Volkswagen:Brand overview
Operating Margins
Volkswagen luxury vehicles such as brand group sport(Porsche) and brand group premium(Audi, Benthley, and Lamborgini) have the largest operating margins. In the nine months that ended September, 2022, they had an operating margin of 19.4% and 14.1% , respectively. The other Volkswagen division that had a large margin was the financial services division(12%).
| Brand | Operating margin(%)
2021 |
Operating margin(%)
9M 2022[1] |
|---|---|---|
| Brand Group | 4.6% | |
| Volkswagen Passenger Cars | 3.3[2] | 4.7 |
| Volkswagen Commercial Vehicles | 0.7[3] | 4.5 |
| SEAT/CUPRA | -4.0[4] | -0.13 |
| Skoda | 6.2[5] | 5.6 |
| Brand Group Sport | 16.0[6] | 19.4 |
| Porsche | 16.0[6] | 19.4 |
| Brand Group Premium | 14.1 | |
| Audi | 10.4[7] | |
| Benthley | 13.7[8] | |
| Lamborghini | 20.2[9] | |
| TRATON | 1.3[10] | 3.4 |
| Scania | 7.7[11] | |
| Financial Services Division | 13.8[12] | 12.0[1] |
Number of cars each brand delivers in each major market
Audi[13]
China, Germany and US are the largest markets for Audi. In 2022, Audi deliveries to the three countries amounted to 39.8%, 13.3%, and 11.6% of the total deliveries, respectively.
| Market | 2022 | 2021 | δ |
|---|---|---|---|
| Europe | 624,498 | 617,048 | +1.2 % |
| Germany | 214,678 | 180,883 | +18.7 % |
| United Kingdom | 110,193 | 117,993 | –6.6 % |
| France | 44,098 | 50,383 | –12.5 % |
| Italy | 55,889 | 55,005 | +1.6 % |
| Spain | 35,245 | 34,767 | +1.4 % |
| USA | 186,875 | 196,038 | –4.7 % |
| Mexico | 9,905 | 9,465 | +4.6 % |
| Brazil | 5,587 | 6,244 | –10.5 % |
| Mainland China + Hong Kong | 642,548 | 701,289 | –8.4 % |
| Total | 1,614,231 | 1,680,512 | –3.9 % |
Skoda[14]
Germany is currently the main individual market for Skoda. Deliveries to Germany accounted for 18.4% of the total Skoda deliveries. It's followed by Czech Republic(domestic market), which accounted for 9.7% of the total Skoda deliveries. China is another important market for Skoda. In 2021, Skoda deliveries to China accounted for 8.1% of the total Skoda deliveries. The most affected market for Skoda in 2022 other than Russia(-79.8%) was China, whose Skoda deliveries declined by 37.4%. Simalarly, India is the fastest growing market for Skoda. In 2022, Skoda deliveries grew by 127.7%.
| Market | 2022 | 2021 | δ |
|---|---|---|---|
| Western Europe | 377,000 | 409,000 | -7.8% |
| Germany | 134,300 | 136,800 | -1.8% |
| Central Europe | 148,000 | 164,100 | -9.8% |
| Czech Republic | 71,200 | 79,900 | -11.0% |
| Eastern Europe, excluding Russia | 31,600 | 35,800 | -11.9% |
| Russia | 18,300 | 90,400 | -79.8% |
| China | 44,600 | 71,200 | -37.4% |
| India | 51,900 | 22,800 | +127.7% |
| RoW countries | 60,000 | 85,000 | -29.3% |
| Total (worldwide) | 731,300 | 878,200 | -16.7% |
SEAT[15]
Germany and Spain are SEAT's main markets. Deliveries to the two countries in 2022 accounted for 27.3% and 16.3% of the total SEAT deliveries, respectively.
| Market | 2022 | 2021 | δ |
|---|---|---|---|
| Germany | 105,300 | 104,100 | +1.2% |
| Spain | 62,900 | 81,800 | -23.1% |
| United Kingdom | 36,600 | 50,700 | -27.9% |
| Italy | 25,300 | 27,600 | -8.6% |
| France | 21,500 | 31,100 | -31.1% |
| Portugal | 7,800 | 7,249 | +7.6% |
Bentley[16]
America and China are the largest markets for Bentley. In 2022, deliveries to the two markets were 27.8% and 24.1% of the total Bentley deliveries, respectively. But generally, Asia Pacific is the fastest growing Bentley market as it grew by 23% year-over-year in 2022.
| Market | 2022 | 2021 | δ |
|---|---|---|---|
| Americas | 4,221 | 4,212 | 1% |
| Chinese mainland, Hong Kong and Macau | 3,655 | 4,033 | -9% |
| Europe | 2,809 | 2,520 | +11% |
| Asia Pacific | 2,031 | 1,651 | +23% |
| United Kingdom | 1,490 | 1,328 | +12% |
| Middle East, Africa and India | 968 | 915 | +6% |
| Total | 15,174 | 14,659 | +4% |
Lamborghini[17]
United States and China are Lamborghini's largest markets. Deliveries to the two countries in 2022 accounted for 29.6% and 11% of the total deliveries, respectively.
| Key Market | 2022 | 2021 | δ |
|---|---|---|---|
| United States | 2,721 | 2,473 | +10% |
| Chinese Mainland, Hong Kong & Macau | 1,018 | 933 | +9% |
| Germany | 808 | 708 | +14% |
| United Kingdom | 650 | 565 | +15% |
| Japan | 546 | 447 | +22% |
TRATON[18]
Europe and other markets make up the largest portion TRATON's deliveries worldwide. In 2021, TRATON deliveries to Europe and markets other than North America, South American and Asia-Pacific amounted to 55.1% of total TRATON deliveries.
When it comes to TRATON brands breakdown, Scania and MAN accounts for the largest deliveries. In 2021, they amounted to 34.5% and 33.6% of the total TRATON deliveries in 2021.
| Market | 2021 | Proportion |
|---|---|---|
| Europe/Other Markets | 148,091 | 55.1% |
| North America | 31,714 | 11.8% |
| South America | 77,136 | 28.7% |
| Asia-Pacific | 12,094 | 4.5% |
| Total | 268,768 | 100% |
TRATON Brands Breakdown
| Units | 2021 | 2020 |
| Scania | 92,718 | 72,536 |
| Trucks | 89,528 | 67,106 |
| Buses | 3,190 | 5,430 |
| MAN | 90,286 | 81,352 |
| Trucks | 64,883 | 57,378 |
| Buses | 4,240 | 5,634 |
| Light Commercial Vehicles | 21,163 | 18,340 |
| Navistar | 28,669 | – |
| Trucks | 23,267 | – |
| Buses | 5,402 | – |
| Volkswagen Caminhões e Ônibus | 57,095 | 37,478 |
| Trucks | 52,690 | 31,813 |
| Buses | 4,405 | 5,665 |
| Total | 268,768 | 191,366 |
Battery-electric vehicles(BEVs)[19]
China is not only the largest Volkswagen's individual BEVs market in the world but also its fastest growing BEVs market. In 2022, Volkswagen BEVs deliveries to China grew by 68.2% to 155,700 vehicles. This accounted for 27.2% of worldwide BEVs deliveries by Volkswagen. When it comes to regional deliveries, Europe is the largest Volkswagen BEVs market, accounting for 61.5% of Volkswagen's worldwide BEVs deliveries in 2022.
| Market | 2022 | 2021 | δ |
|---|---|---|---|
| Europe | 352,000 | 310,400 | +13.4% |
| USA | 44,200 | 37,200 | +18.8% |
| China | 155,700 | 92,600 | +68.2% |
| Rest of world | 20,200 | 12,700 | +59.2% |
| Total | 572,100 | 452,800 | +26.3% |
- ↑ 1.0 1.1 https://www.volkswagenag.com/presence/investorrelation/publications/interim-reports/2022/Q3_2022_e.pdf (page 34)
- ↑ https://annualreport2021.volkswagenag.com/divisions/volkswagen-passenger-cars.html
- ↑ https://annualreport2021.volkswagenag.com/divisions/volkswagen-commercial-vehicles.html
- ↑ https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/seat/others-annual-report-2021-march-2022.pdf
- ↑ https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/skoda/220322-SKODA-AUTO-Annual-Report-2021-1.pdf
- ↑ 6.0 6.1 https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/porsche/Annual%20and%20Sustainability%20Report%202021%20Porsche%20AG.pdf
- ↑ https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/audi/audi-report-2021_e.pdf
- ↑ https://annualreport2021.volkswagenag.com/divisions/bentley.html
- ↑ https://www.audi-mediacenter.com/en/press-releases/2021-lamborghinis-best-year-ever-for-sales-turnover-and-profitability-donation-to-unhcr-in-support-of-the-ukrainian-population-14570#:~:text=The%20operating%20margin%20more%20than,2020%20(264%20million%20euros).
- ↑ https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/traton/DE000TRAT0N7-JA-2021-EQ-E-00.pdf
- ↑ https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/scania/scania_year_end_report_january-december_2021.pdf
- ↑ https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/volkswagen/Y_2021_e.pdf
- ↑ https://www.audi-mediacenter.com/en/press-releases/audi-delivers-over-100000-electric-models-in-2022-despite-challenging-environment-15145
- ↑ https://www.skoda-storyboard.com/en/press-releases/skoda-auto-delivers-731300-vehicles-worldwide-in-2022/
- ↑ https://www.seat-mediacenter.com/smc/seat-sa/seat-sa-news/company/2023/CUPRA-increases-sales-by-93-in-2022-and-drives-the-financial-turnaround-of-SEAT-SA
- ↑ https://www.bentleymedia.com/en/newsitem/1409-bentley-delivers-more-cars-than-ever-in-2022
- ↑ https://www.lamborghini.com/en-en/news/lamborghinis-record-breaking-2022
- ↑ https://annualreport2021.volkswagenag.com/divisions/traton-group.html
- ↑ https://www.volkswagenag.com/en/news/2023/01/transformation-progressing--volkswagen-group--delivers-26-percen.html