Press Release

Braunschweig, 2 November 2021. Volkswagen Financial Services have sustained the positive development achieved during the first half of the year in the third quarter as well. New contract acquisitions in the first nine months of this year increased to 6.1 million (+6.6 percent over the same period last year). The portfolio of current contracts also grew to reach a total of 22.2 million (+2.7 percent). The operating result recorded after nine months amounted to EUR 3.69 billion (+126 percent). "The main drivers of this positive business development are the continuing high demand for used cars and the considerably lower risk costs for credit and residual value risks. Other important factors are the increase in our new contracts, a favorable refinancing situation and the positive effects of our efficiency program," said Frank Fiedler, CFO of Volkswagen Financial Services AG. 
New business continued to develop positively in the European core markets – Italy, France, Spain and the United Kingdom. The number of new contracts in these countries rose to more than 1.66 million, an increase of 15.4 percent over the figure for the prior-year period.

There were also significant increases in the USA (477 thousand units; +12.7 percent) and in Brazil (208 thousand units; +23.1 percent).

In Germany, the largest single market for Volkswagen Financial Services, the number of new contracts fell slightly to around 1.5 million units (-6.8 percent compared to the same period last year). The current portfolio declined by 1.8 percent to 6.27 million contracts.

Information for editors:

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 16,558 employees worldwide – including 7,472 alone in Germany. Volkswagen Financial Services report total assets of around EUR 225.6 billion, an operating result of EUR 2.8 billion and a portfolio of around 21.9 million current contracts (as at: 31.12.2020).