from 30,370 euros<ref>https://cc.skoda-auto.com/deu/de-DE/</ref>, around 1,500 euros more than the outgoing model.
|-
!Reviews
|
* Review 1: The exterior changes are pretty minimal. Exterior changes which are visible are only the larger grille and LED Matrix in higher-trim models. Interior hasn't seen much changes either other than the use of recycled materials and new storage box for rare passengers. Space is still the same as before. It comes with added tech though<ref>https://www.youtube.com/watch?v=10tres4u7lU</ref>.
* Review 2: There are no real surprises about this facelift. The revised headlights are surprisingly dramatic though but to get the full effect you need the more expensive trims. The company has tried to delete shiny stuff. On the outside, the areas that were chrome are now gloss black and the interior now has unique dark chrome instead of the original bright finish reducing nasty reflections. Skoda has retained plenty of actual buttons making the operation of the car as straightforward as before. Sustainable materials have been used extensively. Higher-trims get carbon fibre<ref>https://www.carmagazine.co.uk/car-reviews/skoda/octavia-hatchback/</ref>.
* Review 3: Interior quality looks sportier. Build quality looks good. No HVAC buttons. HVAC touch on the screen looks tiny. Facelift RS won't come with a diesel anymore<ref>https://www.youtube.com/watch?v=umFvveeBiSk</ref>.
* Review 4: The new headlamps are a pleasant piece of work unlike that used in the previous model. The interior has more impressive infotainment and tech features. No smart dials for HVACs. The cabins have lovely materials. Rear seats have more space than that of Czech rivals. Ride quality depends on the trim you choose. For instance the 2-litre TDI with 148bhp engine has more background vibration and rumbly noise than the TSI alternative. Ride handling and suppression of outside noise is generally better than that of rivals.
* Review 5: Skoda has made the new model more upmarket than the previous one. It also comes with better tech. The new model is spacious than its rivals. Its suspension can be a bit noisy and abrupt over pumps though but has plenty of grip and steering. It's comfortable on a motorway<ref>https://www.carwow.co.uk/skoda/octavia#gref</ref>.
|-
|Hyped?
|Doesn't seem so
|-
|In a popular category? or similar to the current modelS?
|Similar to current models
|-
|Built quality
|Looks good
|-
!Assessment
|'''No much changes on the exterior. The interior looks more upmarket, has better tech and is as spacious as before. However, it appears that many people are disappointed with the lack of HVAC buttons. Its pricing is a bit higher than that of the old model.'''
|}
'''Photos'''
[[File:2024 Skoda Octavia 1.png|left|thumb|2024 Skoda OctaviaSource: Skoda]]

[[File:2024 Skoda Octavia 3.png|thumb|2024 Skoda Octavia Source: Skoda|alt=|center]]

[[File:2024 Skoda Octavia Combi 1.png|left|thumb|2024 Skoda Octavia Combi Source: Skoda]]

[[File:2024 Skoda Octavia Combi 2.png|thumb|2024 Skoda Octavia Combi Source: Skoda|alt=|center]]

=== The 2024 Skoda Kodiaq ===

* It's a second-generation model<ref>https://www.skoda-storyboard.com/en/press-kits/skoda-kodiaq-media-launch-press-kit/the-all-new-skoda-kodiaq-more-spacious-functional-and-sustainable-than-ever-before/</ref>.
* Skoda sold more than 850,000 of the first-generation (launched in 2016) Skoda Kodiaq<ref>https://www.whatcar.com/skoda/kodiaq/estate/review/n17362</ref>.
*

{| class="wikitable"
!Specifications
!2024 Skoda Kodiaq<ref>https://www.skoda-storyboard.com/en/press-kits/skoda-kodiaq-media-launch-press-kit/the-all-new-skoda-kodiaq-more-spacious-functional-and-sustainable-than-ever-before/</ref>
|-
|Engine Power
|
* It's available with two diesel and two petrol engines delivering outputs from 110 kW (150 hp) to 150 kW (204 hp).
* The 1.5 TSI with 110 kW (150 hp) marks the debut of mild-hybrid technology in the Kodiaq.
* New for the Kodiaq is a plug-in hybrid powertrain with purely electric range of up to 100 km.
|-
|Design
|
* The new model features new LED Matrix beam headlights.
* The front grille has an horizontal light strip.
* The interior has used recycled materials such as recycled textiles and a new interior concept.
* Infotainment is now free-standing with screen length of up to 13 inches.
* A head-up display is now optional.
* The gear selector is now mounted on the steering wheel, creating more space.
* Skoda says it's 15 mm more spacious.
|-
|Cargo Capacity
|340 liters of boot space when there are 7 seats standing.
|-
|Tech
|
* ChatGPT will now be integrated into its Laura voice assistant.
* The new Phone Box enables charging of up to two smartphones, delivering 15 watts.
* Skoda says the new Skoda Smart Dials make the infotainment more intuitive.
* Skoda says new and improved assistance systems such as Travel Assist and Remote Park Assist will be available later.
|-
|Fuel economy
|
|-
|Price
|Starts from 41,990 euros– a 2000 increase from the pre-facelifted model<ref>https://www.carmagazine.co.uk/car-news/first-official-pictures/skoda/kodiaq/</ref>.
|-
!Reviews
|
* Review 1: The new model has more aerodynamics, new grille and new headlights but still looks like a Kodiaq. The interior has more clever features. Air controls still exist as dial buttons. Overall, it's a much more modern interior. Skoda says there's enough room for 7 adults but the back seats don't have enough headroom and legroom. The new touchscreen is a little easier to use than the old one. It's a great balance between handling and moving (quiet and smooth on the motorway). It uses about 7 liters per 100 km<ref>https://www.youtube.com/watch?v=LeyEwTuebDI</ref>.

* Review 2: The interior is posh. It looks a lot like the old model but smoother. It's 6 centimetres longer than the old model. It's also spacious. Cabin design and quality is as smart as that of German alternatives. The 13-inch infotainment screen is sharp. Good thing that Skoda has included physical controls<ref>https://www.carwow.co.uk/skoda/kodiaq#gref</ref>.

* Review 3: Skoda has nailed it in several key areas such as practicality, interior design and comfort. It's a little pricier though<ref>https://www.topgear.com/car-reviews/skoda/kodiaq</ref>.
* Review 4: The new model is more luxurious, more spacious, more efficient, more sustainable and has impressive comfort<ref>https://www.whatcar.com/skoda/kodiaq/estate/review/n17362</ref>.
* Review 5: The three little knobs are still there (haven't been moved to the infotainment screen). The interior is a little step-up from the old model. Practicality is still intact<ref>https://cc.skoda-auto.com/deu/de-DE/</ref>.
* Review 6: Solid built quality and use of high-end materials<ref>https://www.youtube.com/watch?v=gd9I4x2arNE</ref>.
|-
|Hyped?
|No
|-
|In a popular category? or similar to the current modelS?
|No
|-
|Built quality
|Looks good
|-
!Assessment
|Looks like Skoda has considered every piece while designing the new Skoda Kodiaq. It seems retaining some knobs and increasing space was a smart move that would likely appeal to customers out there. In my opinion, the new Kodiaq is much better than the new Tiguan. The major con of this new model is the sharp increase in its pricing though.
|}
'''Photos'''
[[File:2024 Skoda Kodiaq.png|left|thumb|292x292px|2024 Skoda KodiaqSource: Skoda]]
[[File:2023 Skoda Kodiaq.png|center|thumb|291x291px|2023 Skoda KodiaqSource: Skoda]]
[[File:2024 Skoda Kodiaq 1.png|left|thumb|2024 Skoda Kodiaq 1Source: Skoda]]
[[File:2023 Skoda Kodiaq 5.png|center|thumb|2023 Skoda Kodiaq Source: Skoda]]
[[File:2024 Skoda Kodiaq 3.png|left|thumb|2024 Skoda Kodiaq]]
[[File:2023 Skoda Kodiaq 3.png|center|thumb|2023 Skoda Kodiaq Source: Autoexpress]]

=== The 2024 Skoda Kamiq ===

* It's a mid-life facelift, so no much changes.

{| class="wikitable"
!Specifications
!2024 Skoda Kamiq<ref>https://www.skoda-storyboard.com/en/press-kits/skoda-scala-and-skoda-kamiq-media-launch-press-kit/</ref>
|-
|Trims
|Essence, Selection and Monte Carlo
|-
|Engine Power
|Skoda says the new model comes with more efficient engines. Two new 1.0 TSI three-cylinder engines which deliver outputs ranging from 70 kW (95 hp) to 110 kW (150 hp).
|-
|Design
|
* Redesigned grille and optional LED matrix beam headlights.
* Tailgate now includes virtual pedal.
* Skoda is introducing six design selections for the interior.
* materials such as recycled fabrics, hemp and kenaf are used for the seats and door panels.
|-
|Cargo Capacity
|400 litres
|-
|Tech
|
* Comes with standard 8-inch Digital Display and 8 inch infotainment display is now standard.
* Four USB C ports with 45 watts of charging power and a Phone Box with an output of 15 watts for wireless charging and cooling available as options.
* Skoda says the drive assistance and safety systems used are those used in higher segment vehicles eg Front Assist with Pedestrian Monitor, Lane Assist and Traffic Sign Recognition. Selection and higher trims feature Cruise Control with Speed Limiter, the Tyre Pressure Monitoring system (TPM+) and LED front fog lights.
|-
|Fuel economy
|5.4-6.1 liters/100 km
|-
|Price
|Starts from 24,390 euros<ref>https://cc.skoda-auto.com/deu/de-DE/trimline-scenic?activePage=trimlines&color=2X2X&configurationId=&extraEquipments=&id=DEU%3Bskoda%3B2024%3BNW4DMD%3B0%3BGW3MW3M%5CGYOKYOK%3Bmda20240517094930%3Bde-DE%3B%3B61008%3B61188&interior=HN&modifiedPages=&snapshotVersion=c3a37950-f73f-4a7c-9e33-ba78611cc3e2&trimline=NWD%7CDrive6118861008&visitedPages=</ref>- a 1000 euoros increase from the pre-facelifted model
|-
!Reviews
|Review 1: The Skoda Kamiq has always lacked visual touches that makes it standout among its rivals such as Nissan Juke and VW T-Roc. But the new model is sharper than the old one thanks to the new headlights and sportier-looking body kit. The interior also features upgraded materials and more tech. The 95 hp engine is a bit sluggish at low speed but the mid-range 113bhp is much better. Overall, it's one of the most comfortable small SUVs. Touchscreen graphics look good. The infotainment response can be slow sometimes. Offers generous legroom and headroom. No sliding and reclining rear seats<ref>https://www.whatcar.com/skoda/kamiq/hatchback/review/n19999#buying-owning</ref>.

Review 2: Skoda has tried to rectify the not so good look of the old model. The new model posts slightly more power (in certain configurations) than the old one. The entry level remains at 95 hp while the most powerful receives 64 hp more power. It's one of the most spacious small SUVs. The interior is pleasant and Climatronic panel that's much easier to use. Drive quality is average. The model drove delivered fuel economy<ref>https://www.carmagazine.co.uk/car-reviews/skoda/kamiq-suv/</ref>.

Review 3: It's practical. Cabin is spacious with some pleasing materials. It has better exterior look than its predecessor. Nothing innovative in the interior since it looks like a jacked-up Skoda Scala. Offers comfortable rides. Controls are precise<ref>https://www.autocar.co.uk/car-review/skoda/kamiq</ref>.
|-
|Hyped?
|No
|-
|In a popular category? or similar to the current modelS?
|Same to current models
|-
|Built quality
|Looks good
|-
!Assessment
|'''Based on reviews, it looks like the Skoda Kamiq was already a good vehicle at its pricing. The tweaks to the exterior and the interior as well as new tech features would likely give it a more pleasant experience. However, given that the changes aren't a lot, I don't expect this facelift to grab market share from its rivals.'''
|}
'''Photos'''
[[File:2024 Skoda Kamiq.png|left|thumb|2024 Skoda Kamiq Source: Skoda]]
[[File:2019 Skoda Kamiq.png|center|thumb|2019 Skoda KamiqSource: Autoexpress]]

[[File:2024 Skoda Kamiq 1.png|left|thumb|2024 Skoda KamiqSource: Skoda]]
[[File:2019 Skoda Kamiq 1.png|center|thumb|2019 Skoda Kamiq Source: Autoexpress]]
[[File:2024 Skoda Kamiq 3.png|left|thumb|2024 Skoda Kamiq Source: Skoda]]
[[File:2019 Skoda Kamiq 3.png|center|thumb|2019 Skoda Kamiq Source: Autoexpress]]

== References ==

Volkswagen:Product

2024-06-07T12:52:26Z

Moritz:

Return to [[Volkswagen]] | [[Volkswagen:Product]]

The purpose of this article is to provide detailed informations about upcoming Volkswagen vehicles which help us to project [https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1292059112 Volkswagen Unit sales] in the future and factor those projections into our [https://docs.google.com/spreadsheets/d/1N5-EbJE-JY6cILPETeU8LtbMcSBoPyBgk8Y_w21J1uw/edit#gid=1414737805 Volkswagen Valuation model].

== Summary ==
Volkswagen will bring 30 new models in 2024<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-3-percent-more-vehicles-in-the-first-quarter-18318</ref>. Some of these models have seen significant changes while others are still almost the same as before. Here we have covered only those models that Volkswagen claims to have significant changes and are associated with large deliveries<ref>https://miro.com/app/board/uXjVNgE1mpk=/?moveToWidget=3458764585479337332&cot=14</ref>. The new Panamera, Passat and Kodiaq look more appealing. Here is a summary of the changes made to each model as well as our assessment:
{| class="wikitable"
|+
!Facelift
!Pros
!Cons
!Past sales performance
!Price of the base model
!Assessment
|-
|2024 Porsche Panamera
|
* Improved performance and more standard tech features.
* Better design.
* Has received great customer attention.
|
* The new Porsche Active Ride suspension system which has been praised is available as an option
|• 34,020 Panameras delivered in 2023, accounting for 11% of Porsche's deliveries.
|107,800 euros. Around 10,000 euros more than that of the outgoing model.
|The 2024 Panamera comes with more power, additional tech features and better design. Customer reception also looks good judging on comments. However, given that deliveries began in Q2 2024, I expect the changes to bring in 3,000 more sales this year.
|-
|2024 Porsche Taycan
|
* More power and additional tech features as standard.
* Design of the old Taycan was well liked.
|
* Little interior and exterior changes.
* Most people aren't impressed with how the residual values of the old Taycan EV has performed.
|
* 40,629 Taycans delivered in 2023 accounting for 11% of Porsche's deliveries.
|101,500 euros. Around 8,000 euros more than that of the outgoing model.
|The 2024 Porsche Taycan is an improved version of its old model. However, reception doesn't look good given the current residual values of EVs. Also, deliveries of the facelift will begin in the second half of 2024. As such, I expect deliveries of the model to decline by around 21% in 2024. However, I expect deliveries to pick up in 2025 with the addition of around 3,000 units.
|-
|2024 Volkswagen Tiguan
|
* More spacious than the old model.
* Better tech and cabin materials.
|
* A number of important features are optional.
* Exterior design appears to be a big turnoff to most people.
|
* It's one of Volkswagen's best -seller.
* 499,000 of the old model were sold in 2023.
|36,600 eurs. Around 3,000 euros more than that of the outgoing model.
|The new Tiguan looks like a big turnoff to most people out there. However, given its added space, better tech, upmarket materials and popularity, it could attract some 5,000 more sales this year compared to last year.
|-
|2024 Volkswagen Passat
|
* More space, more flashy interior and more efficiency.
* More steering wheel buttons than its predecessor.
* Reception of the new model looks great.
|
* Most complaints are on the eliminated HVAC buttons.
|
* It's one of Volkswagen's best-seller.
* 490,000 Passats were delivered to customers in 2023.
|39,995 euros. Around 3,000 euros more than that of the outgoing model.
|The new Passat looks like it has received great reception. I am also impressed by the improved features. As a result, I expect 20,000 more units to be delivered this year.
|-
|2024 Volkswagen Atlas
|
* Still spacious enough.
* Interior has seen heavy uplifting.
|
* V6 engine has been replaced with with a four-cylinder turbocharged engine, an act that hasn't been received well by customers.
* Lack of HVAC knobs.
* Exterior design hasn't changed much.
* Hasn't received great excitement from customers.
|
* 115,000 Atlas models were sold in 2021.
* Given that it's mainly sold in U.S, it's important strategically.
|35,000 euros. Around 2,600 more euros than the old Atlas.
|The new Atlas hasn't received major changes but an increase of 2,600 euros may not be good for a model that's mainly sold in U.S. Therefore, I expect the changes to cause deliveries to decline by some 2,000 units. But its sales haven't been significant for the group lately.
|-
|2024 Audi Q4 e-tron
|
* More power and efficiency.
* More standard tech features.
* Some upmarket tweaks to the interior.
* Not changes in pricing, hence could attract more sales.
|
* Nothing much that differentiates it from the likes of Volkswagen ID.4 and Skoda Enyang.
|
* 111,000 units of this model were delivered in 2023 (+112% y/y).
|52,950 euros, unchanged from that of the outgoing model.
|The 2024 Audi Q4 e-tron is a slightly improved version of the outgoing model. Given that the outgoing model had been received well by customers, I also expect this one to do well. I expect 20,000 more units to be delivered this year compared to last year.
|-
|2024 Skoda Octavia
|
* More upmarket interior and better tech.
* As spacious as before.
|
* No much changes on the exterior.
* Many people are disappointed with the lack of HVAC buttons.
* Pricing a bit higher than that of its predecessor.
|
* Skoda delivered 191,941 Octavia vehicles in 2023; hence the model was the number one best-seller.
|30,730 euros. Around 1,500 euros more than the outgoing model.
|Based on reviews, the Skoda Octavia was already a good vehicle at its pricing. Hence the added tweaks could make it more attractive. I expect around 15,000 more units to be delivered this year compared to 2023.
|-
|2024 Skoda Kodiaq
|
* HVAC knobs have been retained.
* More spacious than its predecessor.
* The model looks appealing in all areas.
|
* Sharp increase in pricing.
|
* 105,847 Kodiaqs delivered in 2023 accounting for 12% of Skoda's deliveries.
|41,990 euros. Around 2,000 euros more than the old model.
|I am quite impressed by the improvements made to this model. Looks like customers are also excited about it. In fact there are comments that say the new Kodiaq is better than the new Tiguan. As such, I expect 30,000 more units to be delivered this year compared to last year.
|-
|2024 Skoda Kamiq
|
* Minor tweaks to the interior and exterior
* Slightly more spacious than the old model.
* Slightly more powerful than its predecessor.
|
* Still lacks visual touches.
|
* 116,461 Kamiqs delivered in 2023 accounting for 13% of Skoda's deliveries (866,820).
|24,390 euros. Around 1,000 euros more than the old version.
|Like the Skoda Octavia, the Skoda Kamiq was already a good vehicle at its pricing. Therefore, the added tweaks could make it more attractive. As a result, I expect deliveries of this model to increase by around 11,000 this year.
|}

== Porsche ==

=== 2024 Porsche Panamera ===

* Launched in March 2024. Deliveries to start immediately after launch<ref>https://www.porsche.com/stories/mobility/the-new-2024-porsche-panamera/</ref>.

{| class="wikitable"
!Specifications
!2024 Porsche Macan Panamera
!2024 Mercedes AMG GT 4-door Coupe
|-
|Engine Power
|
* Modifications have been made to the 2.9-litre V6 turbo engine in the base model to increase power by 23PS to 353PS<ref name=":7">https://www.porsche.com/stories/mobility/the-new-2024-porsche-panamera</ref>.
* The E-hybrids use a 4.0-litre V8 turbo engine (a significant upgrade compared to the outgoing model) that produces an output of 680PS<ref name=":7" />.
|Twin-turbo 4.0-liter V-8. 475PS 91) power and 585PS (2)<ref name=":8">https://www.mbusa.com/en/future-vehicles/2024-mercedes-amg-gt-coupe</ref>
|-
|Speeed
|
* Can accelerate from from 0-100km/h in 5.1 seconds and boasts a top speed of 272km/h<ref name=":7" />.
* The all-wheel drive can accelerate from 0-100km/h in 4.8 seconds and reaches a top speed of 270km/h<ref name=":7" />.
* The E-hybrids can accelerate from 0-100km/h in 3.2 seconds and have a top speed of 315km/h<ref name=":7" />.
|0–60 mph in 3.8 seconds (1) and 0–60 mph in 3.1 seconds <ref name=":8" />
|-
|Design
|Review 1: The exterior has been redesigned to make it look more modern and chiselled as opposed to the old rounded look, added self-closing doors, sunroof is not a fulll panoramic, the passenger interior is not as big as expected, the interior adopts that of Taycan<ref>https://www.youtube.com/watch?v=ZmWdKRAQpzU</ref>, which has always been praised<ref>https://www.carscoops.com/2023/11/2024-porsche-panamera-has-taycan-the-best-interior-bits-from-its-ev-brother/</ref>.

Review 2: The vehicle side design has a more Taycan vibe, sitting adjustment is electric, the steering wheel has a perfect view to it, the steering wheel leathers are excellent, door handle is firm, buttons such as traction control are now at illogic locations (Volkswagen disorganized lately), more on the humble side compared to Audi when it comes to infontainment system, back space is small, has a more sharp design at the front, underperforms competitors when it comes to the limousine aspect. Boot space bigger than that of Mercedes S-Class<ref>https://www.youtube.com/watch?v=4XOC4SuE7O0</ref>.

Review 3: Porsche place key buttons such as air controls within the immediate vicinity of the driver<ref>https://www.youtube.com/watch?v=4doEiBr8Hyc</ref>.

Review 4: More boot space than before, more leg room, plenty of sub-par material , more athletic than before<ref>https://www.autocar.co.uk/car-review/porsche/panamera</ref>.
|
|-
|Cargo Capacity
|494 litres<ref>https://www.parkers.co.uk/porsche/panamera/review/</ref>
|320 litres<ref>https://www.autoevolution.com/cars/mercedes-amg-amg-gt-coupe-2023.html#aeng_mercedes-amg-amg-gt-coupe-2023-40l-v8-9at-awd-585-hp</ref>
|-
|Tech
|
* Newly developed Porsche Active Suspension Management (PASM) which reduces impacts on tranverse joints of the road has been fitted as a standard<ref name=":7" />.
* The new Porsche Active Ride suspension system which allows the car to lean into corners, combat rapid acceleration and raise the car's body to make it easier for the driver to get in and out, have been fitted as an option in the 4 new E-hybrids<ref name=":7" />.
* Significant upgrade of assistant systems such as making active speed assistant standard, which regulates speeds on traffic signs. Porsche InnoDrive which junction, lane and swerve assistance has been enhanced. The new Remote ParkAssist enables automatic parking using smartphone<ref name=":7" />.
* The new model has more options than its rivals which increases the price<ref>https://www.parkers.co.uk/porsche/panamera/review/</ref>.
|
|-
|Maintainance heavy?
|Repair costs for the 2024 model are not out yet. But Porsche is generally more expensive to maintain than other luxury brands. RepairPal estimates it will cost Porsche $1,192 per year to maintain, Mercedes ($908) and BMW ($968)<ref>https://www.marketwatch.com/guides/car-warranty/porsche-maintenance-cost/</ref>
|
|-
|Hyped?
|Review 1: Test rides confirm what the firm is saying i.e stability, comfort and ability to rise and fall as the driver enters. Tyre noise is hard on rough roads though<ref>https://www.youtube.com/watch?v=2pFFHJ-jVyE</ref>.
Review 2: Tyre noise is hard on rough roads when using the base model. Otherwise, the car offers great comfort and stability<ref>https://www.parkers.co.uk/porsche/panamera/review/</ref>.
|
|-
|In a popular category? or similar to the current modelS?
|Its direct competitors would be Mercedes AMG GT 4-door Coupe and BMW 8 Series Gran Coupe<ref>https://www.capitalone.com/cars/learn/finding-the-right-car/2024-porsche-panamera-first-drive-review-refined-not-rebooted/3095</ref>
|
|-
|Fuel economy
|4.8 gals/100 miles<ref>https://www.fueleconomy.gov/Feg/noframes/47761.shtml</ref>
|6.2 gals/100 miles<ref>https://fueleconomy.gov/feg/noframes/47565.shtml</ref>
|-
|Built quality
|Review 1: Comes with huge air intakes that improve aerodynamics<ref name=":9">https://www.youtube.com/watch?v=f5f9dSWRHEE</ref>.

Review 2: Nice build quality with door handles and so on<ref>https://www.youtube.com/watch?v=u54USQyaQvM</ref>.

Review 3: The exterior and trunk build quality is insane!<ref name=":9" />

Review 4: Upgraded the engine to last into the future<ref>https://www.youtube.com/watch?v=2pFFHJ-jVyE</ref>.

Review 5: Interior build quality is high<ref>https://www.youtube.com/watch?v=lru7tRJ0U7E</ref>.

Review 6: The leather, the controls and the metal paddles show the quality.
|
|-
|Price
|In Germany, Panamera costs €107,800 (around €10,000 more than the old model) while Panamera Turbo E-Hybrid starts at €192,500
In U.S, Panamera starts at $99,900<ref>https://newsroom.porsche.com/en_US/2023/products/The_new_2024_Panamera_More_digitai_more_luxurious_more_efficient-34461.html</ref> ($7,500 more than the 2023 model<ref>https://www.cars.com/research/compare/?vehicles=porsche-panamera-2023%2Cporsche-panamera-2024</ref>)
|Mercedes-AMG GT 43 4MATIC+ (base model) costs €111,032 while the Mercedes-AMG GT 63 S 4MATIC+ starts at €185,348.<ref>https://www.mercedes-benz.de/passengercars/mercedes-benz-cars/car-configurator.html/motorization/CCci/DE/de/GT-KLASSE/4-TUERER%20COUPE</ref>
|}

'''Photos''' [[File:Panamera 2024.png|left|thumb|2024 Porsche PanameraSource: Porsche

]]
[[File:Panamera 2023 .png|center|thumb|2023 Porsche PanameraSource: MotorTrend]]
[[File:Panamera 2024 .png|left|thumb|2024 Porsche PanameraSource: Porsche]]
[[File:Porsche 2023 .png|center|thumb|2023 Porsche PanameraSource: MotorTrend]]
[[File:Panamera 2024 3.png|left|thumb|2024 Porsche PanameraSource: Porsche]]
[[File:Panamera 2023 3.png|center|thumb|2023 Porsche PanameraSource: MotorTrend]]

=== 2024 Porsche Taycan ===

* It will arrive at Porsche Centres from the spring of 2024<ref>https://newsroom.porsche.com/en/2024/products/porsche-the-new-taycan-35190.html#:~:text=The%20revised%20versions%20will%20arrive,electric%20sports%20car%20from%20Porsche.</ref>.

* The most important individual markets for the Taycan are the US, the UK, Germany and China<ref name=":10">https://newsroom.porsche.com/en/2024/products/porsche-the-new-taycan-35190.html</ref>.
* '''It appears the main changes are under the hood (tech and performance).'''

{| class="wikitable"
!Specifications
!2024 Porsche Taycan
|-
|Engine Power
|Taycan delivers 60kW more than before while Taycan Turbo S has seen
its power improved by 140kW to 700 kW/952 PS<ref name=":10" />.
|-
|Speeed
|The Taycan and Taycan Turbo S are 0.6 and 0.4 seconds faster
than their predecessors, accelerating from 0-100km/hr in 4.8 seconds

and 2.4 seconds,respectively<ref name=":10" />.
|-
|Range
|The new Taycan has seen its range improved by up to 35% to 678km depending
on the engine and model variant.
|-
|Charging capacity
|
* It can charge from 10 to 80 percent at 18 minutes, half the time it took the predecessor

to be recharged<ref name=":10" />.

* Battery performance has been improved from 93 kWh to 105 kWh.
|-
|Tech
|
* It comes with adaptive air suspension as standard<ref name=":10" />.
* The newly developed Active Ride suspension can be added as an option. The system provides a smooth ride by absorbing the bumps and ensures balanced distribution of wheel loads<ref name=":10" />.
* The new model comes with more standard features such as ParkAssist with reversing camera, Porsche Intelligent Range Manager (PIRM), Drive Mode switch, Power Steering Plus, heated seats, smartphone tray for wireless charging, etc<ref name=":10" />.
|-
|Design
|
* All variants now come with aerodynamically optimised wheels and reduced-rolling-resistance tyres.
* The body now weighs up to 15 kilograms less.
* The base models are now equipped with aluminium door sill protectors as standard.
* Comes with new headlights that feature high-resolution HD matrix technology.
* The Turbonite color is meant to make the new model distinctive from other versions<ref name=":10" />.
|-
|Cargo Capacity
|17.2 cu.ft. (average)<ref>https://www.edmunds.com/porsche/taycan/</ref>
|-
|Maintainance heavy?
|
* JD Power has assigned the 2024 Porsche Taycan a 76% quality and reliability rating.
* The 2024 Porsche Taycan comes with a a four-year/50,000-mile basic warranty and an eight-year/100,000-mile warranty<ref>https://cars.usnews.com/cars-trucks/porsche/taycan/reliability</ref>.
|-
|Hyped?
What's its built quality?
|Review 1: The power of Taycan Turbo S is insane! but no real surprises in the exterior design<ref>https://www.youtube.com/watch?v=v0Uud7pIdYA</ref>

Review 2: Review 1: Nothing much has changed in the interior (only a few improvements to the infontainment) when

it comes to the facelift<ref>https://www.youtube.com/watch?v=jex5I6LYtC8</ref>

Review 3: Capacity, especially back seats are not up to standard. It has shallow bottle holders in the

back seat<ref>https://www.youtube.com/watch?v=jex5I6LYtC8</ref>.

Review 4: High material cabin quality<ref>https://www.autocar.co.uk/car-review/porsche/taycan</ref>.

Review 5: Top-notch build quality<ref>https://www.driving.co.uk/car-reviews/first-drive/porsche-taycan-2024-review/</ref>
|-
|In a popular category? or similar to the current models?
|
|-
|Price
|In Germany Taycan starts at 101,500 euros (around 8,000 euros more than the old model) while Taycan Turbo S starts at 209,900 euros<ref>https://configurator.porsche.com/de-DE/model-start/taycan</ref>.
In U.S Taycan starts at $99,400<ref>https://www.porsche.com/usa/models/taycan/</ref> ($12,600 more than the 2023 model<ref>https://www.cars.com/research/compare/?vehicles=porsche-taycan-2023%2Cporsche-taycan_cross_turismo-2024</ref>)

Price is 8% more than that of pre-facelifted version<ref>https://www.autocar.co.uk/car-review/porsche/taycan</ref>.
|}
'''Photos'''
[[File:2024 Porsche Taycan 1.png|left|thumb|2024 Porsche TaycanSource: Porsche]]
[[File:Screenshot 2024-05-30 121919.png|center|thumb|2023 Porsche TaycanSource: MotorTrend]]
[[File:Screenshot 2024-05-30 122659.png|left|thumb|2024 Porsche TaycanSource: Porsche]]
[[File:Screenshot 2024-05-30 122831.png|center|thumb|2023 Porsche TaycanSource:MotorTrend]]

== Audi ==

=== 2024 Audi Q4 e-tron ===
{| class="wikitable"
!Specifications
!2024 Audi Q4 e-tron
|-
|Engine Power
|Audi says the new model comes with more power and efficiency<ref>https://www.audi-mediacenter.com/en/press-releases/update-for-the-audi-q4-e-tron-more-range-more-efficiency-more-emotions-15594</ref>.

* Audi Q4 45 e-tron and the Audi Q4 Sportback 45 e-tron produces 210 kW (286 PS) and accelerate from 0 to 100km/h in 6.7 seconds (1.8 seconds faster than the old model).
* Audi Q4 45 e-tron quattro and the Audi Q4 Sportback 45 e-tron quattro produces 210 kW (286 PS) and accelerate from 0 to100km/h in 6.6 seconds.
* Audi Q4 55 e-tron quattro and Audi Q4 Sportback 55 e-tron quattro produces 250 kW (340 PS) and accelerate from 0 to100km/h in 5.4 seconds (0.8 seconds faster than the old model).
|-
|Speeed
|
* Top speed for all the models is 180 km/h (112 mph).
|-
|Battery and charging capacity
|
* The new model comes with a larger battery that provides 77 kWh of net energy (82 kWh gross).
* Improved charging power. It can now charge from 10 to 80 percent in around 28 minutes under ideal conditions
|-
|Range
|
* Audi Q4 45 e-tron has a range of up to 544 km (338 miles compared to 322 miles in the old model)

* Audi Q4 Sportback 45 e-tron has a range of up to 562 kilometers (349 miles).
|-
|Design
|
* Review 1: Bottle space at the front door is huge. Enough room in the back seats<ref name=":11">https://www.youtube.com/watch?v=qhK9R_pPPas</ref>.
* Review 2: The interior looks futuristic<ref>https://www.youtube.com/watch?v=R56NFy1sbwk</ref>.
* Review 3: The exterior design for the base model isn't fancy but Audi has tried to give the new model some upmarket details such as thick front pumper, large grille and full-width rare lights. The rare lights have a cool signature that dances around when you lock and unlock the car. Has lots of leg and head room. The interior feels upmarket though its doors and dashboard comes with some cheap plastics<ref>https://www.carwow.co.uk/audi/q4-e-tron#gref</ref>.
* Review 4: The new model doesn't respond well to corners but rides well under normal circumstances<ref>https://www.autoexpress.co.uk/audi/q4-e-tron/362504/new-audi-q4-e-tron-2024-review-more-power-more-range-and-faster-charging</ref>.
* Review 5: The design is unlike-Audi<ref>https://www.autocar.co.uk/car-review/audi/q4-e-tron</ref>.
|-
|Cargo Capacity
|Review 1: 520 litres boot capacity <ref name=":11" />
|-
|Tech
|
* The suspension has been fine-tuned to provide greater comfort.
* Audi MMI navigation plus, Audi connect Navigation & Infotainment are now standard.
* Heated front seats and 10.25 inch instrument panel Audi virtual cockpit are now standard.
* New acoustic system that distinguishes it from other Audi EV models and that of other manufactures.
|-
|Energy effeciency
|
* The new model uses optimized thermal management for greater efficiency.
|-
|Maintainance heavy?
|
* J.D Power has assigned the 2024 Audi Q4 e-tron a reliability score of 63<ref>https://cars.usnews.com/cars-trucks/audi/q4-e-tron/reliability</ref>.
|-
|Hyped?
|No
|-
|In a popular category? or similar to the current modelS?
|Nothing much that makes it stand out from its sister cars such as Volkswagen ID.4 and Skoda Enyang.
|-
|Built quality
|Review 1: Built quality is sturdy with no detectable creaks or squeaks, even over rough roads<ref>https://www.truecar.com/audi/q4-e-tron/</ref>.
|-
|Price
|
* Starts at 52,950 euros in Germany.
* Price of the new variant is unchanged from the old one<ref>https://www.cars.com/articles/2024-audi-q4-55-e-tron-replaces-q4-50-gets-more-power-and-greater-range-479084/#:~:text=Despite%20the%20upgrades%2C%20pricing%20for,both%20prices%20include%20%241%2C195%20destination).</ref>.
|}
'''Photos'''
[[File:2024 Audi Q4 e-tron 1.png|left|thumb|2024 Audi Q4 e-tron Source: Audi]]
[[File:2023 Audi Q4 e-tron 1.png|center|thumb|2023 Audi Q4 e-tron Source: MotorTrend]]

[[File:2024 Audi Q4 e-tron 2.png|left|thumb|2024 Audi Q4 e-tron Source: Audi]]
[[File:2023 Audi Q4 e-tron 2.png|center|thumb|2023 Audi Q4 e-tronSource: MotorTrend ]]

[[File:2024 Audi Q4 e-tron 3.png|left|thumb|2024 Audi Q4 e-tron Source: Audi]]
[[File:2023 Audi Q4 e-tron 4.png|center|thumb|2023 Audi Q4 e-tron Source: MotorTrend]]

== Volkswagen Passenger Cars ==

=== The 2024 Volkswagen Tiguan ===
{| class="wikitable"
!Specifications
!2024 Volkswagen Tiguan
|-
|Engine Power
|
* The new model will be available in eight different mild hybrid (eTSI), plug-in hybrid (eHybrid), turbocharged petrol (TSI) and turbocharged diesel (TDI) drives.
* The eTSI drives deliver an output of 96 kW (130 PS) and 110 kW (150 PS)<ref name=":12">https://www.volkswagen-newsroom.com/en/press-releases/the-all-new-tiguan-is-now-available-to-order-in-europe-17886</ref>.
|-
|Range
|
* The eHybrid has an all-electric range of up to 100km and can be charged using a 50 kW fast charger<ref name=":12" />.
|-
|Design
|
* Volkswagen says the new model comes with new design; higher and more powerful looking front-end which improves the drag coefficient from 0.33 to 0.28. A glass-covered horizontal bar which houses the optional LED strip replaces the traditional radiator grille<ref name=":12" />.
* Volkswagen says it has completely redesigned the interior with high-quality materials and high finish standard<ref name=":12" />.

|-
|Cargo Capacity
|Has a boot space of 652 liters (40 liters more than that of the old model).
|-
|Tech
|
* The new IQ.LIGHT HD matrix headlights with 38,400 multi-pixel LEDs are optional in the new Tiguan<ref name=":12" />.
* The company notes that the components of the latest modular infotainment matrix (MIB4) are merged on the board to create an intuitive space. The modules include the new IDA voice assistant, new Digital Cockpit ((digital instruments with anti-reflective coating in tablet landscape format), 12.9 inches infotainment screen (15 inches comes as optional)<ref name=":12" />.
* The new Tiguan has an optional new ergoActive Plus seats with pneumatic massage. The seat's heating and ventilation can also be activated automatically, depending on the outside temperature<ref name=":12" />.
|-
|Maintainance heavy?
|The 2024 Tiguan currently has a 75% quality and reliability score at J.D Power<ref>https://cars.usnews.com/cars-trucks/volkswagen/tiguan/reliability</ref>.
|-
|Hyped?
|No
|-
|In a popular category? or similar to the current modelS?
|Similar to current models.
|-
|Fuel economy
|24 mpg city and 31 mpg highway. 27 mpg (3.7 gal/100 mi) combined as per EPA estimates<ref>https://www.fueleconomy.gov/feg/PowerSearch.do?action=noform&path=1&year1=2024&year2=2024&make=Volkswagen&baseModel=Tiguan&srchtyp=ymm&pageno=1&rowLimit=50</ref>
|-
|Built quality
|Reviews haven't established any issue around the build quality.
|-
|Price
|
* Basic model starts at 36,600 euros in Germany<ref name=":12" />, around 3,000 euros more than the old model.
* In U.S it starts at $29,855, an increase of $1,610 over the pre-facelifted version<ref>https://www.cars.com/research/volkswagen-tiguan-2024/#:~:text=The%202024%20Tiguan%20starts%20at,in%20a%202023%20Volkswagen%20Tiguan%3F</ref>.
|-
|Reviews
|Review 1: The new Tiguan has a modern high-tech interior. Its exterior hasn't changed much but the LED headlight strips give it a new look. Material quality used in the interior outperforms that of SUVs in a similar price range. Build quality is also solid. The infotainment is a big leap forward from that of the old model. The awkward touch-sensitive controls (at the steering wheel) in the old model have been replaced with proper buttons. Its boot space is considerably bigger than anything else at its price.<ref>https://www.carwow.co.uk/volkswagen/tiguan#gref</ref>.

Review 2: The exterior design looks blunt. Interior design and texture looks nice. Without the dynamic chassis control which comes as an option, the car is a bit bumpy<ref>https://www.youtube.com/watch?v=8dGwORWaITA</ref>

Review 3: The cabin materials are better than before. The cabin design and tech isn't particularly ground-breaking<ref>https://www.youtube.com/watch?v=OkJpALb2_GE</ref>.

Review 4: Exterior design has been borrowed from Tuareg (that sits above it). It's 30mm longer than before with height which is 4 mm higher than before. Higher headroom and legroom than before. The interior has been upgraded for the better.

Review 5: The new model has a less sharp exterior compared to the old model (i.e it adopts a soft design). Also the plastic used in the front isn't appealing. Cabin materials are of better quality than that used in the old model. Air vents are now better angled towards the passengers<ref>https://www.youtube.com/watch?v=O0LokHmsaLM</ref>.

Review 6: The sharpness in the old Tiguan has been removed. The new Tiguan adopts a more curvy and rounded approach<ref>https://www.youtube.com/watch?v=O0LokHmsaLM</ref>.

Review 7: Panel gaps and so on look good. Looks like a good build quality<ref>https://www.youtube.com/watch?v=eS-sv22lFKc</ref>.
|-
|'''Assessment'''
|'''The new 2024 Tiguan is more spacious than the old one. It also comes with better tech and cabin materials. However, some important features such as the new IQ.LIGHT HD matrix headlights, the dynamic chassis control and the ergoActive Plus seats are optional. Also, its exterior design appears to be a big turnoff to most people out there who have dared to give their personal opinion. The other positive thing about it is that no one has complained about its build quality.'''
|}
'''Photos'''

[[File:2024 Volkswagen Tiguan.png|left|thumb|2024 Volkswagen TiguanSource: Volkswagen]]
[[File:2023 Volkswagen Tiguan.png|center|thumb|2023 Volkswagen TiguanSource: MotorTrend]]

[[File:2024 Volkswagen Tiguan 4.png|left|thumb|2024 Volkswagen Tiguan Source: MotorTrend|319x319px]]
[[File:2023 Volkswagen Tiguan 3.png|center|thumb|2023 Volkswagen TiguanSource: MotorTrend]]

=== The 2024 Volkswagen Atlas ===
{| class="wikitable"
!Specifications
!The 2024 Volkswagen Atlas
|-
|Engine Power
|
* A four-cylinder turbocharged and direct-injection TSI® engine replaces the outgoing VR6<ref name=":13">https://www.volkswagen-newsroom.com/en/press-releases/2024-volkswagen-atlas-and-atlas-cross-sport-debut-at-the-chicago-auto-show-15438</ref>.
* The new engine provides 269 horsepower and 273 lb-ft of torque but has improved fuel economy, drivability and acceleration compared to the outgoing engine<ref name=":13" />.
|-
|Design
|
* Volkswagen said the whole of the interior received premium materials in the new upgrade<ref name=":13" />.
* Heated steering wheel, ventilated front seats, height-adjustable passenger seat and Climatronic® automatic climate control and Voice Control are now standard in the new Atlas<ref name=":13" />.
* Volkswagen said the new model features a new front-end design that provides greater differentiation between Atlas and Atlas Cross Sport. The front end has a new fascia with integrated air intakes while the rear has been designed to be sleeker<ref name=":13" />.
* The new model gets new wheel designs ranging from 18 to 20 inches<ref name=":13" />.
|-
|Cargo Capacity
|2,735 liters with rear seats folded
|-
|Tech
|
* Volkswagen says the new model's cockpit has been redesigned featuring a 10.25-inch fully configurable Volkswagen Digital Cockpit Pro<ref name=":13" />.
* 12-inch infotainment screen is now standard.
* Volkswagen has made it easier to connect devices with standard wireless App-Connect, wireless charging, and six USB-C ports<ref name=":13" />.
* IQ.DRIVE® driver assistance technology is now standard<ref name=":13" />.
|-
|Maintainance heavy?
|
* Volkswagen says the 2024 Volkswagen Atlas costs less to maintain compared to the Toyota 4Runner and Highlander, Honda Pilot and Passport, Subaru Outback and Ascent. It cited a July 10, 2023 study conducted by Vincentric, LLC<ref>https://www.vw.com/en/models/atlas.html</ref>.
|-
|Hyped?
|No
|-
|Towing capacity
|Unchanged at 5,000 pounds
|-
|In a popular category? or similar to the current modelS?
|Similar to current models
|-
|Fuel economy
|23 MPG combined city/highway (4.3 gals/ 100 miles)<ref>https://www.fueleconomy.gov/feg/bymodel/2024_Volkswagen_Atlas.shtml</ref>
|-
|Built quality
|No complains so far.
|-
|Price
|
* Starts at 37,995 dollars in the U.S. An increase of $2,843 over the 2023 version<ref>https://www.cars.com/research/volkswagen-atlas-2023/</ref>.
|-
|Reviews
|Review 1: New front grille is nice. Overall the shape hasn't changed. The interior is top notch i.e it has excellent door pins, infotainment is responsive enough. Visibility is terrible (no fog light). Ride quality suffers on rough trains. Fuel consumption is not great (underperforms its competitors)<ref>https://www.youtube.com/watch?v=v9HzCuZy8RM</ref>.
Review 2: The exterior design is good. Stitching in the interior is good though materials used in the base model appear fake. Some features such as sunglass windoors, automatic boot doors, packing sensors and sunroof are available as an option. Many people were upset with the dropping of the VR6 engine but the new one is responsive and quiet on a smooth road. Infotainment is not very responsive. Not very great when it comes to fuel economy<ref>https://www.youtube.com/watch?v=a797IC1k_5o</ref>.

Review 3: The interior looks good but a step or two down from the former (i.e the infotainment is less intuitive). Other than the new taillights in the rear, nothing particularly interesting when it comes to the exterior. It underperforms its competitors when it comes to looks. The VR6 engine was always the most enjoyable Atlas engine but the new one is excellent as well though the engine sound in the Sport mode is irritating (VW attempted to make it sound like that of the V6 but failed). The ride quality was sloppy. It's spacious though<ref>https://www.thedrive.com/car-reviews/2024-volkswagen-atlas-review</ref>.

Review 4: In comparison to facelifts of rivals, the new model feels old. Visibilty is good, ride is smooth, and spacious enough but the tailpipes look fake<ref>https://www.youtube.com/watch?v=Y8WG4p73Bok</ref>.

Review 5: The larger front grille makes the new model more muscular. Tailpipes doesn't look good. Interior materials are more premium. Infotainment is a lot smoother. Visibility is good. The new engine is less smooth but the overall driving experience is still intact i.e ride is still nice even in not so good roads<ref>https://www.youtube.com/watch?v=8KDeHp4YmOY</ref>.

Review 6: The new engine is more fuel efficient than the old engine but is more complex. But the old engine has a big following among the Volkswagen enthusiasts. The interior is more premium (i.e more standard features) but a lot of physical controls have been removed (i.e not straightforward)<ref>https://www.youtube.com/watch?v=lqBNQsbLsGo</ref>.

Review 7: The exterior changes are subtle. The most visible change is the light grille at the front. Changes in the interior are visible with the unpleasant haptic touch functionality making an appearance (Volkswagen had said they will get rid of it but didn't). The cabin is made up of soft-touch materials and fake wood that appear real. Drive quality is still the same. Engine noise is not smooth but not unpleasant. The inside is spacious enough<ref>https://www.thetruthaboutcars.com/cars/reviews/2024-volkswagen-atlas-review-changing-yet-staying-the-same-44501914</ref>.

Review 8: The interior materials are much nicer i.e fewer hard plastics and better stitched seats. However, the infotainment is less intuitive and the company has removed most physical buttons such as HVAC knobs<ref>https://www.caranddriver.com/reviews/a44520220/2024-vw-atlas-drive/</ref>.

Review 9: Build quality is solid<ref>https://www.edmunds.com/volkswagen/atlas/</ref>.
|-
|'''Assessment'''
|'''The new Atlas is still spacious enough, one of the key selling points among the U.S customers given that it's a family car. However, it has replaced its V6 engine with a four-cylinder turbocharged engine, an act that hasn't been received well by customers. Also, most people doesn't like that a number of physical buttons such as the HVAC knobs have been eradicated and replaced with touch buttons. The exterior doesn't have many changes while the interior has seen heavy uplifting. That said, I don't expect the new changes to bring in more sales. In fact they could be a turnoff.'''
|}

'''Photos'''[[File:2024 Volkswagen Atlas.png|left|thumb|302x302px|2024 Volkswagen AtlasSource: MotorTrend]]
[[File:2023 Volkswagen Atlas.png|center|thumb|2023 Volkswagen AtlasSource: MotorTrend]]
[[File:2024 Volkswagen Atlas 2.png|left|thumb|2024 Volkswagen Atlas Source: MotorTrend]]
[[File:2023 Volkswagen Atlas 2.png|center|thumb|313x313px|2023 Volkswagen Atlas Source: MotorTrend]]
[[File:2024 Volkswagen Atlas 3.png|left|thumb|2024 Volkswagen Atlas Source: MotorTrend]]
[[File:2023 Volkswagen Atlas 3.png|center|thumb|2023 Volkswagen Atlas Source: MotorTrend]]

=== The 2024 Volkswagen Passat ===

* Alongside Tiguan and Polo, the Passat is Volkswagen's global best seller. More than 34 million units have been delivered to customers globally<ref name=":14">https://www.volkswagen-newsroom.com/en/the-new-passat-international-media-drive-18257</ref>.
* Volkswagen says the 2024 Passat has been developed from scratch<ref name=":14" />.
* The new Passat is an eHybrid that activates its petrol engine (TSI) on long journeys<ref name=":14" />.
* It is now available as an estate only<ref name=":14" />.

{| class="wikitable"
!Specifications
!2024 Volkswagen Passat<ref name=":14" /><ref>https://www.volkswagen-newsroom.com/en/press-releases/configurator-open-pre-sales-of-the-all-new-passat-have-now-started-17924</ref>
|-
|Engine Power
|The base model is a 48 V mild hybrid drive with an output of 110 kW (150 PS).
|-
|Range
|The plug-in hybrids has a range of up to 100km (900km combined range), improvement from 64km.
|-
|Design
|
* Improved aerodynamics that reduces drag coefficient to 0.25 from 0.31.
* Volkswagen says the Passat's running gear has been further developed to provide more comfort on long-distance.
* The new DCC Pro adaptive chassis control system which is available as an option which provides additional comfort.
* The newly-tuned progressive steering reduces the number of steering wheel turns (minus 0.65 turns to 2.1 turns).
* Volkswagen notes that the interior has a neat stitching and illuminated accents.
* 12.9 inch infotainment is available as a standard (15 inch as an option).
|-
|Cargo Capacity
|
* Load capacity has been increased by 40 liters to 690 liters (total capacity has been increased by 140 liters to 1,920 liters).
* Leg room has increased by 50 mm.
|-
|Tech
|
* Volkswagen said the new Passat comes with a new cockpit with an intuitively operated infotainment system
* Other features that the company says the new model will have include new ergoActive seats with a pneumatic pressure massage (option), next-generation adaptive running gear (DCC Pro) and new IQ.LIGHT LED matrix headlights.
* Volkswagen says ChatGPT will be available as an update.
* It's equipped with Vehicle Dynamics Manager as standard for the first time. This feature ensures neutral, stable, agile and precise handling.
|-
|Price
|
* starting from 39,995 euros in Germany.
* The 2023 Passat started at around 36,000 euros<ref>https://www.vwpress.co.uk/en-gb/press-kits/1059</ref>.
|-
!Reviews
|Review 1: Its look is more stylish. The touchscreen uses the latest MIB4 software which is slicker to operate than the outgoing system. It's more spacious and now available as an estate only (discontinued the salon due to weak sales)<ref>https://www.swanswaygarages.com/blog/5-things-you-need-to-know-about-the-2024-volkswagen-passat/</ref>.

Review 2: Exterior design has borrowed from Golf. It has improved on air vents. The boxy exterior look has been eliminated. Seats are too sporty. Simplicity has been reduced (most operations are on infotainment). Door handle is very pleasant. Window buttons are blunt<ref>https://www.youtube.com/watch?v=VZm9lR1W6Vg</ref>.

Review 3: Exterior design looks like that of Golf. Boot, legroom and headroom are spacious. Interior materials are premium. Software experience has been improved. Has a smooth ride. Generally, Volkswagen has implemented a number of customer requests<ref>https://www.youtube.com/watch?v=0I6341FrMGs</ref>.

Review 4: Interior quality is pretty cool<ref>https://www.youtube.com/watch?v=Onz1vF1kdV4</ref>.

Review 5: The 2024 Passat loses the buttons for climate controls (just like Tiguan). There are plenty of soft material and high-quality materials in the interior, making it more upmarket than the likes of C5 X. It's more spacious than its predecessor. Ride is a bit choppy on standard suspension. Price of higher trims could make one consider the more expensive premium cars<ref>https://www.whatcar.com/volkswagen/passat/estate/review/n29</ref>.

Review 6: Many fiddly interior problems have been addressed eg reintroduced steering wheels buttons. The new design is eye-catching. It's spacious enough. The interior of the new Passat is more upmarket. Ride and handling is quitter and more comfortable than ever<ref>https://www.autocar.co.uk/car-review/volkswagen/passat</ref>.

Review 7: The exterior of the new Passat looks more futuristic than that of the old. Volkswagen has done away with most of the switch gear<ref>https://www.youtube.com/watch?v=TYl_H76uO0o&t=7s</ref>.
|-
|Maintainance heavy?
|No insights on this yet
|-
|Hyped?
|Doesn't seem so.
|-
|In a popular category? or similar to the current modelS?
|Similar to current models
|-
|Built quality
|No complaints so far.
|-
!Assessment
|'''No much complaints on the new Passat so far. It's a much improved version of its predecessor. It comes with more space, more flashy interior, more efficiency thanks to its reduced drag coefficient. It also has more steering wheel buttons. The main complaint against the new model is its lack of HVAC buttons. Also, some people are not impressed with the new exterior design. but in my opinion, the new exterior design is better than that of its predecessor.'''
|}

'''Photos'''[[File:2024 Volkswagen Passat.png|left|thumb|2024 Volkswagen PassatSource: Autoexpress]]
[[File:2023 Volkswagen Passat.png|center|thumb|2023 Volkswagen PassatSource:Autoexpress]]
[[File:2024 Volkswagen Passat 2.png|left|thumb|2024 Volkswagen Passat Source: Autoexpress]]

* [[File:2023 Volkswagen Passat 2.png|center|thumb|2023 Volkswagen Passat Source: Autoexpress]][[File:2024 Volkswagen Passat 3.png|left|thumb|2024 Volkswagen Passat Source: Autoexpress]][[File:2023 Volkswagen Passat 3.png|center|thumb|2023 Volkswagen PassatSource: VW media]]

== Skoda ==

=== The 2024 Skoda Octavia ===

* The Skoda Octavia is Skoda's best-selling model with over 7 million units sold since its launch in 1996<ref>https://skodamedia.com/en-gb/releases/1474</ref>.
* It's a facelift of the fourth generation model.

{| class="wikitable"
!Specifications
!2024 Skoda Octavia<ref>https://skodamedia.com/en-gb/releases/1474</ref><ref>https://www.skoda-storyboard.com/en/skoda-world/new-octavia/</ref>
|-
|Trims
|Design selections include SE Technology, SE L, Sportline, vRS
|-
|Engine Power
|
* Four petrol and two diesel engines. Two 1.5 TSI petrol engines with optional mild-hybrid technology and a 2.0 TDI diesel, each with 116 PS (85 kW) of power.
|-
|Design
|
* The front and rear bumpers have been revamped. Also, the Skoda grille has been updated.
* The lower air intakes and Air Curtains have been redesigned to give the new model a more dynamic look.
* It comes with a 10-inch infotainment display as a standard (13-inch available as an option).
* The interior comes with new designs that use sustainable materials.
* Longer than before by 9 milimetres due to changes in front and rear bumpers.
|-
|Cargo Capacity
|600 liters
|-
|Tech
|
* The Driver Alert system has been replaced with the Attention and Drowsiness Assist which is more powerful.
* A dual-zone Climatronic system is now available as a standard.
* USB-C ports now delivers three times more charging power (45 watts) than before. It also has more ventilation.
* ChatGPT will be integrated in future as a standard. It will work with its Laura voice assistant.
* The Kessy keyless vehicle access system has been upgraded to automatically lock and unlock the vehicle as soon enters or leaves an area within 1.5 metres of the car while carrying the key.
* The basic headlights now use the LED technology as a standard. LED Matrix beam headlights are available are available as an option for higher trims.
* Skoda brings in a new Intelligent Park Assist and Remote Park Assist which makes parking easier.
* AppleCar Play is standard.
|-
|Fuel economy
|53.3-57.6mpg<ref>https://www.driving.co.uk/car-reviews/skoda-octavia-2024-review-czech-family-hatch-dreams-big-and-drives-like-a-big-dream/</ref>
|-
|Price
|Starts from 30,370 euros<ref>https://cc.skoda-auto.com/deu/de-DE/</ref>, around 1,500 euros more than the outgoing model.
|-
!Reviews
|
* Review 1: The exterior changes are pretty minimal. Exterior changes which are visible are only the larger grille and LED Matrix in higher-trim models. Interior hasn't seen much changes either other than the use of recycled materials and new storage box for rare passengers. Space is still the same as before. It comes with added tech though<ref>https://www.youtube.com/watch?v=10tres4u7lU</ref>.
* Review 2: There are no real surprises about this facelift. The revised headlights are surprisingly dramatic though but to get the full effect you need the more expensive trims. The company has tried to delete shiny stuff. On the outside, the areas that were chrome are now gloss black and the interior now has unique dark chrome instead of the original bright finish reducing nasty reflections. Skoda has retained plenty of actual buttons making the operation of the car as straightforward as before. Sustainable materials have been used extensively. Higher-trims get carbon fibre<ref>https://www.carmagazine.co.uk/car-reviews/skoda/octavia-hatchback/</ref>.
* Review 3: Interior quality looks sportier. Build quality looks good. No HVAC buttons. HVAC touch on the screen looks tiny. Facelift RS won't come with a diesel anymore<ref>https://www.youtube.com/watch?v=umFvveeBiSk</ref>.
* Review 4: The new headlamps are a pleasant piece of work unlike that used in the previous model. The interior has more impressive infotainment and tech features. No smart dials for HVACs. The cabins have lovely materials. Rear seats have more space than that of Czech rivals. Ride quality depends on the trim you choose. For instance the 2-litre TDI with 148bhp engine has more background vibration and rumbly noise than the TSI alternative. Ride handling and suppression of outside noise is generally better than that of rivals.
* Review 5: Skoda has made the new model more upmarket than the previous one. It also comes with better tech. The new model is spacious than its rivals. Its suspension can be a bit noisy and abrupt over pumps though but has plenty of grip and steering. It's comfortable on a motorway<ref>https://www.carwow.co.uk/skoda/octavia#gref</ref>.
|-
|Hyped?
|Doesn't seem so
|-
|In a popular category? or similar to the current modelS?
|Similar to current models
|-
|Built quality
|Looks good
|-
!Assessment
|'''No much changes on the exterior. The interior looks more upmarket, has better tech and is as spacious as before. However, it appears that many people are disappointed with the lack of HVAC buttons. Its pricing is a bit higher than that of the old model.'''
|}
'''Photos'''
[[File:2024 Skoda Octavia 1.png|left|thumb|2024 Skoda OctaviaSource: Skoda]]

[[File:2024 Skoda Octavia 3.png|thumb|2024 Skoda Octavia Source: Skoda|alt=|center]]

[[File:2024 Skoda Octavia Combi 1.png|left|thumb|2024 Skoda Octavia Combi Source: Skoda]]

[[File:2024 Skoda Octavia Combi 2.png|thumb|2024 Skoda Octavia Combi Source: Skoda|alt=|center]]

=== The 2024 Skoda Kodiaq ===

* It's a second-generation model<ref>https://www.skoda-storyboard.com/en/press-kits/skoda-kodiaq-media-launch-press-kit/the-all-new-skoda-kodiaq-more-spacious-functional-and-sustainable-than-ever-before/</ref>.
* Skoda sold more than 850,000 of the first-generation (launched in 2016) Skoda Kodiaq<ref>https://www.whatcar.com/skoda/kodiaq/estate/review/n17362</ref>.
*

{| class="wikitable"
!Specifications
!2024 Skoda Kodiaq<ref>https://www.skoda-storyboard.com/en/press-kits/skoda-kodiaq-media-launch-press-kit/the-all-new-skoda-kodiaq-more-spacious-functional-and-sustainable-than-ever-before/</ref>
|-
|Engine Power
|
* It's available with two diesel and two petrol engines delivering outputs from 110 kW (150 hp) to 150 kW (204 hp).
* The 1.5 TSI with 110 kW (150 hp) marks the debut of mild-hybrid technology in the Kodiaq.
* New for the Kodiaq is a plug-in hybrid powertrain with purely electric range of up to 100 km.
|-
|Design
|
* The new model features new LED Matrix beam headlights.
* The front grille has an horizontal light strip.
* The interior has used recycled materials such as recycled textiles and a new interior concept.
* Infotainment is now free-standing with screen length of up to 13 inches.
* A head-up display is now optional.
* The gear selector is now mounted on the steering wheel, creating more space.
* Skoda says it's 15 mm more spacious.
|-
|Cargo Capacity
|340 liters of boot space when there are 7 seats standing.
|-
|Tech
|
* ChatGPT will now be integrated into its Laura voice assistant.
* The new Phone Box enables charging of up to two smartphones, delivering 15 watts.
* Skoda says the new Skoda Smart Dials make the infotainment more intuitive.
* Skoda says new and improved assistance systems such as Travel Assist and Remote Park Assist will be available later.
|-
|Fuel economy
|
|-
|Price
|Starts from 41,990 euros– a 2000 increase from the pre-facelifted model<ref>https://www.carmagazine.co.uk/car-news/first-official-pictures/skoda/kodiaq/</ref>.
|-
!Reviews
|
* Review 1: The new model has more aerodynamics, new grille and new headlights but still looks like a Kodiaq. The interior has more clever features. Air controls still exist as dial buttons. Overall, it's a much more modern interior. Skoda says there's enough room for 7 adults but the back seats don't have enough headroom and legroom. The new touchscreen is a little easier to use than the old one. It's a great balance between handling and moving (quiet and smooth on the motorway). It uses about 7 liters per 100 km<ref>https://www.youtube.com/watch?v=LeyEwTuebDI</ref>.

* Review 2: The interior is posh. It looks a lot like the old model but smoother. It's 6 centimetres longer than the old model. It's also spacious. Cabin design and quality is as smart as that of German alternatives. The 13-inch infotainment screen is sharp. Good thing that Skoda has included physical controls<ref>https://www.carwow.co.uk/skoda/kodiaq#gref</ref>.

* Review 3: Skoda has nailed it in several key areas such as practicality, interior design and comfort. It's a little pricier though<ref>https://www.topgear.com/car-reviews/skoda/kodiaq</ref>.
* Review 4: The new model is more luxurious, more spacious, more efficient, more sustainable and has impressive comfort<ref>https://www.whatcar.com/skoda/kodiaq/estate/review/n17362</ref>.
* Review 5: The three little knobs are still there (haven't been moved to the infotainment screen). The interior is a little step-up from the old model. Practicality is still intact<ref>https://cc.skoda-auto.com/deu/de-DE/</ref>.
* Review 6: Solid built quality and use of high-end materials<ref>https://www.youtube.com/watch?v=gd9I4x2arNE</ref>.
|-
|Hyped?
|No
|-
|In a popular category? or similar to the current modelS?
|No
|-
|Built quality
|Looks good
|-
!Assessment
|Looks like Skoda has considered every piece while designing the new Skoda Kodiaq. It seems retaining some knobs and increasing space was a smart move that would likely appeal to customers out there. In my opinion, the new Kodiaq is much better than the new Tiguan. The major con of this new model is the sharp increase in its pricing though.
|}
'''Photos'''
[[File:2024 Skoda Kodiaq.png|left|thumb|292x292px|2024 Skoda KodiaqSource: Skoda]]
[[File:2023 Skoda Kodiaq.png|center|thumb|291x291px|2023 Skoda KodiaqSource: Skoda]]
[[File:2024 Skoda Kodiaq 1.png|left|thumb|2024 Skoda Kodiaq 1Source: Skoda]]
[[File:2023 Skoda Kodiaq 5.png|center|thumb|2023 Skoda Kodiaq Source: Skoda]]
[[File:2024 Skoda Kodiaq 3.png|left|thumb|2024 Skoda Kodiaq]]
[[File:2023 Skoda Kodiaq 3.png|center|thumb|2023 Skoda Kodiaq Source: Autoexpress]]

=== The 2024 Skoda Kamiq ===

* It's a mid-life facelift, so no much changes.

{| class="wikitable"
!Specifications
!2024 Skoda Kamiq<ref>https://www.skoda-storyboard.com/en/press-kits/skoda-scala-and-skoda-kamiq-media-launch-press-kit/</ref>
|-
|Trims
|Essence, Selection and Monte Carlo
|-
|Engine Power
|Skoda says the new model comes with more efficient engines. Two new 1.0 TSI three-cylinder engines which deliver outputs ranging from 70 kW (95 hp) to 110 kW (150 hp).
|-
|Design
|
* Redesigned grille and optional LED matrix beam headlights.
* Tailgate now includes virtual pedal.
* Skoda is introducing six design selections for the interior.
* materials such as recycled fabrics, hemp and kenaf are used for the seats and door panels.
|-
|Cargo Capacity
|400 litres
|-
|Tech
|
* Comes with standard 8-inch Digital Display and 8 inch infotainment display is now standard.
* Four USB C ports with 45 watts of charging power and a Phone Box with an output of 15 watts for wireless charging and cooling available as options.
* Skoda says the drive assistance and safety systems used are those used in higher segment vehicles eg Front Assist with Pedestrian Monitor, Lane Assist and Traffic Sign Recognition. Selection and higher trims feature Cruise Control with Speed Limiter, the Tyre Pressure Monitoring system (TPM+) and LED front fog lights.
|-
|Fuel economy
|5.4-6.1 liters/100 km
|-
|Price
|Starts from 24,390 euros<ref>https://cc.skoda-auto.com/deu/de-DE/trimline-scenic?activePage=trimlines&color=2X2X&configurationId=&extraEquipments=&id=DEU%3Bskoda%3B2024%3BNW4DMD%3B0%3BGW3MW3M%5CGYOKYOK%3Bmda20240517094930%3Bde-DE%3B%3B61008%3B61188&interior=HN&modifiedPages=&snapshotVersion=c3a37950-f73f-4a7c-9e33-ba78611cc3e2&trimline=NWD%7CDrive6118861008&visitedPages=</ref>- a 1000 euoros increase from the pre-facelifted model
|-
!Reviews
|Review 1: The Skoda Kamiq has always lacked visual touches that makes it standout among its rivals such as Nissan Juke and VW T-Roc. But the new model is sharper than the old one thanks to the new headlights and sportier-looking body kit. The interior also features upgraded materials and more tech. The 95 hp engine is a bit sluggish at low speed but the mid-range 113bhp is much better. Overall, it's one of the most comfortable small SUVs. Touchscreen graphics look good. The infotainment response can be slow sometimes. Offers generous legroom and headroom. No sliding and reclining rear seats<ref>https://www.whatcar.com/skoda/kamiq/hatchback/review/n19999#buying-owning</ref>.

Review 2: Skoda has tried to rectify the not so good look of the old model. The new model posts slightly more power (in certain configurations) than the old one. The entry level remains at 95 hp while the most powerful receives 64 hp more power. It's one of the most spacious small SUVs. The interior is pleasant and Climatronic panel that's much easier to use. Drive quality is average. The model drove delivered fuel economy<ref>https://www.carmagazine.co.uk/car-reviews/skoda/kamiq-suv/</ref>.

Review 3: It's practical. Cabin is spacious with some pleasing materials. It has better exterior look than its predecessor. Nothing innovative in the interior since it looks like a jacked-up Skoda Scala. Offers comfortable rides. Controls are precise<ref>https://www.autocar.co.uk/car-review/skoda/kamiq</ref>.
|-
|Hyped?
|No
|-
|In a popular category? or similar to the current modelS?
|Same to current models
|-
|Built quality
|Looks good
|-
!Assessment
|'''Based on reviews, it looks like the Skoda Kamiq was already a good vehicle at its pricing. The tweaks to the exterior and the interior as well as new tech features would likely give it a more pleasant experience. However, given that the changes aren't a lot, I don't expect this facelift to grab market share from its rivals.'''
|}
'''Photos'''
[[File:2024 Skoda Kamiq.png|left|thumb|2024 Skoda Kamiq Source: Skoda]]
[[File:2019 Skoda Kamiq.png|center|thumb|2019 Skoda KamiqSource: Autoexpress]]

[[File:2024 Skoda Kamiq 1.png|left|thumb|2024 Skoda KamiqSource: Skoda]]
[[File:2019 Skoda Kamiq 1.png|center|thumb|2019 Skoda Kamiq Source: Autoexpress]]
[[File:2024 Skoda Kamiq 3.png|left|thumb|2024 Skoda Kamiq Source: Skoda]]
[[File:2019 Skoda Kamiq 3.png|center|thumb|2019 Skoda Kamiq Source: Autoexpress]]

== References ==

Personal Consumption Expenditure

2024-06-05T09:06:56Z

Moritz:

Return to: [[Macroeconomics]]

See also: [https://forum.investmentwiki.org/t/personal-consumption-expenditure-pce/118 Discussion] | [[Personal Income]]

== PCE Price Index Developments ==
[[File:Screenshot 2023-08-31 103341.png|center|thumb|797x797px|https://fred.stlouisfed.org/series/PCEPI]]
{| class="wikitable"
!Date
!PCE Price Index Y/Y<ref>https://www.investing.com/economic-calendar/pce-price-index-906</ref>
!PCE Price Index M/M<ref>https://www.investing.com/economic-calendar/pce-price-index-904</ref>
!Core PCE Price Index Y/Y<ref>https://www.investing.com/economic-calendar/core-pce-price-index-905</ref>
!Core PCE Price Index M/M<ref>https://www.investing.com/economic-calendar/core-pce-price-index-61</ref>
!Marker Reaction
!Full Release
|-
|May-31
|2.7%
|0.3%
|2.8%
|0.2%
|Dow futures rose 0.2% while S&P 500 and Nasdaq 100 added 0.3%
|[https://www.bea.gov/sites/default/files/2024-05/pi0424.pdf Link]
|-
|Feb-29
|2.4%
|0.3%
|2.80%
|0.4%
|Dow Jones Industrial Average futures : +0.2%

S&P 500:+0.5%

Nasdaq composite: +0.9%
|[https://www.bea.gov/sites/default/files/2024-02/pi0124.pdf Link]
|-
|Jan-26
|2.6%
|0.1%
|2.90%
|0.1%
|0%
|[https://www.bea.gov/sites/default/files/2024-01/pi1223.pdf Link]
|-
|Dec-22
|2.6%
| -0.10%
|3.20%
|0.1%
|
|[https://www.bea.gov/sites/default/files/2023-12/pi1123.pdf Link]
|-
|Nov-30
|2.9%
|0.00%
|3.40%
|0.10%
|
|[https://www.bea.gov/sites/default/files/2023-11/pi1023.pdf Link]
|-
|Oct-27
|3.4%
|0.40%
|3.70%
|0.30%
|
|[https://www.bea.gov/sites/default/files/2023-10/pi0923.pdf Link]
|-
|Sep-29
|3.4%
|0.40%
|3.80%
|0.10%
|
|[https://www.bea.gov/sites/default/files/2023-09/pi0823.pdf Link]
|-
|Aug-31
|3.3%
|0.20%
|4.20%
|0.20%
|
|[https://www.bea.gov/news/2023/personal-income-and-outlays-july-2023 Link]
|-
|July-28
|3.0%
|0.20%
|4.10%
|0.20%
|
|[https://www.bea.gov/news/2023/personal-income-and-outlays-june-2023 Link]
|-
|May-23
|3.8%
|0.10%
|4.60%
|0.30%
|
|[https://www.bea.gov/news/2023/personal-income-and-outlays-may-2023 Link]
|-
|Apr-23
|4.4%
|0.40%
|4.70%
|0.40%
|
|[https://www.bea.gov/news/2023/personal-income-and-outlays-april-2023 Link]
|-
|Mar-23
|4.2%
|0.10%
|4.60%
|0.30%
|
|
|-
|Feb-23
|5.0%
|0.30%
|4.60%
|0.30%
|
|
|-
|Jan-23
|5.4%
|0.60%
|4.70%
|0.60%
|
|
|-
|Dec-22
|5.0%
|0.10%
|4.40%
|0.30%
|
|
|-
|Nov-22
|5.5%
|0.10%
|4.70%
|0.20%
|
|
|-
|Oct-22
|6.0%
|0.30%
|5.00%
|0.20%
|
|
|-
|Sep-22
|6.2%
|0.30%
|5.10%
|0.50%
|
|
|-
|Aug-22
|6.2%
|0.30%
|4.90%
|0.60%
|
|
|-
|Jul-22
|6.3%
| -0.10%
|4.60%
|0.10%
|
|
|-
|Jun-22
|6.8%
|1.00%
|4.80%
|0.60%
|
|
|-
|May-22
|6.3%
|0.60%
|4.70%
|0.30%
|
|
|-
|Apr-22
|6.3%
|0.20%
|4.90%
|0.30%
|
|
|-
|Mar-22
|6.6%
|0.90%
|5.20%
|0.30%
|
|
|-
|Feb-22
|6.4%
|0.60%
|5.40%
|0.40%
|
|
|-
|Jan-22
|6.1%
|0.60%
|5.20%
|0.50%
|
|
|}

=== 2024 ===

==== January 2024 ====

* Headline PCE rose 0.3% in January and 2.4% on a yearly basis, both in-line with the estimates.
* Core PCE grew by 0.4% in January and 2.8% on a yearly basis, both in-line with the estimates.
* Core PCE and headline PCE growths for the month of December were revised down to 0.1% from 0.2%.
* Personal income rose 1%, exceeding 0.3% estimate while spending fell 0.1%, below expectations for a 0.2% increase.
* Stock futures were up following the report. The Dow Jones Industrial Average futures rose 0.2%, S&P 500 gained 0.5% while Nasdaq composite climbed 0.9%<ref>https://www.cnbc.com/2024/02/28/stock-market-today-live-updates.html</ref>.

=== 2023 ===

==== January 2023 ====
US Commerce department announced that the core personal consumption expenditure rose 0.6% in January and 4.7% year-over-year. This was above the wall street expectations for a 0.5% rise in the month and 4.4% year-over-year increase. Headline Personal Consumption Expenditure rose 0.6% and 5.4%, respectively. Similarly, consumer spending rose 1.8% in January versus 1.4% estimate while Personal income rose 1.4%, higher than the 1.2% estimate. These numbers indicate that inflation remained sticky at the start of the new year. The rise mostly came from energy prices which rose 2% in January. Food prices increased 0.4% while goods and services both rose 0.6%.<ref>https://www.cnbc.com/2023/02/24/key-fed-inflation-measure-rose-0point6percent-in-january-more-than-expected.html</ref> It is believed that the "Spending was likely driven by a 8.7% cost of living adjustment, the biggest increase since 1981, for more than 65 million Social Security beneficiaries, which boosted income."<ref>https://www.reuters.com/markets/us/us-inflation-accelerates-january-consumer-spending-surges-2023-02-24/</ref>
* The increase in personal income primarily reflected an increase in compensation. The increase reflected increases of $78.0 billion in services-producing industries and $22.0 billion in goods-producing industries.<ref>https://www.bea.gov/sites/default/files/2023-02/pi0123_fax.pdf</ref>
* Within goods, the largest contributors to the increase were motor vehicles and parts (led by new light trucks), based on unit sales and “other” nondurable goods (led by pharmaceutical products and recreational items)
* Within services, the largest contributor to the increase was food services and accommodations (led by purchased meals and beverages)
* Government social benefits decreased in January, reflecting a decrease in “other” benefits that was partly offset by an increase in Social Security.
* The personal saving rate (that is, personal saving as a percentage of disposable personal income) was 4.7 percent in January, compared with 4.5 percent in December.
* Real disposable personal income increased 1.4 percent in January and real consumer spending increased 1.1 percent; spending on goods increased 2.2 percent and spending on services increased 0.6 percent.

==== February 2023 ====
U.S PCE declined to 5% on a yearly basis in February from 5.3% in January. It was expected to decline by 5.3%. Meanwhile, Core PCE dropped to 4.6% on a yearly basis from 4.7% in January. It was expected to remain flat. On a monthly basis, both headline PCE and core PCE grew 0.3%. Core PCE was expected to rise by 0.4%.

Personal income rose 0.3% versus 0.2% estimate while Consumer spending rose 0.2% versus 0.3% estimate<ref>https://www.cnbc.com/2023/03/31/fed-inflation-gauge-february-2023-.html#:~:text=Key%20Fed%20inflation%20gauge%20rose%200.3%25%20in%20February%2C%20less%20than%20expected,-Published%20Fri%2C%20Mar&text=The%20personal%20consumption%20expenditures%20price,This%20is%20breaking%20news.</ref>.
* Personal income increased, primarily reflecting an increase in compensation
* The personal saving rate was 4.6 percent in February, compared with 4.4 percent in January.
* Within services, the largest contributors to the increase were housing and utilities (led by housing) and health care (led by outpatient services)
* Within goods, the largest contributors to the increase were gasoline and other energy goods. These increases were partly offset by a decrease in motor vehicles and parts
* Real disposable personal income increased 0.2 percent in February. Real consumer spending decreased 0.1 percent reflecting 0.1 percent declines in both spending on goods and spending on services

==== March 2023 ====

* Personal Consumption Expenditure(PCE) rose 0.1% in March after rising 0.3% in the previous month. In the 12 months through March, it rose 4.2% versus 5.1% growth in February.
* Core PCE rose 0.3% in March in-line with estimates and unchanged from February. Yearly, it rose 4.6%, above the 4.5% estimate but below the 4.7% growth in February.
* The headline number was softer as energy prices slid 3.7% for the month while food costs declined 0.2%. Goods prices fell 0.2% while services increased 0.2%.
* Personal income rose 0.3% in March, above the 0.2% estimate while consumer spending was flat as expected.

==== April 2023 ====

* Core PCE rose 0.4% in April, above 0.3% estimate.<ref>https://www.bea.gov/sites/default/files/2023-05/pi0423_fax.pdf</ref>
* On an annual basis, core PCE increased 4.7% versus 4.8% estimate.
* Headline PCE also rose 0.4% and was up 4.4% from a year ago, higher than the 4.2% rate in March.
* Spending rose 0.8% for the month, while personal income accelerated 0.4%, both numbers were expected to increase 0.4%. Price increases were spread almost evenly, with goods rising 0.3% and services up 0.4%.
* Real consumer spending increased 0.5 percent, reflecting increases in spending on goods of 0.8 percent and spending on services of 0.3
* The personal saving rate was 4.1 percent in April.

==== May 2023 ====

* Core personal consumption expenditures price index(PCE) rose 0.3% in May as expected and below the 0.4% increase in April<ref>https://www.cnbc.com/2023/06/29/stock-market-today-live-updates.html</ref>.
* Year-over-year, core PCE increase 4.6%, below the 4.7% forecasted increase.
* Headline PCE rose 0.1% on the month and 3.8% year over year.
* Personal spending(nominal) rose 0.1% in May, below 0.2% estimate.
* Personal income(nominal) grew 0.4%, above the 0.3% estimate.

==== June 2023 ====

* Core PCE rose 0.2% in June in-line with Dow Jones estimate, and lower than the 0.3% increase in May<ref>https://www.cnbc.com/2023/07/28/pce-inflation-june-2023-.html</ref>.
* Year-over-year, core PCE increased 4.1% versus 4.2% estimate, and below 4.6% increase in May.
* Headline PCE rose 0.2% in June versus 0.1% in May.
* Yearly, headline PCE rose 3%, down from 3.8% increase in May.
* Personal income(nominal) rose 0.3% in June versus 0.4% estimate.
* Personal spending(nominal) rose 0.5% in-line with estimates.

==== July 2023 ====

* Core PCE increased 0.2% in July, in-line with the forecast and same as in June<ref name=":0">https://www.bloomberg.com/news/articles/2023-08-31/key-us-inflation-measures-post-modest-gains-while-spending-jumps</ref>.
* Yearly, core PCE rose 4.2% in July, also in-line with the estimate but above the 4.1% increase in June<ref name=":0" />.
* Headline PCE grew 0.2% in July, unchanged from June and in-line with the estimate<ref name=":0" />.
* Yearly, headline PCE rose 3.3% versus 3.0% in June, but in-line with the estimate<ref name=":0" />.
* Nominal consumer spending rose 0.8% in July, above the 0.7% estimate and 0.6% recorded in June(revised up from 0.5%)<ref>https://finance.yahoo.com/news/us-consumer-spending-july-surges-124640055.html</ref>.
* Nominal personal income rose 0.2% for the month below the 0.3% estimate and 0.3% recorded in June.
* Real personal income declined 0.2%<ref>https://www.bloomberg.com/news/articles/2023-08-31/key-us-inflation-measures-post-modest-gains-while-spending-jumps</ref>.
* Real consumer spending rose 0.6% for the month, above the 0.5% estimate<ref name=":0" />.
* Services inflation less housing and energy rose 0.5% in July, the biggest advance since January. Excluding management and investment advice, the gauge rose 0.25% month-over-month.<ref name=":0" />.

==== August 2023 ====

* Core personal consumption expenditures (PCE) price index rose 0.1% in August, below the 0.2% estimate and lower than the 0.2% gain in July<ref>https://www.reuters.com/markets/us/us-consumer-spending-rises-august-underlying-inflation-slows-2023-09-29/</ref>.
* Year over year, core PCE grew 3.9%, down from 4.3% gain in July (revised up from 4.2%) and in-line with the estimate.
* Headline PCE grew 0.4% in August, up from 0.2% in the previous month and below the 0.5% forecast.
* On a 12-month basis, headline PCE grew 3.5%, up from 3.4% gain in July (revised up from 3.3%) and in-line with the estimate.
* Personal spending rose 0.4%, in-line with estimates and below 0.9% (revised up from 0.8%) gained in July.
* Personal income rose 0.4%, also in-line with the estimate but above the 0.2% gain in July.
* Inflation in August was largely driven by energy which rose 6.1% in August.
* Super core inflation rose 0.1% for the month after rising 0.5% in July.

==== September 2023 ====

* Core PCE rose 0.3% in September<ref>https://www.bea.gov/sites/default/files/2023-10/pi0923.pdf</ref>, in-line with estimates<ref>https://www.cnbc.com/2023/10/27/key-fed-inflation-gauge-rose-0point3percent-as-expected-in-september-spending-tops-estimate.html</ref> and above 0.1% increase in August.
* Personal spending rose 0.7%, above 0.5% etimate.
* Personal income increased 0.3%, below 0.4% estimate.
* Headline PCE rose 0.4% for the month, unchanged from August.
* Year-over-year, core PCE rose 3.7%, in-line with estimate and below 3.8% in August (revised down from 3.9%).
* Year-over-year, headline PCE rose 3.4%, unchanged from August (revised down from 3.5%).

==== October 2023 ====

* Core PCE rose 0.2% in October<ref>https://www.bea.gov/sites/default/files/2023-11/pi1023.pdf</ref> and 3.5% on a yearly basis, both in-line with the estimates<ref>https://www.cnbc.com/2023/11/30/pce-inflation-report-october-2023-.html</ref>.
* Personal income and spending grew by 0.2% on the month, both in-line with the estimates.
* Headline PCE was flat in October but grew 3% year-over-year, compared to growth of 3.4% year-over-year in September.

==== November 2023 ====

* Core PCE rose 0.1% in November<ref>https://www.bea.gov/sites/default/files/2023-12/pi1123.pdf</ref>, lower than the 0.2% estimate and same as the previous month (revised down from 0.2%).
* Yearly, core PCE rose 3.2%, lower than 3.3% expected and 3.4% in October (revised down from 3.5%).
* Personal income rose 0.4% while and spending grew by 0.3% on the month, both in-line with the estimates.
* Headline PCE fell 0.1% in November versus expectations to be flat.
* Year-over-year, Headline PCE was up 2.6%, lower than 2.8% estimate and 2.9% in October (revised down from 3.0%).

==== December 2023 ====

* Core PCE rose 0.2% in December<ref>https://www.bea.gov/sites/default/files/2024-01/pi1223.pdf</ref>, in line with the estimate<ref>https://www.cnbc.com/2024/01/26/pce-inflation-december-2023-.html</ref>.
* On a yearly basis, core PCE rose 2.9%, below expectations for a 3% increase.
* Personal income fell to 0.3%, in line with the forecast while spending rose 0.7%, exceeding the 0.5% estimate.
* Headline PCE rose 0.2% on the month and 2.6% on a yearly basis, both in line with the forecasts.

== Personal Spending Developments ==
[[File:Screenshot 2023-09-29 104022.png|alt=|center|thumb|1097x1097px|Real PCE <ref>https://fred.stlouisfed.org/series/PCEC96</ref>]]'''Annual % Change PCE'''
[[File:Screenshot 2023-09-29 122231.png|center|thumb|1096x1096px|https://fred.stlouisfed.org/series/PCE]]

{| class="wikitable"
! rowspan="2" |Title
! colspan="3" |Personal Consumption Expenditures<ref>https://fred.stlouisfed.org/series/PCE</ref>
! colspan="3" |Real Personal Consumption Expenditures<ref>https://fred.stlouisfed.org/series/PCEC96</ref>
! colspan="3" |Real PCE: Goods<ref>https://fred.stlouisfed.org/series/DGDSRX1</ref>
! colspan="3" |Real PCE: Services<ref>https://fred.stlouisfed.org/series/PCESC96</ref>
!Full Release
|-
!Billions SAAR
!M/M
!Y/Y
!Billions SAAR
!M/M
!Y/Y
!Billions SAAR
!M/M
!Y/Y
!Billions SAAR
!M/M
!Y/Y
!
|-
|2023-12-01
|19,002
|0.71
|5.90
|15,650
|0.54
|3.22
|5,514
|1.12
|5.02
|10,167
|0.26
|2.33
|
|-
|2023-11-01
|18,868
|0.39
|5.45
|15,565
|0.46
|2.74
|5,453
|0.62
|3.71
|10,141
|0.38
|2.26
|
|-
|2023-10-01
|18,795
|0.02
|4.91
|15,495
| -0.01
|1.92
|5,419
| -0.22
|1.92
|10,104
|0.10
|1.92
|
|-
|2023-09-01
|18,792
|0.75
|5.55
|15,496
|0.36
|2.10
|5,432
|0.63
|2.48
|10,094
|0.23
|1.92
|
|-
|2023-08-01
|18,652
|0.30
|5.42
|15,440
| -0.06
|2.01
|5,398
| -0.13
|2.32
|10,070
| -0.02
|1.85
|
|-
|2023-07-01
|18,595
|0.60
|5.92
|15,448
|0.47
|2.52
|5,405
|0.89
|2.91
|10,072
|0.26
|2.32
|
|-
|2023-06-01
|18,485
|0.42
|5.33
|15,376
|0.25
|2.06
|5,357
|0.16
|1.77
|10,046
|0.30
|2.21
|
|-
|2023-05-01
|18,408
|0.24
|5.88
|15,337
|0.13
|1.84
|5,348
| 0.23
|1.35
|10,016
|0.09
|2.11
|
|-
|2023-04-01
|18,364
|0.44
|6.08
|15,317
|0.14
|1.56
|5,336
|0.55
|0.40
|10,007
| -0.06
|2.17
|
|-
|2023-03-01
|18,283
| -0.08
|6.27
|15,295
| -0.20
|1.74
|5,307
| -0.99
|0.35
|10,014
|0.21
|2.47
|
|-
|2023-02-01
|18,297
|0.37
|7.63
|15,326
| 0.05
|2.30
|5,360
| 0.08
|1.69
|9,993
|0.04
|2.64
|
|-
|2023-01-01
|18,230
|1.59
|7.94
|15,318
|1.03
|2.31
|5,356
|2.00
|0.87
|9,990
|0.54
|3.09
|
|-
|2022-12-01
|17,944
|0.29
|6.81
|15,162
| 0.08
|1.28
|5,251
| -0.14
| -0.52
|9,936
|0.19
|2.23
|
|-
|2022-11-01
|17,893
| -0.13
|6.87
|15,150
| -0.35
|0.87
|5,258
| -1.11
| -1.19
|9,918
|0.05
|1.97
|
|-
|2022-10-01
|17,915
|0.62
|7.83
|15,203
|0.17
|1.37
|5,317
|0.32
| -0.01
|9,913
|0.09
|2.11
|
|-
|2022-09-01
|17,804
|0.63
|8.57
|15,177
|0.27
|1.86
|5,300
|0.47
| 0.94
|9,904
|0.16
|2.36
|
|-
|2022-08-01
|17,692
|0.77
|8.50
|15,136
|0.45
|1.84
|5,275
|0.44
|0.64
|9,888
|0.45
|2.48
|
|-
|2022-07-01
|17,556
| 0.04
|8.70
|15,069
|0.02
|1.93
|5,252
| -0.22
| 0.79
|9,843
|0.15
|2.54
|
|-
|2022-06-01
|17,550
|0.95
|8.95
|15,066
|0.04
|1.68
|5,264
| -0.26
| -1.29
|9,829
|0.19
|3.27
|
|-
|2022-05-01
|17,385
|0.43
|9.41
|15,060
| -0.14
|2.52
|5,277
| -0.71
| -0.47
|9,810
|0.15
|4.13
|
|-
|2022-04-01
|17,311
|0.62
|9.19
|15,082
|0.32
|2.38
|5,315
|0.50
| -1.95
|9,794
|0.22
|4.74
|
|-
|2022-03-01
|17,204
|1.20
|9.87
|15,034
|0.36
|2.77
|5,289
| 0.33
| -2.38
|9,773
|0.37
|5.60
|
|-
|2022-02-01
|17,000
|0.66
|13.72
|14,981
|0.06
|6.72
|5,271
| -0.72
|5.74
|9,737
|0.48
|7.24
|
|-
|2022-01-01
|16,889
|0.53
|12.24
|14,971
|0.00
|5.57
|5,310
|0.59
|3.86
|9,690
| -0.30
|6.47
|
|-
|2021-12-01
|16,799
| 0.34
|13.49
|14,970
| -0.32
|6.88
|5,278
| -0.81
|5.42
|9,719
| -0.07
|7.65
|
|-
|2021-11-01
|16,742
|0.77
|14.08
|15,019
| 0.15
|7.63
|5,321
| 0.07
|7.42
|9,726
|0.18
|7.75
|
|-
|2021-10-01
|16,614
|1.31
|13.00
|14,997
|0.66
|7.21
|5,317
|1.27
|6.89
|9,708
|0.34
|7.38
|
|-
|2021-09-01
|16,399
|0.57
|11.90
|14,899
|0.24
|6.78
|5,251
|0.17
|5.14
|9,675
|0.28
|7.64
|
|-
|2021-08-01
|16,306
|0.96
|13.01
|14,863
|0.53
|8.01
|5,242
| 0.59
|6.86
|9,648
|0.50
|8.60
|
|-
|2021-07-01
|16,151
|0.26
|13.06
|14,784
| -0.22
|8.17
|5,211
| -2.28
|5.94
|9,600
|0.87
|9.33
|
|-
|2021-06-01
|16,109
|1.38
|14.84
|14,816
|0.86
|10.04
|5,332
|0.56
|10.38
|9,517
|1.02
|9.85
|
|-
|2021-05-01
|15,890
|0.23
|19.91
|14,690
| -0.28
|15.14
|5,303
| -2.18
|16.35
|9,421
|0.75
|14.50
|
|-
|2021-04-01
|15,854
|1.25
|29.65
|14,731
|0.69
|25.01
|5,420
| 0.05
|36.80
|9,351
|1.04
|19.45
|
|-
|2021-03-01
|15,658
|4.75
|13.52
|14,629
|4.21
|10.54
|5,418
|8.68
|20.36
|9,255
|1.94
|5.83
|
|-
|2021-02-01
|14,948
| -0.66
|0.93
|14,038
| -1.01
| -0.92
|4,985
| -2.49
|8.79
|9,079
| -0.24
| -5.27
|
|-
|2021-01-01
|15,047
|1.66
|1.56
|14,181
|1.25
| -0.03
|5,112
|2.11
|11.82
|9,101
|0.80
| -5.31
|
|-
|2020-12-01
|14,802
|0.86
| 0.41
|14,006
| 0.38
| -0.93
|5,007
| 1.07
|8.91
|9,029
| 0.02
| -5.38
|
|-
|2020-11-01
|14,676
| -0.18
| -0.02
|13,954
| -0.25
| -1.14
|4,954
| -0.42
|8.02
|9,027
| -0.16
| -5.29
|
|-
|2020-10-01
|14,703
|0.32
|0.81
|13,989
|0.25
| -0.29
|4,975
| -0.39
|9.45
|9,041
|0.58
| -4.68
|
|-
|2020-09-01
|14,655
|1.57
|0.68
|13,953
|1.40
| -0.54
|4,994
|1.81
|9.61
|8,989
|1.18
| -5.13
|
|-
|2020-08-01
|14,428
|1.00
| -0.67
|13,761
|0.69
| -1.80
|4,905
| -0.27
|7.54
|8,884
|1.18
| -6.04
|
|-
|2020-07-01
|14,285
|1.84
| -1.29
|13,667
|1.50
| -2.16
|4,919
|1.81
|8.17
|8,780
|1.34
| -6.83
|
|-
|2020-06-01
|14,027
|5.85
| -2.53
|13,465
|5.54
| -3.19
|4,831
|6.00
|6.89
|8,664
|5.30
| -7.75
|
|-
|2020-05-01
|13,251
|8.37
| -7.60
|12,758
|8.27
| -7.99
|4,557
|15.02
|1.35
|8,228
|5.10
| -12.21
|
|-
|2020-04-01
|12,228
| -11.34
| -14.36
|11,783
| -10.96
| -14.69
|3,962
| -11.97
| -11.10
|7,828
| -10.48
| -16.35
|
|-
|2020-03-01
|13,793
| -6.87
| -3.14
|13,234
| -6.59
| -4.23
|4,501
| -1.77
|1.01
|8,745
| -8.75
| -6.60
|
|-
|2020-02-01
|14,811
| -0.03
|4.93
|14,168
| -0.12
|3.24
|4,582
|0.23
|4.18
|9,584
| -0.28
|2.78
|
|-
|2020-01-01
|14,816
|0.50
|5.16
|14,185
|0.34
|3.41
|4,572
| -0.54
|3.93
|9,611
|0.73
|3.15
|
|-
|2019-12-01
|14,741
|0.43
|4.91
|14,137
|0.15
|3.32
|4,597
|0.24
|5.33
|9,542
|0.11
|2.40
|
|}

== Consumer Expenditure Survey ==

=== 2022 ===
Methodology: https://www.bls.gov/cex/tables-getting-started-guide.htm

<ref>https://www.bls.gov/news.release/pdf/cesan.pdf</ref>
{| class="wikitable"
! colspan="4" |'''Spending Category'''
!'''2019'''
! colspan="2" |'''2020'''
! colspan="2" |'''2021'''
! colspan="2" |'''2022'''
|-
| colspan="4" |Average annual expenditures
|100.0
| colspan="2" |100.0
| colspan="2" |100.0
| colspan="2" |100.0
|-
| colspan="4" |Food
|13.0
| colspan="2" |11.9
| colspan="2" |12.4
| colspan="2" |12.8
|-
| colspan="4" |Alcoholic beverages
|0.9
| colspan="2" |0.8
| colspan="2" |0.8
| colspan="2" |0.8
|-
| colspan="4" |Housing
|32.8
| colspan="2" |34.9
| colspan="2" |33.8
| colspan="2" |33.3
|-
| colspan="4" |Apparel and services
|3.0
| colspan="2" |2.3
| colspan="2" |2.6
| colspan="2" |2.7
|-
| colspan="4" |Transportation
|17.0
| colspan="2" |16.0
| colspan="2" |16.4
| colspan="2" |16.8
|-
| colspan="4" |Healthcare
|8.2
| colspan="2" |8.4
| colspan="2" |8.1
| colspan="2" |8.0
|-
| colspan="4" |Entertainment
|4.9
| colspan="2" |4.7
| colspan="2" |5.3
| colspan="2" |4.7
|-
| colspan="4" |Personal care products and services
|1.2
| colspan="2" |1.1
| colspan="2" |1.2
| colspan="2" |1.2
|-
| colspan="4" |Reading
|0.1
| colspan="2" |0.2
| colspan="2" |0.2
| colspan="2" |0.2
|-
| colspan="4" |Education
|2.3
| colspan="2" |2.1
| colspan="2" |1.8
| colspan="2" |1.8
|-
| colspan="4" |Tobacco products and smoking supplies
|0.5
| colspan="2" |0.5
| colspan="2" |0.5
| colspan="2" |0.5
|-
| colspan="4" |Miscellaneous
|1.4
| colspan="2" |1.5
| colspan="2" |1.5
| colspan="2" |1.4
|-
| colspan="4" |Cash contributions
|3.2
| colspan="2" |3.7
| colspan="2" |3.6
| colspan="2" |3.8
|-
| colspan="4" |Personal insurance and pensions
|11.4
| colspan="2" |11.8
| colspan="2" |11.8
| colspan="2" |12.0
|}
{| class="wikitable"
!Item<ref>https://www.bls.gov/cex/tables/calendar-year/mean-item-share-average-standard-error/cu-income-deciles-before-taxes-2022.pdf</ref>
!All consumer units
!Lowest 10
percent
!Second 10
percent
!Third 10
percent
!Fourth 10
percent
!Fifth 10
percent
!Sixth 10
percent
!Seventh 10
percent
!Eighth 10
percent
!Ninth 10
percent
!Highest 10
percent
|-
|Number of consumer units (in thousands)1 .........................
|134,090
|13,454
|13,406
|13,296
|13,535
|13,329
|13,370
|13,494
|13,399
|13,424
|13,386
|-
|Lower limit............................................................................
|n.a.
|n.a.
|$15,272
|$25,807
|$37,117
|$50,091
|$64,970
|$83,695
|$107,055
|$140,361
|$199,135
|-
!Income before taxes
!
!
!
!
!
!
!
!
!
!
!
|-
|Mean .............................................
|$94,003
|$7,769
|$20,636
|$31,496
|$43,281
|$57,225
|$74,067
|$95,163
|$122,394
|$165,297
|$322,973
|-
|SE..................................................
|1,231.08
|361.75
|234.46
|380.60
|378.46
|455.58
|537.98
|651.69
|957.99
|792.60
|5,984.44
|-
|RSE ...............................................
|1.31
|4.66
|1.14
|1.21
|0.87
|0.80
|0.73
|0.68
|0.78
|0.48
|1.85
|-
!Income after taxes
!
!
!
!
!
!
!
!
!
!
!
|-
|Mean .............................................
|83,195
|9,971
|22,725
|33,744
|44,759
|56,378
|70,952
|89,028
|110,831
|142,896
|250,844
|-
|SE..................................................
|960.32
|366.97
|281.40
|408.83
|396.12
|536.56
|579.31
|697.63
|1,003.27
|762.46
|4,449.74
|-
|RSE ...............................................
|1.15
|3.68
|1.24
|1.21
|0.89
|0.95
|0.82
|0.78
|0.91
|0.53
|1.77
|-
!Average annual expenditures
!
!
!
!
!
!
!
!
!
!
!
|-
|Mean .............................................
|$72,967
|$31,039
|$34,192
|$44,698
|$50,578
|$57,057
|$66,831
|$76,275
|$87,675
|$114,182
|$167,200
|-
|SE..................................................
|902.42
|1,268.15
|888.95
|2,724.99
|854.18
|1,135.99
|1,351.79
|1,510.64
|1,374.78
|2,019.51
|3,927.89
|-
|RSE ...............................................
|1.24
|4.09
|2.60
|6.10
|1.69
|1.99
|2.02
|1.98
|1.57
|1.77
|2.35
|}

== Personal Consumption Expenditure(PCE) ==
Personal consumption expenditures (PCE) is the primary measure of consumer spending on goods and services in the U.S. economy.1 It accounts for about two-thirds of domestic final spending, and thus it is the primary engine that drives future economic growth. PCE shows how much of the income earned by households is being spent on current consumption as opposed to how much is being saved for future consumption.

PCE also provides a comprehensive measure of types of goods and services that are purchased by households. Thus, for example, it shows the portion of spending that is accounted for by discretionary items, such as motor vehicles, or the adjustments that consumers make to changes in prices, such as a sharp run-up in gasoline prices.

PCE measures the goods and services purchased by “persons”—that is, by households and by nonprofit institutions serving households (NPISHs)—who are resident in the United States. Persons resident in the United States are those who are physically located in the United States and who have resided, or expect to reside, in this country for 1 year or more. PCE also includes purchases by U.S. government civilian and military personnel stationed abroad, regardless of the duration of their assignments, and by U.S. residents who are traveling or working abroad for 1 year or less. <ref>https://www.bea.gov/resources/methodologies/nipa-handbook/pdf/chapter-05.pdf</ref>

== Differences PCE and the CPI Indexes ==

The differences between the two indexes can be grouped into four categories: formula effect, weight effect, scope effect, and "other effects."

* The formula effect accounts for the different formulas used to calculate the two indexes. The PCE price index is based on the Fisher-Ideal formula, while the CPI is based on a modified Laspeyres formula.
* The weight effect accounts for the relative importance of the underlying commodities reflected in the construction of the two indexes. The relative weights used in the CPI are based on the Consumer Expenditure Survey, a household survey conducted for BLS by the Census Bureau. The relative weights used in the PCE price index are based primarily on business surveys
* The scope effect accounts for conceptual differences between the two indexes. PCE measures spending by and on behalf of the personal sector, which includes both households and nonprofit institutions serving households; the CPI measures out-of-pocket spending by households. The "net" scope effect adjusts for CPI items out-of-scope of the PCE price index less items in the PCE price index that are out-of-scope of the CPI.
* "Other effects" include seasonal adjustment differences, price differences, and residual differences. <ref>https://web.archive.org/web/20180727125301/https://www.bea.gov/faq/index.cfm?faq_id=555</ref> <ref>https://web.archive.org/web/20180727131101/https://www.bea.gov/scb/pdf/2007/11%20November/1107_cpipce.pdf</ref>

== References ==

Main Page

2024-05-21T16:51:27Z

Moritz: Protected "Main Page" ([Edit=Allow only administrators] (indefinite) [Move=Allow only administrators] (indefinite))

'''<big>InvestmentWiki - open source valuation models that revolutionize buy-side decision making.</big>'''

'''Our Vision is to build the worlds first open source investment community around our [[Track Record|proven]] principle based [[Investment Philosophy|investment framework]].'''

'''Together we can find alpha, democratize investing and improve capital efficiency.'''

'''Join the discussion on our [https://forum.investmentwiki.org/ Forum] and [https://discord.gg/GTnU6h5zDF Discord(to be reorganized)].'''

'''Our research is collected at the Wiki, [https://docs.google.com/spreadsheets/d/1PvRWKP-7t-5GGDlbTX0VnjGI6AvcPEqt4dTEHlEJwXA/edit?usp=sharing Google Sheets] and [https://www.mindmeister.com/app/map/2908037401?t=6s1WGUTkVC Mindmaps]. We are at an early stage with many incomplete articles.'''

'''You can get a first impression of topics at [[Macroeconomics]], [[Industries]] or [[Investment Ideas]].'''

'''Some news are organized at [[Company News]] and [[Macro News]] but we highly recommend following topics in the [https://forum.investmentwiki.org/ Forum] and enabling notifications.'''

'''More informations about how to [[participate]].'''

Disclaimer: We are building in public. A lot of articles are [[drafts]] and are not reflective of the end result. The InvestmentWiki is still in an experimental stage with no established quality control mechanisms. Our discussions serve information purposes and are not investment advise.
----
To upload your logo, make sure your dimensions are at most 155px by 155px. Upload it at [{{SERVER}}/wiki/Special:Upload?wpDestFile=Wiki.png Wiki.png].

For more info on how to get started with your wiki, visit [https://helpcenter.mywikis.wiki/wiki/Setting_up_your_wiki the MyWikis Help Center].

For more info on how to use MediaWiki, visit [https://helpcenter.mywikis.wiki/wiki/Help:Contents the MediaWiki help pages].

Development:Tools

2024-05-18T17:13:12Z

Moritz:

''Return to: [[Development]]''

Full collection of great tools in [https://docs.google.com/spreadsheets/d/1GtDKZD3g5sm_UcXgs2y3Dh7snahMdJjGc0HV00mDomI/edit#gid=0 Sheets]. (To be completed)

Potentially useful tools. Feel free to add to this list.

To create Guideline:Tools

== AI Tools ==

* Website with collected Ai tools https://www.futuretools.io/
* [https://www.investmentwiki.org/wiki/Development:Tools/AI_Tools/Drawn_Effect_Pictures_Tool Tool] for adding drawn effect to pictures

== Marketing ==
*Beautiful Screenrecordings https://www.screen.studio/
*Loom - Recordings of your screen and yourself.

== Website Building ==

* Surveys: https://www.typeform.com/
* No Code Website https://typedream.com/
* Automated Workflows https://www.make.com/en

== Productivity ==
* Powerful Docs that bring integrate many apps. The team survey function seems interesting. https://coda.io/
* Powerful Docs alternative: slite.com
* Costumizable Excel Views for productivity https://www.airtable.com/
* Open Source Project Management. Not actively developed anymore. https://de.wikipedia.org/wiki/Phabricator
* Beautiful Presentations? https://pitch.com/
* Beautiful Documents? https://www.craft.do/
* Automated workflows https://zapier.com/
* Notices. Like Notion but performant https://www.craft.do/
* Gathertown. Meet the teem online https://www.gather.town/
* [[Development:Tools/Team Organizing|Team organizing]]
* [[Development:Tools/Flowchart tool|Flowchart tool]]
* [[Development:Tools/Portoflio Tracker|Portfolio tracker]]
* [[Development:Tools/Email Tool|Email Tool]]

== Research ==

* [[Development:Tools/Tool Youtubers|Tool Youtubers]]
* Interesting tool for in-depth thought collection and research. https://dynalist.io/
* [[Development:Tools/Knowledge Graphs and Decision Trees]]

== Spelling ==

* Grammarly (free,Chrome Extension, Englisch)
* Microsoft Editor (Chrome Extension, German)

== Zoom Integrations ==

* [https://fathom.video/ Fathom]. Free Zoom Call Transcriptions.

== Learning Tools ==

== Tool Collection Articles ==

* https://slite.com/blog/easy-tools-for-remote-work

== Wiki Integrations ==

* [[Development:Tools/EmbedLoomVideos|Testing Loom integrations for MediaWiki]]

Development:Tools

2024-05-18T17:12:48Z

Moritz:

''Return to: [[Development]]''

Full collection of great tools ([https://docs.google.com/spreadsheets/d/1GtDKZD3g5sm_UcXgs2y3Dh7snahMdJjGc0HV00mDomI/edit#gid=0 Sheets]).

Potentially useful tools. Feel free to add to this list.

To create Guideline:Tools

== AI Tools ==

* Website with collected Ai tools https://www.futuretools.io/
* [https://www.investmentwiki.org/wiki/Development:Tools/AI_Tools/Drawn_Effect_Pictures_Tool Tool] for adding drawn effect to pictures

== Marketing ==
*Beautiful Screenrecordings https://www.screen.studio/
*Loom - Recordings of your screen and yourself.

== Website Building ==

* Surveys: https://www.typeform.com/
* No Code Website https://typedream.com/
* Automated Workflows https://www.make.com/en

== Productivity ==
* Powerful Docs that bring integrate many apps. The team survey function seems interesting. https://coda.io/
* Powerful Docs alternative: slite.com
* Costumizable Excel Views for productivity https://www.airtable.com/
* Open Source Project Management. Not actively developed anymore. https://de.wikipedia.org/wiki/Phabricator
* Beautiful Presentations? https://pitch.com/
* Beautiful Documents? https://www.craft.do/
* Automated workflows https://zapier.com/
* Notices. Like Notion but performant https://www.craft.do/
* Gathertown. Meet the teem online https://www.gather.town/
* [[Development:Tools/Team Organizing|Team organizing]]
* [[Development:Tools/Flowchart tool|Flowchart tool]]
* [[Development:Tools/Portoflio Tracker|Portfolio tracker]]
* [[Development:Tools/Email Tool|Email Tool]]

== Research ==

* [[Development:Tools/Tool Youtubers|Tool Youtubers]]
* Interesting tool for in-depth thought collection and research. https://dynalist.io/
* [[Development:Tools/Knowledge Graphs and Decision Trees]]

== Spelling ==

* Grammarly (free,Chrome Extension, Englisch)
* Microsoft Editor (Chrome Extension, German)

== Zoom Integrations ==

* [https://fathom.video/ Fathom]. Free Zoom Call Transcriptions.

== Learning Tools ==

== Tool Collection Articles ==

* https://slite.com/blog/easy-tools-for-remote-work

== Wiki Integrations ==

* [[Development:Tools/EmbedLoomVideos|Testing Loom integrations for MediaWiki]]

Guideline:Forum workflows

2024-05-18T16:56:52Z

Moritz:

''See also: [[Guidelines]] | [[Development:Discourse]]''

''Discussion: [https://forum.investmentwiki.org/t/forum-workflows/18 Forum workflows]''

== Principles ==

* Close connection of the Forum and the Wiki.
* Do not create too many new tags.
* Limited amount of categories.
* First topic posts can contain a *very* brief summary of the Wiki content.

== Quarterly Results ==
Good Examples (to add)

# Post with Wiki article that include management expectations and developments
# Discussion of what we expect in the quarter
# Our Quarterly Expectations (Bull and Bear Reasons)
# Actual Results
# Key highlights of the Earningscall and link back to the Wiki article which has an overview of the Earnings call
# Potentially more discussions about the results

Meta Platforms:Quarterly Results/2023 Q4

2024-05-18T12:10:29Z

Moritz:

Return to: [[Earnings Season]]

See also: [https://docs.google.com/spreadsheets/d/1UNG7ddMmZnKZK-Q0ePI1yPcKyutXw05gb3xVpS3jDJ8/edit#gid=0 Sheet:Meta Platforms] | [[Meta Platforms:Quarterly Results]] | [[Earnings Season:2023 Q4]] | [[Meta Platforms:Quarterly Results/2023 Q3]] | [[Meta Platforms:Quarterly Results/2023 Q2]]

== Results ==
Here are the Q4 2023 numbers<ref>https://s21.q4cdn.com/399680738/files/doc_news/Meta-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Initiates-Quarterly-Dividend-2024.pdf</ref>;

* Revenue grew by 25% y/y to $40.11 billion, in line with management's upper guidance of $40 billion (+24.3%) and above analysts’ estimate of $39.09 billion (+21.5%).
* Earnings per share was $5.33 versus $4.99 analysts’ estimate while operating margin rose to 41% from 20% a year ago.
* Facebook Daily Active Users (DAUs) rose 6% y/y to 2.11 billion (analysts’ estimate: 2.07 billion or +3.3% y/y), Facebook Monthly Active Users (MAUs) increased by 3% to 3.07 billion (estimate:3.06 billion).The average Family daily active people (DAP) rose 8% y/y to 3.19 billion (analysts’ estimate: 3.11 billion) while Family monthly active people (MAP) increased by 6% to 3.98 billion (estimate:3.93 billion).
* Advertising revenue rose by 23.8% to $38.7 billion (estimate: $37.8 billion or +20.9%) while Reality Labs revenue increased by 47% to $1.07 billion (estimate: $810 million or +11.5%)
* The company increased its share repurchase authorization by $50 billion and initiated a quarterly dividend of $0.50 per share.
* Meta is guiding Q1 2024 revenue of $34.5-37 billion (expectations: $33.61 billion), maintaining their earlier guidance of full-year 2024 total expenses ($94-99 billion) but increasing their 2024 capex guidance by $2 billion at the upper end to $30-37 billion on the anticipated increase in investments on servers and data centres.

== Summary of the earnings call ==
Here is a summary of Meta Q4 2023 earnings call<ref>https://s21.q4cdn.com/399680738/files/doc_financials/2023/q4/META-Q4-2023-Earnings-Call-Transcript.pdf</ref>;

=== AI Products ===

* Meta's major goal is to build the most advanced and popular AI products. "And if we succeed, everyone who uses our services will have a world-class AI assistant to help get things done, every creator will have an AI that their community can engage with, every business will have an AI that their customers can interact with to buy goods and get support, and every developer will have a state-of-the-art open source model to build with, " CEO Mark Zuckerberg said in the earnings call.
* Zuckerberg said they have realized that they will need to build general intelligence unlike in the past when they thought they needed specific AI models.
* Zuckerberg said they learnt a great lesson when they underbuild Reels GPU and that they are not going to repeat the mistake.
* Zuckerberg expects the training and operation of AI models to be compute-intensive, "roughly 10x the amount of compute each year."
* Meta will continue to open source general infrastructure but keep specific products proprietary.
* Benefits of open source infrastructure include (1) safer, more secure and more efficient (2) It makes integration of newer innovations into their product easier once open sourcing becomes industry standard (3) Open sourcing is highly popular among developers and researchers, hence helping them recruit the best people.
* Meta is also working on long-term products such as Llama 5, 6, and 7.
* '''The company will leverage its huge number of users to train its AI products. "On Facebook and Instagram, there are hundreds of billions of publicly shared images and tens of billions of public videos, which we estimate is greater than the Common Crawl dataset and people share large numbers of public text posts in comments across our services as well," Zuckerberg said. But even more important than the upfront training corpus is the ability to establish the right feedback loops with hundreds of millions of people interacting with AI services across our products."'''
* Zuckerberg said they are rolling out Meta AI, AI Studio and Ray-Ban Meta smart glasses more widely in the coming months but monetization normally starts once they reach hundreds of millions or billions of people.
* In 2024, they will focus on launching Llama 3, expanding the usefulness of Meta AI Assistant and making progress on AI Studio.
* Zuckerberg said FAIR is focused on longer-term work while GenAI is focused on immediate work.
* Don't expect GenAI products to be a meaningful driver of revenue in 2024 (Q&A).
* Meta AI is at a phase where they are not pushing it super proactively (Q&A).

=== Advertising Business ===

* In Q4, the online commerce vertical "was the largest contributor to year-over-year growth, followed by CPG and gaming."
* In 2023, demand by advertisers in China reaching users in other markets was a strong driver to y/y growth of online commerce and gaming verticals.
* '''In 2023, China-based advertisers represented 10% of Meta's overall revenue and contributed 5% to the total worldwide revenue growth.'''
* '''In Q4 2023, Europe led in terms of ad revenue growth (33%), followed by Rest of World (32%), Asia Pacific (23%) and North America (19%).'''
* FX was a tailwind to ad revenue growth in all the international regions.
* '''In Q4, ad impressions grew by 21% driven by Asia-Pacific and Rest of World while the average price per ad increased by 2% " driven by advertiser demand and currency tailwinds, which were partially offset by strong impression growth, particularly from lower-monetizing surfaces and regions."'''
* Click to message ads seeing greater demand.
* '''Shop ads crossed a $2 billion annual run-rate in Q4'''.
* Li said they are getting strong feedback from advertisers on features such as Advantage+ Shopping, Advantage+ Catalog, Advantage+ Creative, Advantage+ Audiences, etc. They are also getting good feedback on tools that report on ad performance (Q&A).
* Concerning Shop ads, they partnered with Amazon to make purchases of products online. But the test is still in the early days (Q&A).
* '''Ad creative tools are their most near-term monetization opportunity eg Text Variations and Image Expansion''' (Q&A).

=== Q1 and Full-year 2024 Guidance ===

* '''CFO Susan Li said their Q1 guidance is based on strong advertising trends that they are seeing as well as accruing benefits from their ad performance investments.''' "On your second question, which is about the Q1 year-over-year -- sorry, the Q1 revenue guide. This really just reflects a lot of the trends we saw in Q4, which is strong, broad-based advertising demand across verticals, particularly within online commerce and gaming. I'll also note that we get the benefit from having February 29th in this quarter. And again, just the improvements that we continue to accrue to the business from all of our investments in improving ad performance over time," she said.
* Their increased capex guidance reflects their evolving understanding of how much AI infrastructure they may need. It is also an insurance on supply situation (Q&A).
* Li said 2024 revenue will be influenced by a number of factors including macro and lapping of strong periods. "But our revenue for the full year is going to be influenced by a number of factors, including macro conditions that are certainly harder to predict the further out you go. And over the course of 2024, as you said, we'll also be lapping periods of increasingly strong demand. So we don't provide guidance beyond Q1. There's certainly a range of outcomes, and we'll have a better read on how we will compare to future quarters as we progress through the year," she said (Q&A).
*

=== Share repurchases ===

* Expect to maintain an active share repurchase program but will start giving out dividends.
* Li said share repurchase will continue to be the primary way that they return capital to shareholders but dividends serve as a nice compliment to it. '''"We expect that share repurchases will continue to be the primary way that we return capital to shareholders. But introducing a dividend just gives us a more balanced capital return program and some added flexibility in how we return capital in the future," She said (Q&A).'''

=== Regulatory Environment ===

* '''FTC consent rule is currently the major risk.''' "The FTC is seeking to substantially modify our existing consent order and impose additional restrictions on our ability to operate. We are contesting this matter, but if we are unsuccessful it would have an adverse impact on our business," CFO Susan Lee said.

=== Meta Apps ===

* Reels are being reshared 3.5 billion times each day.
* '''Reels is now contributing to net revenue across Meta's apps.'''
* "The biggest opportunity 5 going forward is unifying our recommendations systems across Reels and other types of video. That will help people discover the best content across our systems no matter what format it’s in," Zuckerberg said.
* '''WhatsApp is succeeding more broadly in the United States; hence a huge opportunity given that the U.S. is an important contributor of revenue.'''
* '''Threads now has more than 130 million users.'''
* Meta will no longer report Facebook-specific metrics and will instead only report y/y changes in ad impressions, average price per ad at the regional level and Family daily active people.
* Family of Apps other revenue grew 82% in Q4 to $334 million, '''driven by the growth of business messaging revenue from the WhatsApp Business Platform.'''
* Daily watch time across Reels and overall video rose by 25% y/y in Q4, driven by ongoing ranking improvements.
* WhatsApp Channels now has 500 million active users since rolling out worlwide in September.

=== Apple Changes ===

* Apple changes won't have a difference to Meta. "I don't think that the Apple thing is going to have any difference for us because I think that the way that they've implemented it, I would be very surprised if any developer chose to go into the alternative app stores that they have," Zuckerberg said (Q&A).

=== Year of Efficiency ===

* The objective of their "year of efficiency" was to make them leaner and more balanced towards their engineering work and to improve their financial performance with the aim of providing stability as they invest in long-term goals.
* "Year of Efficiency" wasn't a short-term thing.
* They will hire again this year since they have a big recruiting backlog from last year. However,the new headcount to be hired will be minimal compared to what they have done historically.
* The other reason why the want to be lean is to prepare for unpredictable and volatile period in the next 5 years or 10. Be it regulatory, geopolitical and technological.

*

=== Metaverse ===

* Zuckerberg said they will continue investing heavily in Metaverse.
* Zuckerberg still believes in the Metaverse. "But I still expect this next generation of AR, MR, and VR computing platforms to deliver a realistic sense of presence that will be the foundation for the future of social experiences and almost every other category as well," he said.
* Horizon is now one of the top 10 most used apps in Quest.
* Its in-house developed game, Asgard's Wrath 2 received IGN’s 10/10 ‘masterpiece’ rating.
* Their focus in 2024 is growing their mobile version of Horizon and VR.
* Ray-Ban Meta smart glasses seeing high demand and engagement. Their engagement and retention are significantly higher than the first version.
* Mark thinks smart glasses with AI Assistant will be the killer app and then holograms and sense of presence will come later (Q&A).

*

== Management Guidance and Analysts' Estimate ==

=== Management Guidance ===
Below is the management guidance for the fourth quarter-quarter and full year 2023 given during third-quarter earnings<ref>https://investor.fb.com/investor-news/press-release-details/2023/Meta-Reports-Third-Quarter-2023-Results/default.aspx</ref>.

* Management expects an FX tailwind of about 2% to year-over-year total revenue growth in Q4.
* 2023 total expenses outlook includes around " $3.5 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs."
* Meta expects Reality Labs losses to increase year-over-year in 2023.
* Meta expects Q4 2023 and FY 2024 tax rates to be similar to Q3 2023.
* For 2024; management expects higher infrastructure-related costs, growth in payroll expenses, and Reality Labs operating losses to increase year-over-year.

{| class="wikitable"
!Key Items
! colspan="6" |Q4 2023
! colspan="6" |2023
! colspan="3" |2024
|-
!
!Lower-point
!Y/Y Growth
!Mid-Point
!Y/Y Growth
!Upper-point
!Y/Y Growth
!Lower-point
!Y/Y Growth
!Mid-Point
!Y/Y Growth
!Upper-point
!Y/Y Growth
!Lower-point
!Mid-Point
!Upper-point
|-
|Revenue
|$36.5 billion
|13.5%
|$38.25 billion
|18.9%
|$40 billion
|24.3%
|
|
|
|
|
|
|
|
|
|-
|Total expenses
|
|
|
|
|
|
|$87 billion
| -0.75%
|$88 billion
|0.4%
|$89 billion
|1.5%
|$94 billion
|$96.5 billion
|$99 billion
|-
|Capex
|
|
|
|
|
|
|$27 billion
| -15.7%
|$28 billion
| -12.6%
|$29 billion
| -9.5%
|$30 billion
|$32.5 billion
|$35 billion
|}

=== Analysts' Estimates ===

==== Seeking Alpha ====
{| class="wikitable"
|+
!Key Items
!Q4 2023<ref name=":0">https://seekingalpha.com/symbol/META/earnings/estimates?period=quarterly</ref>
!Y/Y Growth
!Up Revisions
!Down Revisions
!Q1 2024<ref name=":0" />
!Y/Y Growth
!FY24<ref>https://seekingalpha.com/symbol/META/earnings/estimates?period=annual</ref>
|-
|Revenue
|$39.09 billion
|21.5%
|23
|14
|$33.8 billion
|18.0%
|$151.0 billion
|-
|EPS
|$4.99
|183.6%
|21
|16
|$3.67
|66.6%
|$17.63
|}

==== Bloomberg ====
{| class="wikitable"
|+
!Key Items
!Q4 2023<ref>https://capital.com/meta-platforms-q4-earnings-forecast-to-surge-on-solid-ad-revenues</ref>
!Y/Y Growth
!Q1 2024
!Y/Y Growth
|-
|Revenue
|$39.07 billion
|21.45%
|$33.61 billion
|17.34%
|-
|EPS
|$4.90
|178.7%
|$3.57
|62.29%
|-
|Advertising Revenue
|$37.77 billion
|20.85%
|$32.94 billion
|17.21%
|-
|Family of Apps Revenue
|$38.09 billion
|21.17%
|$33.21 billion
|17.34%
|-
|Reality Labs Revenue
|$810.58 million
|11.50%
|$431.6 million
|27.32%
|-
|Daily Active Users (DAUs)
|2.067 billion
|3.3%
|2.090 billion
|2.61%
|-
|Monthly Active Users (MAUs)
|3.058 billion
|3.18%
|3.075 billion
|2.86%
|}

== Competitor Earnings Expectations and Results ==

=== Alphabet ===

==== Analysts' Estimate ====
Here is what analysts expect<ref>https://www.ig.com/en/news-and-trade-ideas/alphabet--goog-_s-share-price--what-to-expect-for-q4-2023-result-240124#:~:text=Rebound%20in%20advertising%20activities%20to,the%209.5%25%20in%203Q%202023.</ref>.
{| class="wikitable"
|+
!Items
!Q4 2023
!Y/Y Growth
|-
|Revenue
|$85.3 billion
|12.1%
|-
|Advertising revenue
|$65.9 billion
|11.6%
|-
|EPS
|$1.59
|51.4%
|-
|Google Cloud revenue
|$8.9 billion
|22.1%
|}

== Analysts Opinions ==

=== The advertising market strengthened in Q4 ===

* JMP Securities said their checks point to a healthy digital advertising market in Q4 2023, continuing to January 2024<ref>https://www.wallstreetzen.com/news/facebook-emerges-as-top-pick-in-jmp-securities-s-digital-advertising-portfolio</ref>.
* “With the broader online advertising environment strengthening in 4Q, our Reels tracking suggesting 4Q ad load expanding (albeit at a slower pace), and our view that newer ad products are attracting greater demand,” Analyst Ronald Josey of Citi said. “Our Reels ad load tracking suggests ad loads expanded to 19.1% in 4Q, +20bps Q/Q, and with Reels likely becoming revenue accretive in 4Q, we believe monetisation efficiency through newer ad products and advertiser adoption is ramping,” he added<ref>https://www.investing.com/news/stock-market-news/meta-platforms-target-lifted-at-citi-as-newer-ad-products-attracting-greater-demand-432SI-3280703#:~:text=Citi%20analysts%20raised%20their%20price,are%20attracting%20%22greater%20demand.%22</ref>.
* Truist said Meta's Q4 results would likely show solid growth in digital advertising, aided by the ongoing recovery in pricing. The analysts said conversations with digital advertising agencies indicate demand has been relatively consistent sequentially across social and search, helped by brand spend and e-commerce, with retail media maintaining its stong momentum<ref>https://thefly.com/landingPageNews.php?id=3844611&headline=GOOGL;META-Q-for-Meta-Platforms-Google-likely-to-show-solid-ad-spend-growth-says-Truist&utm_source=https://thefly.com/news.php%3fsymbol=META&utm_medium=referral&utm_campaign=referral_traffic</ref>.

* “Most experts he spoke to saw a significant acceleration in advertising revenue growth in the fourth quarter, with it significantly exceeding expectations towards the end of the quarter," Boerse reported on analyst Brent Thill of Jefferies's advice to its clients.<ref>https://www.boerse.de/nachrichten/Jefferies-hebt-Ziel-fuer-Meta-auf-455-Dollar-Buy/35710632</ref>
* RBC said advertising trends remain strong<ref>https://www.boerse.de/nachrichten/RBC-belaesst-Meta-auf-Outperform-Ziel-400-Dollar/35711322</ref>.
* Seaport expects solid ad growth for Meta in Q4<ref>https://thefly.com/landingPageNews.php?id=3852032&headline=META-Meta-Platforms-price-target-raised-by--at-Seaport-Research-heres-why&utm_source=https://thefly.com/news.php%3fsymbol=META&utm_medium=referral&utm_campaign=referral_traffic</ref>.
* '''Evercore's Mark Mahaney said he's not worried about the demand environment. He said the demand environment is improving'''<ref>https://www.youtube.com/watch?v=Osf8aWKVPnI&t=50s</ref>.

=== Advertising by Chinese businesses will likely continue into 2024 ===

* "Expect marketing intensity by China x-border advertisers to sustain into '24, but see tailwind to Meta ad rev growth to meaningfully abate in the 2H driven by tough comps and ad spend diversification, " Wells Fargo analysts wrote<ref>https://seekingalpha.com/news/4052005-pinterest-and-snap-are-wells-fargos-top-platform-picks-why-is-it-worried-about-google</ref>.

=== Advantage+ trends remain positive ===

* Piper Sandler said their checks remain positive, especially for Advantage+<ref>https://thefly.com/landingPageNews.php?id=3845528&headline=META-Meta-Platforms-price-target-raised-by--at-Piper-Sandler-heres-why1705493595&utm_source=https://www.google.com/&utm_medium=referral&utm_campaign=referral_traffic</ref>.

=== Instagram and Facebook to see a rise in the share of digital advertising spend ===

* TD Cowen survey concluded core Facebook and Instagram share of digital advertising will rise, Reels has emerged as a leader in Short Form Video surpassing TikTok in advertiser preference, and Facebook is ranked number two in ROI<ref>https://thefly.com/landingPageNews.php?id=3841337&headline=META-Meta-Platforms-price-target-raised-by--at-TD-Cowen-heres-why&utm_source=https://thefly.com/news.php%3fsymbol=META&utm_medium=referral&utm_campaign=referral_traffic</ref>.

=== Meta's ad products saw further growth in Q4 ===
* KeyBanc believes Meta ended 2023 with further momentum in its ad products, especially Reels<ref>https://thefly.com/landingPageNews.php?id=3852613&headline=META-Meta-Platforms-price-target-raised-by--at-KeyBanc-heres-why&utm_source=https://thefly.com/news.php%3fsymbol=META&utm_medium=referral&utm_campaign=referral_traffic</ref>.
* “The solid topline growth comes amidst resilient consumer activity in several of Meta’s key markets,” Capital.com analysts wrote. “The multi-year decline in ad pricing is expected to slow down, with revenue growth coming despite what is projected to be only modest increases in daily active users and monthly active users of approximately 3%.”<ref>https://www.proactiveinvestors.com/companies/news/1039724/meta-platforms-set-to-report-another-quarter-of-robust-earnings-growth-1039724.html</ref>

=== FY 2024 is expected to be a good year for Meta ===

* "'''First, FY24 consensus revenue growth of 13% appears conservative against our expected 22% exit rate, considering drivers including improved monetization in Reels and FB Shops, and increased demand from Chinese e-commerce advertisers,"''' Mizuho analysts said. "Lastly, we view Messaging as an attractive optionality, and we estimate WhatsApp could incrementally increase Meta’s revenue base by a third over time using AI to automate customer service," they added<ref>https://www.investing.com/news/stock-market-news/mizuho-deep-dive-suggests-meta-platforms-upside-in-2024-432SI-3271393</ref>.
* Stifel analyst Mark Kelly said 2024 should be a good year for Meta particularly due to Apple changes that will make it easier for Meta to target users<ref>https://www.cnbc.com/video/2023/12/26/meta-should-see-a-good-year-in-2024-says-stifels-mark-kelley.html</ref>.

=== Impressive Q4 2023 Results ===

* Proactive Investors expects Q4 to have been Meta's revenue growth peak but thinks that it can overcome deceleration in 2024.<ref name=":1">https://ca.investing.com/news/stock-market-news/meta-in-solid-position-ahead-of-expected-revenue-deceleration-in-2024-analysts-3241056</ref>
* “Bulls suggest 2024 revenue will beat estimates and deceleration is expected/priced in the multiple, while bears may prefer perceived acceleration stocks with easier comparisons, including Pinterest (NYSE:PINS) and Snapchat,” the BoA analysts wrote<ref name=":1" />.
* Brian White, Monness Crespi Hardt analyst expects Meta to report an impressive fourth-quarter aided by AI innovations, secular digital trends and leaner cost structure. However, this year, he is worried about regulatory trends in Europe and U.S, cybersecurity attacks, and digital ad spending trends that could worsen as the economy slows.<ref>https://seekingalpha.com/news/4054374-meta-expected-strong-q4-stunning-reversal-of-fortune</ref>
* '''Mark Mahaney is forecasting Q4 revenue of $38.9 billion, 2% above the Street's model and monthly active users of 3.03 billion (+2%)'''<ref>https://www.morningstar.com/news/marketwatch/20240131162/meta-platforms-is-primed-for-a-big-quarter-with-ads-ai-push</ref>'''.'''

=== Year of Efficiency ===

* Evercore's Mark Mahaney expects Meta to maintain its full-year expense and capital expenditure guidance<ref>https://www.investors.com/news/technology/meta-stock-earnings-preview-zuckerberg-q4-2023-feb-2024/</ref>.

=== Reels now a tailwind to Meta's revenue ===

* "As of 3Q23, Reels is net revenue neutral, a quarter earlier than expected," Bernetein analysts wrote. "As RBernsteineels engagement hits exit velocity, Meta has shifted focus to monetization — a familiar playbook. Despite some structural challenges with short-form video, we believe Meta can increase ad load, improve conversion rates, and keep driving up engagement to the tune of ~$2B in incremental 2024 ad revenues, or 150-200bps of revenue growth."<ref>https://www.investing.com/news/stock-market-news/meta-platforms-price-target-lifted-as-bernstein-sees-reels-revenue-tailwinds-432SI-3277437</ref>

== References ==

1&1:Sources

2024-05-16T20:02:00Z

Moritz:

Return to: [[1&1]]

List of all experts on 1&1

== Publications ==

[http://www.d-long.com/eWebEditor/uploadfile/2019101622405834124458.pdf Germany: 1&1 Drillisch may become fourth network operator (page 60)]

[https://imagepool.1und1.ag/v2/download/analysen/2019-01-18-Drillisch-Warburg.pdf 1&1 Drillisch]

== News sources ==

==== Specialized on Telco ====
{| class="wikitable"
|+
!Name
!Rating
!Description
|-
|Telcotitans
|<code>10</code>
|
|-
|Teltarif.de
|<code>10</code>
|
|-
|Lightreading.com
|<code>9</code>
|
|-
|Telecoms.com
|<code>8</code>
|
|-
|rcrwireless.com
|<code>7</code>
|
|-
|Winfuture
|<code>5</code>
|
|-
|Mobileworldlive
|<code>5</code>
|
|-
|stadt-bremerhaven.de
|<code>5</code>
|
|-
|Telecomtv
|<code>5</code>
|
|}

==== Other News Sites ====
* Market Screener
* finanzen.net
* finanznachrichten.de
* boerse.de
*finanznachrichten.de
*finanzierung
*regionalheute.de
*fundscene
*Oldenburger
*fuldainfo.de
*presse augsburg
*Hasepost
*mobiFlip
*Aroged
*Wallstreet-online.de
*time.news
*Spiegel.de

==== Further sources ====

* Handelsblatt

== Search Terms ==
== Analysts ==
{| class="wikitable"
|+
!
!
!
!
! colspan="2" |TipRanks ranking
!
!
!
!
!
!
|-
!Name
!Company
!Years of experience covering the sector
!Current Position
!Position (out of 8,727)
!Success rate
!Average Return
!Additional details
!Market Influence
!Market influence conclusion
!Assessment of the analyst
!Recent videos/publications
|-
|[https://www.linkedin.com/in/usman-ghazi-89751b3/ Usman Ghazi]
|Berenberg
|13 years
|Associate Director
|2,299<ref>https://www.tipranks.com/experts/analysts/usman-ghazi</ref>
|62%
|4.20%
|
|
|
|
|
|-
|[https://www.linkedin.com/in/joshua-mills-b392936b/?originalSubdomain=uk Joshua Mills]
|BNP Paribas
|6 years
|Executive Director
|2,470<ref>https://www.tipranks.com/experts/analysts/joshua-mills</ref>
|87%
|14.70%
|
|
|
|
|
|-
|Karsten Oblinger
|DZ Bank
|
|
|3,001<ref>https://www.tipranks.com/experts/analysts/karsten-oblinger</ref>
|58%
|2.30%
|[[Analyst: 1&1/Karsten Oblinger|Analyst:1&1/Karsten Oblinger]]
|
|
|Good
|
|-
|[https://www.linkedin.com/in/polo-tang-38408421/ Polo Tang]
|UBS
|11 years
|Managing Director
|3,186<ref>https://www.tipranks.com/experts/analysts/polo-tang</ref>
|58%
|1.90%
|
|
|
|
|
|-
|[https://www.linkedin.com/in/keval-khiroya-cfa-a6486374/?originalSubdomain=uk Keval Khiroya]
|Deutsche Bank
|19 years
|Director, Telecoms Equity Analyst
|4,142<ref>https://www.tipranks.com/experts/analysts/keval-khiroya</ref>
|56%
|1.30%
|
|May 19, 2023: +4.1%<ref>https://www.finanzen.at/nachrichten/aktien/1&1-aktie-deutlich-starker-deutsche-bank-gibt-kaufempfehlung-fuer-1&1-aus-1032339069</ref>
|
|
|
|-
|Jakob Bluestone
|Credit Suisse
|23 years
|Head of Telecoms Equity Research
|4,196<ref>https://www.tipranks.com/experts/analysts/jakob-bluestone</ref>
|55%
|0.80%
|
|
|
|
|
|-
|[https://www.linkedin.com/in/jeremy-dellis-b60224162/details/experience/ Jerry Dellis]
|Jefferies
|24 years
|Managing Director
|4,666<ref>https://www.tipranks.com/experts/analysts/jerry-dellis</ref>
|52%
|0.60%
|
|
|
|
|
|-
|[https://www.linkedin.com/in/david-wright-35668679/?originalSubdomain=uk David Wright]
|Bank of America
|21 years
|Managing Director
|4,973<ref>https://www.tipranks.com/experts/analysts/david-wright</ref>
|47%
|0.40%
|[[Analyst: 1&1/David Wright]]
|
|
|
|
|-
|[https://www.linkedin.com/in/adamfox-rumley/ Adam Rumley]
|HSBC
|18 years
|Director
|5,222<ref>https://www.tipranks.com/experts/analysts/adam-rumley</ref>
|52%
|0.33%
|
|
|
|
|
|-
|[https://www.linkedin.com/in/james-ratzer-12b709/ James Ratzer]
|New Street Research
|20 years
|Partner
|5,400<ref>https://www.tipranks.com/experts/analysts/james-ratzer</ref>
|63%
|0.50%
|[[Analyst: 1&1/James Ratzer]]
|
|
|
|
|-
|[https://www.linkedin.com/in/robert-grindle-2124622/details/experience/ Robert Grindle]
|Deutsche Bank
|26 years
|Managing Director
|5,777<ref>https://www.tipranks.com/experts/analysts/robert-grindle</ref>
|46%
| -0.20%
|
|
|
|
|
|-
|[https://www.linkedin.com/in/steve-malcolm-7a7a5719/?originalSubdomain=uk Steve Malcolm]
|Redburn
|5 years+
|Partner
|5,904<ref>https://www.tipranks.com/experts/analysts/stephen-malcolm</ref>
|43%
| -2.10%
|
|January 31,2024: -1.7%<ref>https://www.finanzen.at/nachrichten/aktien/redburn-stuft-ab-1&1-aktie-und-united-internet-aktie-im-minus-1033014335</ref>
|low
|
|
|-
|[https://www.linkedin.com/in/maurice-patrick-3a213b/?originalSubdomain=uk Maurice Patrick]
|Barclays
|21 years
|Managing Director
|6,919<ref>https://www.tipranks.com/experts/analysts/maurice-patrick</ref>
|46%
| -1.20%
|
|
|
|
|
|-
|[https://www.linkedin.com/in/andrew-lee-9a24b335/ Andrew Lee]
|Goldman Sachs
|13 years+
|Managing Director
|7,137<ref>https://www.tipranks.com/experts/analysts/andrew-lee</ref>
|46%
| -2.10%
|[[Analyst: 1&1/Andrew Lee]]
|
|
|
|
|}

== Twitter ==

* Expert 1

== Youtube ==

== LinkedIn ==

# [https://www.linkedin.com/in/torsten-j-gerpott-6263077/?originalSubdomain=de Professor Torsten Gerpott of the University of Duisburg-Essen]
# [https://www.linkedin.com/in/neale-anderson-0bbb93/ Neale Anderson, Head, Asia Telecoms, Global Equity Research - HSBC]
# [https://www.linkedin.com/in/monicapaolini/ Monica Paolini, PhD-founder of Senza Fili]
# [https://www.linkedin.com/in/pedrotavaresdeloitte/ Pedro Tavares, Lead Partner, Telecom Engineering Centre of Excellence (TEE) and Head of the Telecommunications, Media and Entertainment (TME) sector of Deloitte Portugal & Central Europe]
# [https://www.linkedin.com/in/pedro-sanguinho-75a55211/ Pedro Sanguinho, Consulting Senior Manager at Deloitte EMEA Telecom Engineering Excellence Centre of Expertise (TEE CoE)]
#[https://www.linkedin.com/in/caroline-gabriel-231655b/ Caroline Gabriel, Founder and Director of Rethink Technology Research]

1&1

2024-05-13T08:40:59Z

Moritz:

Key topics: [[1&1:Quarterly Results]] | [[1&1:5G Infrastracture|1&1:5G Infrastructure]] | [[1&1: Spectrum Allocations]] | [[1&1: Regulatory Environment]] | [[Assessment of Open Ran]] | [[Telecommunications Industry|Telecommunication Industry]] | [[1&1: Management]] | [[1&1: Analysts Opinions]] |

See also : [https://docs.google.com/spreadsheets/d/19tRxD_G1ipJrUBmMneMMzzAtKXxMS_1hGGYcWrvFD7E/edit#gid=1497396692 1&1: Sheet] | [[1&1:Sources]] | [https://discord.com/channels/978370501237932092/1012303998667198545 1&1:Discord] | [[1&1:Questions]]

''Return to: [[Investment Ideas]]''

== Summary of the key topics ==

=== 1&1 5G infrastructure ===
1&1 is a German telecommunication company that is currently building its own 5G network based on OPEN RAN. Once it launches its network, it will become the fourth MNO in Germany, marking a change in its business model, which has been relying on a wholesale agreement, called MBA-MVNO with Telefonica. The wholesale agreement grants 1&1 up to 30% hosting capacity in Telefonica's network. To ensure better coverage for its users once it launches its network, 1&1 entered into a long-term '''[[1&1:5G Infrastracture#2. Telefonica|national roaming agreement (NRA) with Telefonica in May 2021]]'''. The NRA provided for price protection until June 2029. Thereafter, Telefonica will be obliged to charge non-discriminatory prices. Also, the NRA gave 1&1 users non-discriminatory access to Telefónica's 2G and 4G mobile network in areas that won't have 1&1 5G coverage yet. The main disadvantage of this NRA was the fact that from January 2026, access to 4G national roaming in Telefónica's network in certain urban areas covered by 1&1 5G will be limited to up to 50 Mbit/s. This would not have been a big deal had 1&1's network buildout gone according to the plan. 1&1's network buildout suffered significant delays due to [[1&1:5G Infrastracture|supply chain problems]] encountered by its largest partner, Vantage Towers. As a result, 1&1 failed to meet its 1,000 antenna sites obligations by the end of 2022. At the end of Q3 2023, 1&1 had only managed to construct '''[[1&1:5G Infrastracture#Developments|503 antenna sites, of which only 60 were active]]'''. This presented a risk that the 1&1 network will likely be poor once it's launched. To mitigate this as well as the risk of having limited access to Telefonica's 4G network, 1&1 entered into a '''[[1&1:5G Infrastracture#1. Vodafone|NRA with Vodafone]] in August 2023'''. As a result, 1&1 will not renew its contract with Telefonica in 2026 but the two contracts will have to run in parallel until then. The agreement will grant 1&1 usage rights in Vodafone's 2G, 4G and 5G networks. The terms of the Vodafone agreement are also attractive compared to that entered with Telefonica. For instance, 1&1 will pay a fixed price based on the percentage of Vodafone's network that its customers use. 1&1 applied to the Federal Network Agency for such parallel operations, but a decision on it has not been made yet. Fortunately, on November 22, 2023, 1&1 '''[[1&1:5G Infrastracture#Developments|expanded its contract with Telefonica to include 5G coverage]]''', making the prospected network launch in December 2023 almost a reality.

=== Spectrum Allocations ===
It is critical that 1&1 gets the [[1&1: Spectrum Allocations|low-band frequency]] (800 Mhz) to be auctioned in 2024 in order to be able to offer a seamless network experience to its users. This is because a network built on high-band frequencies is incapable of penetrating through walls. If 1&1 is unsuccessful in the 2024 auction, it will have to lease it from other operators. BNetzA is currently '''considering extending the usage rates of the 800 Mhz by five years''' and providing the obligation for a national roaming agreement. CEO Ralph Dommermuth said in the Q3 2023 earnings call that '''they are [[1&1:Quarterly Results/2023 Q3#Summary of the earnings call|open to any decision]] that will provide them with low-band frequency in the right capacity.'''

=== Regulatory Environment ===
After 1&1 failed to meet its 1,000 [[1&1: Regulatory Environment#Antenna Sites Obligations|antenna sites obligations]] at the end of 2022, the Federal Network Agency launched an investigation to find out if the failure to achieve it was due to 1&1's fault. It is expected that a fine will be imposed on 1&1 by the authority. The amount of the fine as well as the when it will be imposed hasn't been established yet. 1&1 said it would transfer the penalty costs to Vantage Towers.

=== OPEN RAN ===
1&1 is building is 5G network based [[Assessment of Open Ran#Overview|OPEN RAN technology]]. Open RAN offers many benefits, such as multi-vendor deployments, the use of RIC, visualization, etc. However, it also has challenges, such as integration and interoperability issues. Some industry players believe there is a trade-off between the benefits and costs. The greatest benefit of OPEN RAN is flexibility. With flexibility, operators can protect their investment by deploying a 2G network in areas that don't have wireless networks while deploying 4G or 5G networks in other regions without breaking down the network. Flexibility will also allow the operator to choose when to deploy cloud-native architecture and RIC since they won't have to reap out the network. In general, a lot can be achieved with a flexible RAN. '''1&1 doesn't expect any [[1&1:5G Infrastracture|cost-savings]] from OPEN RAN technology.'''

=== Market size ===
According to [[1&1:Market Size|GSMA 2022 report]], the addressable market for Europe's telcom operators is nearing saturation point. It forecasts that German's telecom penetration will grow from 88% in 2021 to 89% in 2025.

=== Management ===
It is impressive what [[1&1: Management|Ralph Dommermuth]] (CEO) was able to build. He is an important part of the investment thesis.

Industries

2024-05-10T09:49:27Z

Moritz:

Each line represents an article to be created

Industry Overview

== Portfolio Industries ==
[[Advertising Industry]]

[[Automotive Industry]] | [[Automotive Industry:Questions]]

[[Real Estate Industry]]

[[Freelance & Outsourcing Industry]]

[[Telecommunications Industry]]

[[Music Industry|Music (&Streaming) Industry]]

[[Podcasting and Audiobooks Industry]]

[[Travel and Tourism Industry]]

[[Car Rental Industry]]

== Indicator Industries ==
[[Banking Industry]]

Logistics Industry - e.g. Fedex

[[Commercial Real State]]

Industries

2024-05-10T09:49:13Z

Moritz:

Each line represents an article to be created

Industry Overview

== Portfolio Industries ==
[[Advertising Industry]]

[[Automotive Industry]] | [[Automotive Industry:Questions]]

[[Real Estate Industry]]

[[Freelance & Outsourcing Industry]]

[[Telecommunications Industry|Telecommunication Industry]]

[[Music Industry|Music (&Streaming) Industry]]

[[Podcasting and Audiobooks Industry]]

[[Travel and Tourism Industry]]

[[Car Rental Industry]]

== Indicator Industries ==
[[Banking Industry]]

Logistics Industry - e.g. Fedex

[[Commercial Real State]]

Telecommunications Industry

2024-05-10T09:48:32Z

Moritz: Moritz moved page Telecommunication Industry to Telecommunications Industry without leaving a redirect

== European Telecommunication Industry ==

=== Subscriber Penetration ===
According to the GSMA 2022 report<ref>https://www.gsma.com/mobileeconomy/wp-content/uploads/2022/10/051022-Mobile-Economy-Europe-2022.pdf</ref>, the addressable market for Europe's telecom operators is nearing saturation point. It projects that Germany and the UK will account for over a third of the 6 million new subscribers to be gained between 2021 and 2025. The report forecasts that Germany's telecom penetration will grow from 88% in 2021 to 89% in 2025.

[[File:German's telcom penetration.png|thumb|659x659px|https://www.gsma.com/mobileeconomy/wp-content/uploads/2022/10/051022-Mobile-Economy-Europe-2022.pdf (page 10)|alt=|left]]

== References ==

Main Page

2024-05-08T08:27:32Z

Moritz:

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1&1:Quarterly Results/2024 Q1

2024-05-08T07:16:10Z

Moritz:

Return to: [https://forum.investmentwiki.org/t/q1-2024-1-1-earnings/343 Discussions] | [[1&1:Quarterly Results/2023 Q4]] | [[1&1:Quarterly Results/2023 Q3|1&1: Quarterly Results/2023 Q3]] | Q3 2023 Earnings Call Notes |[[1&1:Quarterly Results/2023 Q2]] |[[1&1:Quarterly Results]] | [[1&1]] | [[Earnings Season:2023 Q3]] | Recent Developments

== Management Guidance and Analysts Estimates ==

=== Management Guidance ===

{| class="wikitable"
!Key Items
!2024
!Y/Y Growth
|-
|New Customer Contracts
|200-300K<ref>[[1&1: Quarterly Results/2023 Q4#Customer migration to own network]]</ref>
|
|-
|Service Revenue
|€3.37 billion<ref>https://imagepool.1und1.ag/v2/download/berichte/1und1-AG_GB-2023_EN.pdf</ref>
|4%
|-
|EBITDA
|€720 million
|10%
|-
|EBITDA 1&1 Mobile Network Segment
| -€160 million
|20.8%
|-
|Access Segment Revenue
|€880 million
|11.9%
|-
|Cash Capex
|€380 million
|28.6%
|-
|'''Network:'''
|
|
|-
|Antenna sites
|3,000<ref>https://forum.investmentwiki.org/t/1-1-news/152/33</ref>
|
|}

=== Analysts Estimates ===
{| class="wikitable"
!Key Items
!Q1 2024<ref name=":0">https://imagepool.1und1.ag/v2/download/berichte/2024-05-06-Consensus_Output_1u1.pdf</ref>
!Y/Y Growth
!2024<ref name=":0" />
!Y/Y Growth
|-
|Revenue
|€1,031.9 million
|1.1%
|€4,207.1 million
|2.7%
|-
|Service revenue
|€822.3 million
|4.2%
|€3,358.8 million
|3.6%
|-
|EBITDA
|187.2 million
|2.8%
|€719.6 million
|10.1%
|-
|EPS
|€0.49
| -7.5%
|€1.71
| -4.5%
|-
|Access Contracts
|16.33 million
|2.9%
|16.53 million
|1.7%
|-
|Mobile Internet contracts
|12.31 million
|4.3%
|12.52 million
|2.2%
|-
|Broadband contracts
|4.01 million
| -1.5%
|4.01 million
|0%
|-
|EBITDA 1&1 Mobile Network Segment
| -€39.5 million
|105.7%
| -€160.5 million
|21.2%
|-
|Capex (Cash-Capex)
|
|
| -€379.5 million
|28.3%
|-
|Free Cash Flow
|
|
| -€48 million
|
|-
!Net adds
|
|
|
|
|-
|Access
|70,000
|
|271,000
|
|-
|Mobile
|60,000
|
|270,646
|
|-
|Broadband
|0
|
|0
|
|}

== Analysts Opinions ==

=== Low-band frequency could remain with existing users ===

* According to analyst Polo Tang of UBS<ref>https://www.finanzen.ch/analyse/1&1-buy-951744</ref> and Ulrich Rathe of Bernstein<ref name=":1">https://www.finanzen.at/analyse/1&1-underperform-952170</ref>, there are media reports that indicate the low-band frequencies could be passed onto the existing users.

=== 1&1's Q1 2024 results could meet expectations ===

* Analyst Keval Khiroya of Deutsche Bank expects 1&1 to post results that meet expectations<ref>https://www.finanzen.at/analyse/1&1-buy-952235</ref>.

=== 1&1 to show weak momentum in acquiring clients in Q1 ===

* According to analyst Ulrich Rathe of Bernstein<ref name=":1" />, 1&1 could show weak momentum in acquiring new clients in Q1.

== Network insights ==

* Internet speed tests on 1&1 network conducted by Teltarif were positive<ref>https://www.teltarif.de/1und1-internet-test-vergleich-o2/news/95262.html</ref>.

== References ==

1&1:Quarterly Results

2024-05-08T07:10:57Z

Moritz:

Return to [[1&1]]

=== 1&1 Quarterly Results ===
{| class="wikitable"
!
!Q1
!Q2
!Q3
!Q4
|-
|2023
|[[1&1:Quarterly Results/2023 Q1|2023 Q1]]
|[[1&1:Quarterly Results/2023 Q2|2023 Q2]]
|[[1&1:Quarterly Results/2023 Q3|2023 Q3]]
|[[1&1:Quarterly Results/2023 Q4|2023 Q4]]
|-
|2022
|
|
|
|[[1&1:Quarterly Results/2022 Q4|2022 Q4]]
|-
|2021
|
|
|
|
|}

1&1:Quarterly Results/2023 Q4

2024-05-08T07:06:32Z

Moritz: Moritz moved page 1&1: Quarterly Results/2023 Q4 to 1&1:Quarterly Results/2023 Q4: Removing space between dots

Return to: [https://forum.investmentwiki.org/t/q4-2023-1-1-earnings/317 Discussions] | [[1&1:Quarterly Results/2023 Q3|1&1: Quarterly Results/2023 Q3]] | [https://www.mindmeister.com/app/map/3033441065?t=wemu6h5aD1 Q3 2023 Earnings Call Notes] |[[1&1:Quarterly Results/2023 Q2]] |[[1&1:Quarterly Results]] | [[1&1]] | [[Earnings Season:2023 Q3]] | [https://forum.investmentwiki.org/t/1-1-news/152 Recent Developments]

== Earnings Call Summary ==
Here is a summary of 1&1 2023 webcast call<ref>https://edge.media-server.com/mmc/go/webcast_1und1_FY2023/lan/en/</ref>;

=== Customer migration to own network ===

* BNetzA gave them 2 years to migrate customers to own network, 2024 and 2025.

* '''They expect contract growth at the same level as last year but due to migration to their own network they expect to lose some customers that are hard to quantify. They thus expect 200-300k contracts net addition.'''
* '''Customer losses due to migration to own network will have a relatively low impact on the result and revenue since they are old and less valuable contracts.'''
* They want to increase migration to 50,000 per day once they have data centre 3 and 4. That's migration of a million customers per month
* Migration is not that easy since some customers have an e-sim-card, different smatphones, smartphones that have different softwares.
* Expenses for last year were higher mostly due to device-related tests associated with the migration.
* They tested 6,000-7,000 devices in the past month and they were able to establish that only 4% of the phones cannot be configured online, hence they will have to be configured manually and if that doesn't work, they will have to provide a new phone to the customer.
* They are confident that they can migrate to the new network without causing any lose in the data but the cost will be higher than last year.
* '''Moving to their own network even with a a limited number of antennas will enable them to save money since they will be able to use their own data centres and will buy international roaming themselves. But the savings on voice will be small in 2024.'''

=== Spectrum allocation ===

* They said market commentaries indicate a decision on the spectrum allocation will come in the summer.

* '''1&1 said in the event they miss out on the low-band spectrum allocation, they will have to purchase more national roaming than they do today, which would be expensive.'''
* They don't expect BNetZa to deny them participation in the spectrum allocation for failling to meet their antenna obligations They think the fine will be enough.
* They are not against the extension. If they get the 800 MHz, they will exchange it for 700 or 900 since their network doesn't care what it runs with.

=== Antenna sites ===

* They expect to have 3,000 passive antenna sites at the end of 2024, of which 1,000 will be active.
* They said it's difficult to access the traffic associated with the 1,000 active antennas but it will be around 4% of households. They said traffic at the end of 2025 will not be enormous since they won't have low-band frequency and their number of masts will be few.
* '''In Q4 2023, they had 243 base stations (equipped with antenna sites). By the end of Q1 2024, they want to have 600 base stations and 200 active ones (equipped with fiber glass).'''

=== Vodafone contract ===

* They said the contract with Vodafone is legally binding and can start on it.
* '''They said they could start with Vodafone national roaming earlier than 1st of October.'''

=== Core business ===

* They have made good progress in the migration from ADSL to VDS since Q1 2023.
* Broadband contracts have stabilized.
* Hardware is a low-margin business.

=== Rakuten management changes ===

* They said their relationship with Rakuten hasn't changed at all following management changes and business restructuring.

=== Penalty by BNetzA for failing to meet antenna obligations ===

* They said they had made provision for the penalty expectated to be imposed by BNetZa for failing to meet their antenna obligations in 2023.

=== White spots ===

* They are committed to reduction in whitespots.
* They had promised to cover 400 locations in return for interest-free loan associated with spectrum allocation.
* Headwinds associated with the reduction made the allocated expenses only enough for 130 locations instead of 400.
* So far, they have realised 48 locations. 50 additional locations are approved and in the process of being realised while 32 are waiting for building permits.

== Management Guidance and Analysts Estimates ==

=== Management Guidance ===
{| class="wikitable"
!Key Items<ref>https://imagepool.1und1.ag/v2/download/berichte/1und1-AG_H1-2023_EN.pdf (page 6)</ref>
!Q4 2023<ref>https://imagepool.1und1.ag/v2/download/berichte/1und1-AG_Q3-2023_EN.pdf</ref>
!Y/Y Growth
!2023
!Y/Y Growth
|-
|Antenna sites
|more than 497
|
|1,000+
|
|-
|New Customer Contracts
|
|
|500,000
|42.9%
|-
|Service Revenue
|€ 811 million
|2.8%
|€3.23 billion
|~2%
|-
|EBITDA
|€ 143.9 million
| -0.3%
|€655 million
| -5.5%
|-
|EBITDA 1&1 Mobile Network Segment
|€ -46.2 million
|80.47%
|€ - 120 million
|129%
|-
|Access Segment Revenue
|
|
|€775 million
|4%
|-
|Cash Capex
|
|
|€320 million
|28%
|}

=== Analysts Estimate ===
{| class="wikitable"
!Key Items<ref>https://imagepool.1und1.ag/v2/download/berichte/2023-11-09-Consensus_Output_1u1.pdf</ref>
!Q4 2023<ref>https://imagepool.1und1.ag/v2/download/berichte/2024-02-23-Consensus_Output_1u1.pdf</ref>
!Y/Y Growth
!2023
!Y/Y Growth
|-
|Revenue
|€ 1,045.9 million
|3.2%
|€ 4,072.9 milliom
|2.8%
|-
|Service revenue
|€ 818.7 million
|3.8%
|€ 3,236.2 million
|2%
|-
|EBITDA
|€ 145 million
|0.5%
|€ 656 million
| -5.6%
|-
|EPS
|€ 0.32
| -20.4%
|€ 1.74
| -16.3%
|-
|Access Contracts
|16.28 billion
|
|
|
|-
|Mobile Internet contracts
|12.27 billion
|
|
|
|-
|Broadband contracts
|4.01 billion
|
|
|
|-
|EBITDA 1&1 Mobile Network Segment
|€ -46.2 million
|80.47%
|€ - 120 million
|129%
|-
|Capex (Cash-Capex)
|
|
|€ 316.2 million
|26.5%
|-
|Free Cash Flow
|
|
|€ -30.8 million
| -52.2%
|-
!Net adds
|
|
|
|
|-
|Access
|499,375
|
|
|
|-
|Mobile
|589,831
|
|
|
|-
|Broadband
| -88,375
|
|
|
|}

== Competitor Results and Expectations ==

=== Telefonica Deutscheland ===

{| class="wikitable"
!Key Items<ref>https://www.telefonica.de/investor-relations-en/publications/financial-publications.html</ref>
!Q3 2023
!Y/Y Growth
!Analysts estimate
|-
|Total revenue
|EUR 2.291 billion
|4.6%
|EUR 2.225 billion
|-
|Mobile service revenue
|EUR 1.501 billion
| -1%
|EUR 1.536 billion
|}

=== Deutsche Telecom German business ===
{| class="wikitable"
!Key Items<ref>https://www.telekom.com/en/investor-relations/publications/financial-results</ref>
!Q4 2023
!Y/Y Growth
!Analysts estimate
!Y/Y Growth
|-
|Total revenue
|EUR 6.589 billion
|3.6%
|EUR 6.478 billlion
|
|-
|service revenue
|
|1.8%
|
|1.9%
|}

== Analysts Opinions ==
Go to 1&1: [[1&1: Analysts Opinions|Analysts Opinions]]

== References ==

Deutsche Wohnen:Sources

2024-04-17T19:59:07Z

Moritz:

See also: [[Deutsche Wohnen]]

List of all experts on [[Deutsche Wohnen|Deutsche Wohnen.]]

== Articles Sources ==

* Market Screener

== Analysts<ref>https://seekingalpha.com/article/4428164-deutsche-wohnen-se-dwhhf-ceo-michael-zahn-on-q1-2021-results-earnings-call-transcript</ref> ==
{| class="wikitable"
|+
!Our rankin
!Name
!Company
!Current Position
!Years of experience
!Details
!Tipranks ranking (out of 8763)
!Recent videos/Publications
|-
|1
|[https://www.linkedin.com/in/marcmozzirealestateresearch/ Marc Mozzi]
|Bank of America
|Head of EMEA Real Estate Research
|20 years
|[[Analyst: Deutsche Wohnen/Marc Mozzi]]
|
|
|-
|2
|[https://www.linkedin.com/in/thomas-neuhold-cfa-96b29376/?originalSubdomain=at Thomas Neuhold]
|Kepler Cheuvreux
|Head of Real Estate Research
|20 years+
|[[Analyst: Deutsche Wohnen/Thomas Neuhold]]
|
|
|-
|3
|[https://www.linkedin.com/in/andre-remke-67127a125/?originalSubdomain=de Andre Remke]
|Baader Bank
|Co-Head Equity Research and Real Estate Analyst
|13 years
|
|2,318<ref>https://www.tipranks.com/experts/analysts/andre-remke</ref>
|
|-
|4
|Karsten Oblinger
|DZ Bank
|
|10 years+
|[[Analyst: 1&1/Karsten Oblinger|Analyst: Deutsche Wohnen/Karsten Oblinger]]
|3,265<ref>https://www.tipranks.com/experts/analysts/karsten-oblinger</ref>
|
|-
|5
|[https://www.linkedin.com/in/bart-gysens-a8726b175/?originalSubdomain=uk Bart Gysens]
|Morgan Stanley
|Managing Director Real Estate Equity Research
|20 years+
|[[Analyst: Deutsche Wohnen/Bart Gysens]]
|7,963<ref>https://www.tipranks.com/experts/analysts/bart-gysens</ref>
|
|-
|6
|[https://www.linkedin.com/in/thomas-rothaeusler-30186899/ Thomas Rothäusler]
|Deutsche Bank
|Equity Analyst
|5 years+
|
|8,073<ref>https://www.tipranks.com/experts/analysts/kai-klose</ref>
|
|-
|7
|[https://www.linkedin.com/in/kai-klose-99b53a12/ Kai Klose]
|Berenberg
|Senior Analyst
|14 years
|
|
|
|-
|8
|[https://www.linkedin.com/in/simon-stippig/?originalSubdomain=de Simon Stippig]
|Warburg
|Senior Analyst
|10 years
|
|6,586<ref>https://www.tipranks.com/experts/analysts/simon-stippig</ref>
|
|-
|9
|[https://www.linkedin.com/in/charles-boissier-cfa-1193133/?originalSubdomain=uk Charles Boissier]
|UBS
|Equity Research Analyst
|17 years
|
|7,632<ref>https://www.tipranks.com/experts/analysts/charles-boissier</ref>
|
|-
|10
|[https://www.linkedin.com/in/jonathan-kownator-7b0352/?originalSubdomain=uk Jonathan Kownator]
|Goldman Sachs
|Head of European Real Estate
|19 years
|
|6,186<ref>https://www.tipranks.com/experts/analysts/jonathan-kownator</ref>
|
|}

== Twitter ==

* Expert 1

== Youtube ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-10T09:03:22Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==
Video: [https://www.volkswagen-group.com/en/annual-report-and-full-year-results-2023-18144 Volkswagen Analyst and Investor Conference 2024] (englisch) | [https://www.youtube.com/live/2z7CC3k_woc?si=hTiJimyTSKo7eP9n Volkswagen Group Annual Media Conference 2024] (englisch) | [https://www.volkswagen-group.com/en/livestream-media-16023 Volkswagen Group Annual Media Conference 2024] (german + Q&A)

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript analysts earnings call transcript];

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024. Their positive order backlog from 2023 is gone. They are now at normal levels.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.
* There are comments from analyst about the european EV market

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.
* Blume said they are working on 25,000 entry EV models e.g. ID 2 (Q&A)

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.
* Current headwind in EV is likely only cyclical. They continue to remain convinced about EVs

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-10T08:35:08Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==
Video: [https://www.volkswagen-group.com/en/annual-report-and-full-year-results-2023-18144 Volkswagen Analyst and Investor Conference 2024] (englisch) | [https://youtu.be/0uOssmFF41I?si=RfIb6DOiY-1Cehln Volkswagen Group Annual Media Conference 2024] (englisch) | [https://www.volkswagen-group.com/en/livestream-media-16023 Volkswagen Group Annual Media Conference 2024] (german + Q&A)

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript analysts earnings call transcript];

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024. Their positive order backlog from 2023 is gone. They are now at normal levels.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.
* There are comments from analyst about the european EV market

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.
* Blume said they are working on 25,000 entry EV models e.g. ID 2 (Q&A)

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.
* Current headwind in EV is likely only cyclical. They continue to remain convinced about EVs

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-10T08:06:20Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==
Video: [https://www.volkswagen-group.com/en/annual-report-and-full-year-results-2023-18144 Volkswagen Analyst and Investor Conference 2024] (englisch) | [https://youtu.be/0uOssmFF41I?si=RfIb6DOiY-1Cehln Volkswagen Group Annual Media Conference 2024] (englisch) | [https://www.volkswagen-group.com/en/livestream-media-16023 Volkswagen Group Annual Media Conference 2024] (german + Q&A)

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript analysts earnings call transcript];

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024. Their positive order backlog from 2023 is gone. They are now at normal levels.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.
* There are comments from analyst about the european EV market

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.
* Blume said they are working on 25,000 entry EV models e.g. ID 2 (Q&A)

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-10T07:56:17Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==
Video: [https://www.volkswagen-group.com/en/annual-report-and-full-year-results-2023-18144 Volkswagen Analyst and Investor Conference 2024] (englisch) | [https://youtu.be/0uOssmFF41I?si=RfIb6DOiY-1Cehln Volkswagen Group Annual Media Conference 2024] (englisch) | [https://www.volkswagen-group.com/en/livestream-media-16023 Volkswagen Group Annual Media Conference 2024] (german + Q&A)

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript analysts earnings call transcript];

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024. Their positive order backlog from 2023 is gone. They are now at normal levels.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.
* There are comments from analyst about the european EV market

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.
* Blume said they are working on 25,000 entry EV models (Q&A)

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-10T07:52:59Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==
Video: [https://www.volkswagen-group.com/en/annual-report-and-full-year-results-2023-18144 Volkswagen Analyst and Investor Conference 2024] (englisch) | [https://youtu.be/0uOssmFF41I?si=RfIb6DOiY-1Cehln Volkswagen Group Annual Media Conference 2024] (englisch) | [https://www.volkswagen-group.com/en/livestream-media-16023 Volkswagen Group Annual Media Conference 2024] (german + Q&A)

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript analysts earnings call transcript];

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024. Their positive order backlog from 2023 is gone. They are now at normal levels.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.
* Blume said they are working on 25,000 entry EV models (Q&A)

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-09T13:12:26Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==
Video: [https://www.volkswagen-group.com/en/annual-report-and-full-year-results-2023-18144 Volkswagen Analyst and Investor Conference 2024] (englisch) | [https://youtu.be/0uOssmFF41I?si=RfIb6DOiY-1Cehln Volkswagen Group Annual Media Conference 2024] (englisch) | [https://www.volkswagen-group.com/en/livestream-media-16023 Volkswagen Group Annual Media Conference 2024] (german + Q&A)

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript earnings call transcript];

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-09T13:10:10Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript earnings call transcript];

Video: [https://www.volkswagen-group.com/en/annual-report-and-full-year-results-2023-18144 Volkswagen Analyst and Investor Conference 2024] (englisch) | [https://youtu.be/0uOssmFF41I?si=RfIb6DOiY-1Cehln Volkswagen Group Annual Media Conference 2024] (englisch) | [https://www.volkswagen-group.com/en/livestream-media-16023 Volkswagen Group Annual Media Conference 2024] (german + Q&A) |

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-09T12:56:02Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript earnings call transcript];

Video: [https://www.volkswagen-group.com/en/livestream-media-16023 Volkswagen Group Annual Media Conference 2024] (german + Q&A) | [https://youtu.be/0uOssmFF41I?si=RfIb6DOiY-1Cehln Volkswagen Group Annual Media Conference 2024] (englisch)

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Quarterly Results/2023 Q4

2024-04-09T12:50:14Z

Moritz:

Return to: [[Earnings Season]] | [[Volkswagen:Quarterly Results|Volkswagen: Quarterly Results]]

== Results ==

* Volkswagen’s Q4 2023 revenue rose by 14.5% y/y to 87.2 billion euros, above analysts' estimate of 81.8 billion euros (+7.2%) and management's upper guidance of 85.9 billion euros (+10%) while its operating margin was 7.3% above analysts’ estimate of 7.05%.
* Volkswagen is guiding 2024 revenue to grow by 5% y/y to 338.4 billion euros, above analysts’ estimate of 317.1 billion euros (-1.6% y/y) and operating margin to range between 7% and 7.5% (analysts’ estimate: 6.9%, 2023:7.0%).
* The company is also guiding 2024 automotive net cashflow of between EUR 4.5 and EUR 6.5 billion, the midpoint representing a decline of 48.6% y/y due to investments for the future and mergers and acquisitions for its battery business (2023: EUR 10.7 billion).<blockquote>"We are confident about 2024, despite the muted economic outlook and intense competition. On that basis, we will consistently drive the transformation of the Volkswagen Group forward. We expect a tailwind from a large number of new product launches, a positive trend in product costs and continued cost discipline. Our flexibility is our strength: we are continuing to invest in the electrification and digitalization of our product range, while simultaneously keeping our combustion vehicles competitive during the transition phase,” Arno Antlitz, CFO & COO of Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-achieves-robust-annual-results-for-2023-with-a-strong-fourth-quarter-18250</ref>.</blockquote>
** Volkswagen Group said<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-robust-2023-results-performance-programs-and-record-number-of-new-product-launches-stabilize-future-development-18279</ref> it expects its order book in Western Europe to pick up speed in the coming months compared to the previous year due to a number of new product launches.
** The company said it has successfully launched its all-electric premium platform (PPE).
** It added that the operating margin of its Brand Group Core improved to 5.3% from 3.6% in 2022, representing an addition of more than 3 billion euros in operating profit before special items, mainly due to the strong increase in sales (+21% y/y).
** The operating margin of its Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) fell to 9% from 12.3% due to valuation effects associated with commodity hedging of -1.4 billion euros. Adjusted operating margin rose to 11% from 10.6%.
** Financial services operating profit was 3.8 billion euros, a third of the previous year’s level due to the normalisation of used car prices.

== Earnings Call Summary ==

Here is a summary of Volkswagen's Q4 2023 [https://seekingalpha.com/article/4679419-volkswagen-ag-vwagy-annual-media-analyst-and-investor-conference-transcript earnings call transcript];

Video: [https://youtu.be/0uOssmFF41I?si=RfIb6DOiY-1Cehln Volkswagen Group Annual Media Conference 2024]

=== 2024 Outlook ===
* They expect global vehicle sales to slightly increase in 2024.
* Aim to gain market share in North America and sustain their position in Europe.
* They expect to lose market share in China in line with their value-over-volume strategy.
* They expect the price/mix to benefit from a number of product launches.
* They expect lower material prices and product costs in 2024.
* They see first psoitive effects from the execution of their performance programs in 2024.
* However, they expect significant ramp-up costs for new models, continued upfront investments in their battery business and China Joint Ventures and rising BEV share, which dilutes their profitability.
* They expect sales revenue to grow by 5% y/y.
* They forecast operating margin before special items of between 7% and 7.5%.
* They forecast automotive net liquidity of between 39 and 41 billion euros in 2024.
*'''CFO Antlitz said they are currently experiencing temporary headwinds, in particular , from supply constraint at selected Audi Models ( six and eight cylinder models) and a significant amount of new product launches across all brand groups over the coming two years. But they expect to catch up in the course of the year, specifically in the second half.'''
* 2024 will mark a record year in product launches. They plan to launch not less than 30 new models across the brands. Half of these new models will be combustion hybrid versions and the other one, electric (Q&A).
* '''2024 will be ambitious in terms of volume since they will be phasing out old models and introducing new models. However, from 2025 they see greater opportunities with volume (Q&A).'''
* '''The new models will come with more content eg Macan will have 8% more content; hence they will be able to lift prices.'''
* Deliveries outlook is not a relevant factor for them.
* '''They expect a weaker Q1 due to mdel launches and supply constraint at Audi.'''
* '''Antlitz said when they say revenue growth of up to 5% it would be best to take the midpoint of that, which would imply a cautious outlook. 'It's much better ti rather plan with a cautioned top line and not overpace it," he said.'''
* Antlitz said they reversed the headwind from hedging losses.
=== Markets ===

==== China ====

* Blume said they are stepping up the pace with local partners in China and catching up with the competition with their in-China for China strategy.
* China Joint Ventures delivered 3.2 million vehicles in 2023 (+2% y/y).
* They advanced their ICE market share in China in 2023.
* Their proportionate operating result held up well at 2.6 billion euros in 2023.
*'''They expect the BEV market to remain highly competitive in 2024 as they transition to new energy vehicles. This will affect their profitability in the short term, hence they expect the proportionate operating profit in the range of EUR 1.5 billion and EUR 2 billion in 2024.'''
* '''Their ICE business in China is facing some margin pressure but is healthy overall.'''
* '''From today to 2026, they will make sound compromises between margin and volume, hence they are prepared to give up BEV market share in the next 2 years but from 2027 they want to pick up market share significantly.'''

==== Europe ====

* In Europe, they are operating in a position of strength. They are particularly concentrating on their sustainable value creation i.e. they are adapting their production capacity to their core workforce.

==== North America ====

* They are focusing on greater localization and development and production as a basis for a stronger presence.

=== Products ===

* Oliver Blume said many of their vehicles were renewed in 2023 eg the ID.BUZZ, the Passat, the Porsche 911 Dakar, the Skoda Superb, the Bentley Bantayga, the Volkswagen ID.7 and the Lamborghini Ruvuelto etc.
* Blume said the strong growth of BEV deliveries in 2023 (+35%) and upcoming launches of some highly attractive, new BEV models make them confident that they will be able to grow their BEV share also in 2024 (2023:10%).
* Blume said the Audi Q6-etron and the new Porsche Macan (the first models based on the PPE platform) are ready for market launch.
* They are getting a very positive response to the product they are launching right now. The Macan has received an order intake of over 10,000 units in the first weeks.

=== Operating performance in 2023 ===

* Oliver Blume said volume was the main growth driver in 2023 but price and product mix also contributed as well.
* Passenger Cars Business recorded an operating profit of 9.5 billion euros. 7 billion was due to strong volume growth, 2 billion was due to pricing while mix was slightly positive.
* Overall contract volume for the Financial Services was stable while the credit loss ratio was largely unchanged versus 2022 despite a worsened macroeconomic environment.
* Financial Services operating income fell by a third to 3.8 billion euros, reflecting normalized used car prices and provisioning for residual value risk and higher interest rate levels.

=== Strategy ===

* They plan to leverage both partnerships and vertical integrations , depending on how useful it's to have each. For instance, they chose both vertical integrations and partenerships when it comes to developing and producing batteries (50% in-house and 50% with partners). Their decision is based on speed, quality and know-how. They are now focusing on single partners instead of many small partners (Q&A).
* Blume said they are capable of building trucks (Q&A).
* They are convinced the future will be electric and will continue to invest accordingly(Q&A). But in the mean time, they will keep their combustion engine cars competitive to be flexible, that's, invest in the last generation.
* They will still pursue to Scout project despite other players pulling back due to soft sales (Q&A). This is because the C-pickup segment and B-SUV segment in the U.S is turning electric and that's a big opportunity for them. They are the most promising segments in terms of profit pools.
* They do M&A planning for like 4 to 5 years ahead but in the magnitude of EUR 2 to 3 billion y/y.

=== 2023 set goals ===
* CEO Oliver Blume said they implemented and delivered along the 2023 defined measures.
* He said that the 2023 results are the first testimony that their Top-10 programs are having an impact.
* Blume said the clean-up work (restructuring) has been completed.
* They budgeted for a 700 million euro headwind associated with early retirement (Q&A) in the Brand Group Core but that is already captured in the margin guidance (6-7% in 2024 and 8% in the medium term).

=== Investment Planning ===

* Blume said their investments are oriented towards the most attractive profit pools.

=== 2025 CO2 Compliance in Europe (Q&A) ===

* They expect from EU politics a clear orientation.
* Regarding the CO2 2025 compliance, they have strong products offensive.
* They will leverage products to avoid the CO2 2025 payments.
* The ramp-up of electrification in Europe is factored into their long-term margin gudance.
* The many products that are coming in the second half of 2024 will give them a tailwind for 2025.

=== Tariffs (Q&A) ===

* They don't know what will happen in the U.S in terms of tariffs.

* Blume said they are in favor of a free world trade and they are concerned of rising protectionalism.

=== Xinjiang Plant Audit (Q&A) ===

* Blume said they haven't seen any evidence of the forced labor.
* They are considering further steps together with their partner, in terms of economic evaluation since they are concerned about continued media reports.
* Blume said the firm is very small, only has 200 people compared to VW's more than 680,000 people.

== Competitor Results and Expectations ==

=== Tesla ===

* Tesla missed revenue and earnings estimates<ref>https://finance.yahoo.com/news/tesla-stock-drops-on-q4-earnings-miss-warns-production-growth-rate-will-be-notably-lower-than-2023-212357382.html</ref>.<ref>https://www.teslarati.com/tesla-tsla-q4-fy-2023-earnings-results-update-letter/</ref><ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>
* In the earnings call, Elon Musk said, "Our observation is generally that the Chinese car companies are the most competitive car companies in the world. So I think they will have significant success outside of China depending on what kind of tariffs or trade barriers are established. Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world."<ref>https://seekingalpha.com/article/4664834-tesla-inc-tsla-q4-2023-earnings-call-transcript</ref>
* Net income was impacted a number of factors including reduced vehicle average selling price (ASP) due to pricing and mix, increased in operating expenses and the cost of the Cybertuck production ramp<ref>https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf</ref>.

{| class="wikitable"
!Key Items
!Q4 2023
!Analysts estimate
!Y/Y Growth
|-
|Revenue
|$25.17 billion
|$25.87 billion
|3%
|-
|Adjusted EPS
|$0.71
|$0.73
|
|-
|Automotive revenue
|$21.5 billion
|$21.7 billion
|1%
|-
|Automotive gross margin (excluding regulatory credits)
|17.2%
|16.7%
|
|-
|Adjusted net income
|$2.49 billion
|$2.61 billion
| -39%
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:48:06Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]

Naming columns reflect which members watched videos.
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Duration
!Video
!Moritz
!Comment
|-
|18.03.2024
|Arno Antlitz (CFO + COO)
|olkswagen CFO on Earnings, Auto Industry and EVs
|8min
|https://youtu.be/0uOssmFF41I?si=Sko2pr2PT9iqMczI
|
|
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|
|<embedvideo service="youtube">https://youtu.be/DZtWCLt0fuc?si=Ubk_jifWdq1kEFH8</embedvideo>
|
|
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|35min
|
|
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|3min
|
|
|Old video from time when Blume was CEO at Porsche
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|
|
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|
|X
|
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|5min
|
|X
|
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:34:03Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]

Naming columns reflect which members watched videos.
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Duration
!Video
!Moritz
!Comment
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|
|<embedvideo service="youtube">https://youtu.be/DZtWCLt0fuc?si=Ubk_jifWdq1kEFH8</embedvideo>
|
|
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|35min
|
|
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|3min
|
|
|Old video from time when Blume was CEO at Porsche
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|
|
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|
|X
|
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|5min
|
|X
|
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:30:25Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]

Naming columns reflect which members watched videos.
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Duration
!Video
!Moritz
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|
|<embedvideo service="youtube">https://youtu.be/DZtWCLt0fuc?si=Ubk_jifWdq1kEFH8</embedvideo>
|
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|35min
|
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|
|
|
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|
|X
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|5min
|
|X
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:29:39Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]

Naming columns reflect which members watched videos.
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Video
!Moritz
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|<embedvideo service="youtube">https://youtu.be/DZtWCLt0fuc?si=Ubk_jifWdq1kEFH8</embedvideo>
|
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|
|
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|X
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|
|X
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:24:42Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]

Naming columns reflect which members watched videos.
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Video
!Moritz
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|<embedvideo service="youtube">https://youtu.be/DZtWCLt0fuc?si=Ubk_jifWdq1kEFH8</embedvideo>
|
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|
|
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|
|X
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:19:46Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Video
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|<embedvideo service="youtube">https://youtu.be/DZtWCLt0fuc?si=Ubk_jifWdq1kEFH8</embedvideo>
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:19:19Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Video
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|<embedvideo service="youtube">https://www.youtube.com/watch?v=eAORm-8b1Eg</embedvideo>
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:18:09Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Video
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|[https://www.youtube.com/watch?v=DZtWCLt0fuc <nowiki><embedvideo service="youtube">https://youtu.be/DiZYiBf9ECM</embedvideo></nowiki>]
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|
|}

== References ==

Volkswagen: Management Videos

2024-04-09T12:17:08Z

Moritz:

Return to: [[Volkswagen: Mangement|Volkswagen Management]]
{| class="wikitable"
|+
!Interview date
!Inerviewee
!Video Title
!Video
|-
|January 24, 2024
|Oliver Blume
|Young Economist with Oliver Blume<ref>https://www.youtube.com/watch?v=DZtWCLt0fuc</ref>
|https://www.youtube.com/watch?v=DZtWCLt0fuc
|-
|November 13, 2023
|Oliver Blume
|VW CEO Oliver Blume on decoupling and Tesla<ref>https://www.thepioneer.de/originals/thepioneer-briefing-business-class-edition/podcasts/vw-ceo-oliver-blume-ueber-decoupling-und-tesla</ref>
|
|-
|October 6, 2023
|Oliver Blume
|5 quick questions for Porsche boss Oliver Blume<ref>https://www.youtube.com/watch?v=gpre0coZgGE&t=24s</ref>
|
|-
|September 18,2023
|Oliver Blume
|Oliver Blume on the restructuring at Volkswagen / Power: Car strike in the USA<ref>https://www.youtube.com/watch?v=dm3xpLo35Ek</ref>
|
|-
|September 4, 2023
|Oliver Blume
|Volkswagen CEO outlines plans to weather China, macroeconomic headwinds<ref>https://www.youtube.com/watch?v=ceSAaUo6QFI</ref>
|
|-
|April 25, 2023
|Oliver Blume
|How Porsche CEO Oliver Blume is driving innovation<ref>https://www.youtube.com/watch?v=Y-4CKZs9CGA</ref>
|
|}

== References ==

Volkswagen: Deliveries/EVs

2024-04-04T11:21:56Z

Moritz:

Return to: [[Volkswagen|Volkswagen |]] [[Company News]]

See also: [[Automotive Industry: Current State of EV Sales|Automotive Industry: Current State of EV Sales |]] [[Volkswagen: EV Lineups]]

== Developments ==
''See: [https://forum.investmentwiki.org/t/volkswagen-electric-vehicles/210 Live Developments in Forum]''
== Volkswagen All-Electric Vehicles Deliveries ==

=== Deliveries By Region ===
{| class="wikitable"
|+
!Vehicle Type
!2023
!Y/Y Growth
!Q4 2023
!Y/Y Growth
!Q3 2023
!Y/Y Growth
!H1 2023
!Y/Y Growth
!2022
!Y/Y Growth
!2021
!Y/Y Growth
!2020
!Y/Y Growth
!2019
|-
|Europe
|472,400
|34.2%
|131,300
| -6.3%
|124,000
|49.2%
|217,100
|68.4%
|352,000
|13.4%
|310,400
|61.9%
|191,800
|
|
|-
|USA
|71,000
|60.8%
|20,800
|36.3%
|20,500
|71.1%
|29,800
|75.3%
|44,200
|18.8%
|37,200
|200.2%
|12,400
|
|
|-
|China
|191,800
|23.2%
|74,700
|73.6%
|54,700
|11.0%
|62,400
| -1.7%
|155,700
|68.2%
|92,600
|319.5%
|22,100
|
|
|-
|Rest of World
|35,800
|75.3%
|12,700
|71.7%
|10,800
|111.7%
|12,300
|55.7%
|20,200
|59.2%
|12,700
|95.5%
|5,400
|
|
|-
|'''Total'''
|'''771,100'''
|'''34.7%'''
|'''239,500'''<ref name=":5">https://uploads.vw-mms.de/system/production/files/cws/039/908/file/5295283008465dfc3a4f950412999d935db88e51/20240112_Deliveries_Tables_incl_BEV.pdf?1705049819</ref>
|'''16.3%'''
|'''209,900'''<ref name=":4">https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-group-delivers-45-percent-more-all-electric-vehicles-in-first-9-months-17771</ref>
|'''40.5%'''
|'''321,600<ref name=":0">https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-group-increases-all-electric-deliveries-by-around-50-percent-in-the-first-half-year-17463</ref>'''
|'''48%'''
|'''572,100<ref name=":1">https://www.volkswagen-newsroom.com/en/press-releases/transformation-progressing-volkswagen-group-delivers-26-percent-more-all-electric-vehicles-in-2022-15412</ref>'''
|'''26%'''
|'''452,944<ref name=":3">https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-group-on-course-for-new-auto-deliveries-of-battery-electric-vehicles-doubled-in-2021-7705</ref>'''
|'''96%'''
|'''231,624<ref name=":2">https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-group-on-course-for-new-auto-deliveries-of-battery-electric-vehicles-doubled-in-2021-7705</ref>'''
|'''200%'''
|'''77,208<ref>Estimated number:

https://annualreport2020.volkswagenag.com/group-management-report/business-development/deliveries.html#:~:text=Our%20e%2Dmobility%20offensive%20had,sales%20amounted%20to%20190%2C644%20vehicles.</ref>'''
|}

=== Deliveries By Brand ===
{| class="wikitable"
!'''Brand'''
!2023
!Y/Y Growth
!as % of total deliveries
!Q4 2023
!Y/Y Growth
!Q3 2023
!Y/Y Growth
!as % of total deliveries
!Q2 2023
!Y/Y Growth
!as % of total deliveries
!Q1 2023
!Y/Y Growth
!as % of total deliveries
!2022
!Y/Y Growth
!as % of total deliveries
!2021
!as % of total deliveries
!Y/Y Growth
!2020
!as % of total deliveries
|-
|'''Brand Group Core'''
|549,900
|31.6%
|8.25%
|'''170,500'''
|'''10.4%'''
|'''152,100'''
|'''31.3%'''
|'''8.9%'''
|'''130,300'''
|'''58.2%'''
|'''7.8%'''
|'''97,000'''
|'''49.0%'''
|'''6.7%'''
|'''417,700'''
|'''27.0%'''
|'''7.0%'''
|'''328,800'''
|
|
|
|
|-
|Volkswagen Passenger Cars
|393,700
|21.1%
|8.09%
|120,600
|2.2%
|108,200
|18.7%
|8.6%
|94,800
|51.6%
|7.9%
|70,000
|31.2%
|6.9%
|325,100
|23.6%
|7.1%
|263,100
|5.4%
|96.5%
|133,900
|2.5%
|-
|SKODA
|81,700
|52.1%
|9.43%
|27,200
|62.0%
|23,100
|57.5%
|11.0%
|18,900
|41.3%
|8.5%
|12,400
|40.6%
|5.9%
|53,700
|9.3%
|7.3%
|49,100
|5.6%
|223.0%
|15,200
|1.5%
|-
|SEAT/CUPRA
|45,300
|44.3%
|8.72%
|13,000
| -6.2%
|13,500
|44.5%
|10.4%
|9,700
|60.3%
|7.1%
|9,200
|318.9%
|7.3%
|31,400
|140.8%
|8.1%
|13,000
|2.8%
|78.1%
|7,300
|1.7%
|-
|Volkswagen Commercial Vehicles
|29,300
|288%
|7.16%
|9,600
|66.1%
|7,300
|1,094.3%
|7.2%
|6,900
|1,680%
|6.8%
|5,500
|642.2%
|5.7%
|7,500
|109.0%
|2.3%
|3,600
|1.0%
|33.3%
|2,700
|0.7%
|-
|'''Brand Group Progressive'''
|'''178,400'''
|'''51.0%'''
|9.30%
|'''55,400'''
|'''34.4%'''
|'''47,400'''
|'''75.8%'''
|'''9.8%'''
|'''41,100'''
|'''59.2%'''
|'''8.3%'''
|'''34,600'''
|'''42.7%'''
|'''8.2%'''
|'''118,200'''
|'''44.3%'''
|'''7.2%'''
|'''81,900'''
|
|
|
|
|-
|Audi
|178,400
|51.0%
|9.41%
|55,400
|34.4%
|47,400
|75.8%
|9.9%
|41,100
|59.2%
|8.4%
|34,600
|42.7%
|8.3%
|118,200
|44.3%
|7.3%
|81,900
|4.9%
|57.5%
|52,000
|3.1%
|-
|Lamborghini/Bentley
|
|
|0.00%
|
|
|0
|
|0.0%
|0
|
|0.0%
|
|
|
|
|
|0.0%
|
|0.0%
|
|
|0.0%
|-
|'''Brand Group Sport Luxury'''
|'''40,600'''
|'''16.7%'''
|12.68%
|'''12,700'''
|'''31.0%'''
|'''9,900'''
|'''59.7%'''
|'''13.1%'''
|'''8,800'''
|'''-6.0%'''
|'''10.2%'''
|'''9,200'''
|'''-3.4%'''
|'''11.4%'''
|'''34,800'''
|'''-15.7%'''
|'''11.2%'''
|'''41,300'''
|
|
|
|
|-
|Porsche
|40,600
|16.7%
|12.68%
|12,700
|31.0%
|9,900
|59.7%
|13.1%
|8,800
| -6.0%
|10.2%
|9,200
| -3.4%
|11.4%
|34,800
| -15.7%
|11.2%
|41,300
|13.7%
|106.5%
|20,000
|7.3%
|-
|'''Brand Group Trucks'''
|'''2,100'''
|'''20.4%'''
|0.62%
|900
|87.1%
|500
|29.4%
|0.6%
|400
| -7.1%
|0.5%
|300
| -38.8%
|0.4%
|1,400
|
|0.5%
|800
|
|
|
|
|-
|MAN
|1,090
|13.0%
|0.94%
|410
|62.4%
|280
|63.3%
|1.0%
|250
| -7.1%
|0.9%
|150
| -47.7%
|0.5%
|900
|
|1.1%
|800
|0.5%
|60.0%
|500
|0.4%
|-
|Volkswagen Truck & Bus
|90
| -62.8%
|0.24%
|50
| -20.0%
|10
| -93.9%
|0.1%
|20
|1,050%
|0.3%
|20
| -83.8%
|0.2%
|
|
|0.0%
|
|
|
|
|
|-
|Scania
|250
| -6.1%
|0.26%
|60
| -50.4%
|40
| -24.1%
|0.2%
|70
|9.2%
|0.3%
|70
|208.3%
|0.3%
|260
|
|0.3%
|
|0.0%
|
|
|0.0%
|-
|Navistar
|670
|150.9%
|0.75%
|390
|625.9%
|210
|101.9%
|0.9%
|60
| -40.0%
|0.3%
|10
| -13.3%
|0.0%
|260
|
|0.3%
|10
|0.0%
|
|
|
|-
|'''Volkswagen Group (total)'''
|'''771,100'''
|'''34.7%'''
|8.35%
|'''239,500'''<ref name=":5" />
|'''16.3%'''
|'''209,900'''<ref name=":4" />
|'''40.5%'''
|'''9.0%'''
|'''180,600'''<ref name=":0" />
|'''53.0%'''
|'''7.7%'''
|'''141,000'''<ref>https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-group-delivers-42-percent-more-all-electric-vehicles-in-the-first-quarter-15779</ref>
|'''42.1%'''
|'''6.9%'''
|'''572,100<ref name=":1" />'''
|'''26.3%'''
|'''6.9%'''
|'''452,800<ref name=":1" />'''
|'''5.1%'''
|'''95.5%'''
|'''231,600<ref name=":3" />'''
|'''2.5%'''
|}
=== Top-Selling Models in Each Period ===

* It looks like ID.4 and ID.3 have been very successful in terms of deliveries.

{| class="wikitable"
|+
!2023<ref>https://www.volkswagen-group.com/en/press-releases/volkswagen-group-posts-solid-growth-in-deliveries-in-2023-and-strong-increase-in-all-electric-vehicles-18057</ref>
!Deliveries
!January-September 2023<ref>https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-group-delivers-45-percent-more-all-electric-vehicles-in-first-9-months-17771</ref>
!Deliveries
!H1 2023<ref name=":0" />
!Deliveries
!2022<ref name=":1" />
!Deliveries
!2021<ref name=":2" />
!Deliveries
!2020<ref>1. https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-brand-triples-deliveries-of-all-electric-vehicles-in-2020-6751

2. https://annualreport2020.volkswagenag.com/group-management-report/business-development/deliveries.html

3. https://www.audi-mediacenter.com/en/press-releases/audi-ends-2020-with-the-most-successful-quarter-in-the-companys-history-13592</ref>
!Deliveries
!2019<ref>1. https://annualreport2020.volkswagenag.com/group-management-report/business-development/deliveries.html#:~:text=Our%20e%2Dmobility%20offensive%20had,sales%20amounted%20to%20190%2C644%20vehicles

2. https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-passenger-cars-brings-2019-to-a-successful-close-5720</ref>
|-
|Volkswagen ID.4/ID.5
|223,100
|Volkswagen ID.4/ID.5
|162,100
|Volkswagen ID.4/ID.5
|101,200
|Volkswagen ID.4^01/ID.5
|193,200
|Volkswagen ID.4
|119,600
|Volkswagen ID.3
|56,500
|Volkswagen ID.3
|-
|Volkswagen ID.3^01
|140,800
|Volkswagen ID.3^01
|90,500
|Volkswagen ID.3^01
|49,800
|Volkswagen ID.3^02
|76,600
|Volkswagen ID.3
|75,500
|Audi e-tron
|47,324
|e-Golf
|-
|Audi Q4 e-tron (incl. Sportback)
|111,700
|Audi Q4 e-tron (incl. Sportback)
|77,900
|Audi Q4 e-tron (incl. Sportback)
|48,000
|ŠKODA Enyaq iV (incl. Coupé)
|53,700
|Audi e-tron (incl. Sportback)
|49,200
|e-Golf^02
|41,300
|e-Up!
|-
|ŠKODA Enyaq iV (incl. Coupé)
|81,700
|ŠKODA Enyaq iV (incl. Coupé)
|54,400
|ŠKODA Enyaq iV (incl. Coupé)
|31,300
|Audi Q4 e-tron (incl. Sportback)
|52,800
|ŠKODA Enyaq iV
|44,700
|Passat GT^E03
|24,000
|Audi e-tron
|-
|Audi Q8 e-tron (incl. Sportback)
|49,000
|CUPRA Born
|32,300
|Audi Q8 e-tron (incl. Sportback)
|19,500
|Audi e-tron (incl. Sportback)
|51,200
|Volkswagen e-up!^01
|41,400
|Porsche Taycan
|20,015
|Porsche Taycan
|-
|CUPRA Born
|45,300
|Audi Q8 e-tron (incl. Sportback)
|21,800
| colspan="2" rowspan="3" |
|Volkswagen ID.6^03
|37,400
|Porsche Taycan (incl. Turismo)
|41,300
|
| colspan="2" rowspan="3" |
|-
|Porsche Taycan (incl. Turismo)
|40,600
| colspan="2" rowspan="2" |
|Porsche Taycan (incl. Turismo)
|34,800
| rowspan="2" |
| colspan="2" rowspan="2" |
|-
|Volkswagen ID. Buzz^02 (incl. Cargo
|28,600
|CUPRA Born
|31,400
|}

== References ==