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At the world premiere, Volkswagen presents the first photos and facts of the completely newly developed Passat. The focus is on powerful aerodynamic design, new high-efficiency drives, high quality and a host of new technologies. In just a few days, the vehicle will be shown to the public for the first time at the IAA Mobility in Munich (5 to 9 September 2023). The new Passat will be launched as a versatile Variant in the first quarter of 2024. With more than 34 million units sold worldwide, the Passat is the top-selling Volkswagen of all time after the Golf and ahead of the Beetle.

All-new, but typical Passat. Clean and powerful – the design is clearly Passat, clearly Volkswagen, yet new from every perspective. The customer-focused range of three new plug-in and mild hybrid drives and five turbocharged petrol and diesel engine variants is characterised by efficiency. The quiet and spacious Passat Variant offers a high level of travel comfort and will be optionally available with new adaptive chassis control (DCC Pro) and new ergoActive seats (with pneumatic pressure point massage). The intuitive features of the digitalised cockpit landscape are a completely new development. The new Passat can also optionally park independently and cover long distances in assisted driving mode.

Two new plug-in hybrid drives. Kai Grünitz, Member of the Brand Board of Management responsible for Technical Development, says: “The latest evolutionary stage of the modular transverse matrix (MQB evo)forms the highly innovative technical basis of the ninth Passat generation. Thanks to the significant economies of scale of the MQB evo, Volkswagen has again democratised numerous high-tech developments and made them available for hundreds of thousands of drivers.” The two completely newly developed plug-in hybrid drives (eHybrid) with a system output of 150 kW (204 PS) and 200 kW (272 PS) are a perfect example of this. In combination with a new 19.7 kWh battery (net energy content), they make all-electric ranges of around 100 km possible. This distance turns the new Passat Variant into an electric vehicle for everyday life – this is additionally ensured by short charging times as the battery can now be charged at AC charge points with 11 kW instead of the previous 3.6 kW. The Passat Variant eHybrid can even be charged with up to 50 kW at DC fast charging stations. In addition, the combination of electric drive motor and new economical turbocharged petrol engine (1.5 TSI evo2) provides overall ranges of around 1,000 km.

New 48 V mild hybrid. Also new on board the Passat is a 48 V mild hybrid drive (eTSI with 110 kW / 150 PS) that transforms kinetic energy into electric energy and makes it possible to “coast” without using the combustion engine. Two 150 kW (204 PS)01 and 195 kW (265 PS) turbo petrol engines (2.0 TSI) as well as three turbo diesel engines (2.0 TDI) with 90 kW (122 PS), 110 kW (150 PS) and 142 kW (193 PS)01 complete the powertrain range. An automatic direct shift gearbox (DSG) is always standard. The versions with outputs of 195 kW and 142 kW come with the intelligently controlled 4MOTION all-wheel drive system as standard; all other models have front-wheel drive.

New landscape display. Volkswagen has completely redesigned the high-quality interior. Particularly striking is the clearly arranged, large landscape display– stylish, functional and progressive. The MIB4 serves as the technical platform here. The latest generation of the “modular infotainment matrix” allows intuitive operation that has been consistently tailored to the wishes of Volkswagen drivers.

Assisted parking. The new Passat Variant will launch with a further developed range of state-of-the-art assist systems. The spectrum of park assist systems is new. These include the optional Park Assist Plus, Park Assist Pro and the memory function for Park Assist Pro. With Park Assist Pro, the new Passat Variant can drive into and out of parking spaces by remote control using a smartphone. If the Passat has the memory function for Park Assist Pro on board, the system can record and store the last 50 metres of a journey on request. When the vehicle reaches the same position again – for example, the entrance to the carport at home – it offers to take over the parking manoeuvre. Independent driving out of a parking space is also possible.

World premiere of DCC Pro. The adaptive chassis control DCC Pro represents a new level of suspension technology. Its spread of maximum dynamics and highest comfort sets standards in the mid-sized class. This is made possible thanks to the two-valve technology used in a Volkswagen for the first time. The ergoActive Plus seats with a pneumatic 10-chamber pressure point massage function also offer a high level of travel comfort. Thanks to a 50 mm longer wheelbase with also 50 mm more legroom in the rear and a luggage compartment capacity of up to 1,920 litres, the Passat Variant is ideally suited as an all-rounder for business and leisure.

Articles source: www.volkswagen-newsroom.com

Volkswagen Group posted solid H1 results for 2023, with rising sales revenue and strong underlying operating profit. This is in line with the Group’s “value over volume” strategy, announced at the recent Capital Markets Day. The Group's BEV strategy is also making further progress, with deliveries in the first half of the year increasing by around 50 percent year-on-year. In Europe, the Group increased its BEV deliveries by as much as 68 percent, underscoring its position as market leader in Europe. As the year progresses, significantly shorter delivery times, the remaining high order bank of 1.65 million vehicles and stable demand should provide further tailwinds. The solid net liquidity of EUR 33.6 billion in the Automotive Division also gives the Group the necessary strength and flexibility to continue investing in key regions and growth areas.

Oliver Blume, CEO Volkswagen Group: “We have strategically realigned and restructured the Volkswagen Group, with a clear plan and measurable milestones. In the first half of the year, the Volkswagen Group delivered reliably with very solid results. Sales in North America are picking up, we are strengthening our position in China through technological partnerships and on top of that the trend for fully electric vehicles is moving in the right direction. What is important to us is long-term, sustainable growth, with a focus on value over volume.”

Solid results

In the first half of 2023, the Volkswagen Group achieved an operating profit before valuation effects mainly from commodity hedging outside hedge accounting of EUR 13.9 billion, an increase of about 13 percent. This resulted in a corresponding margin of 8.9 percent, above the guidance range of 7.5 percent to 8.5 percent. Operating profit came in at EUR 11.3 billion (H1 2022: EUR 13.2 billion) largely due to non-cash hedging effects mainly from commodity hedging amounting to EUR - 2.5 billion (Q1 2023 EUR - 1.3 billion; H1 2022: EUR 0.9 billion).

Overall revenue grew by 18 percent to EUR 156.3 billion in H1 (H1 2022: EUR 132.3 billion), driven by a continued recovery in volume as well as solid mix and pricing. Vehicle deliveries declined by 1 percent in China, although there were notable signs of recovery towards the end of the reporting period. Overall, the Group continued to see solid demand.

The Group’s electrification strategy continued to accelerate, with battery electric vehicles (BEV) representing a 7.4 percent share of total deliveries in the first half (compared to 5.6 percent in H1 2022) and including 18 percent year-on-year growth in China in Q2, demonstrating a positive trend. In a challenging market environment, Volkswagen was able to increase market share particularly in Europe where the Group remains the BEV segment market leader. In the context of a more challenging market environment, Volkswagen Group aims to reach a BEV share of 8-10% of total deliveries in FY 2023. Seasonal effects, along with the significantly reduced delivery times, are likely to contribute to a higher proportion of BEV sales in H2.

In view of the continuing bottlenecks in the logistics chains, net cash flow was muted at EUR 2.5 billion in the first half of the year. In anticipation of an improving logistics situation and minor production adjustments in the second half of the year, Volkswagen Group continues to target full-year net cash flow of EUR 6-8 billion and has taken decisive measures to ensure that the lower end of this range is met.

The automotive division’s net liquidity remained solid at EUR 33.6 billion at the end of H1, which will continue to support the Group’s targeted sustainable value strategy.

Arno Antlitz, CFO & COO Volkswagen Group: “In the first half of the year, we achieved solid financial results and took major steps to improve our competitiveness. The focus for the second half is now on strengthening net cash flow. With the launch of performance programs at all brands and our strategic decisions in China, we will improve the competitive position of the Volkswagen Group even further.”

Financial Outlook for FY 2023 confirmed

Volkswagen Group confirms the financial outlook for FY 2023 published on March 3, 2023. The outlook for deliveries is slightly adapted for 2023 from around 9.5 million to 9 to 9.5 million while the Group remains fully on track to meet the sales revenue goal.

As anticipated, supply chain disruptions have continued to ease in H1 2023, with pressure shifting from semiconductor shortages to transportation and logistics delays. H2 should be supported by lower raw material costs and gradually easing logistical bottlenecks. The performance programs for the brands are designed to deliver their first results in H2, further strengthening the Group’s position in an increasingly competitive environment.

In line with the steering model announced at the recent Capital Markets Day, the Group’s focus remains on meeting profitability and cash flow targets. An emphasis on value-driven production is expected to support the already strong results. Prioritizing sustainable profitability over volume growth will enable the group to meet operating margin and cash flow targets.

Acceleration of strategic transformation in China

Volkswagen Group is stepping up the pace of its transformation in China, where the Group aims to remain the most successful international OEM and amongst the top 3 in the market, building on solid existing foundations in H1.

After a challenging start in the first two months of the year, the Group’s delivery figures in China in March through May were significantly up compared to the previous year. A decrease in June was the result of a high base in the same month last year and non-recurring effects, including a tax exemption for ICE vehicle purchases and local government subsidies. Volkswagen Group China delivered a total of 1,451,900 vehicles (-1.2 percent compared to the previous year) in the first half of 2023.

The Volkswagen Group has announced two partnerships in the region: a strategic partnership between the Volkswagen Group and Xpeng as well as the expansion of an existing cooperation between Audi with FAW and SAIC. These collaborations are intended to expand the existing product range to include models for particularly promising customer and market segments. The collaborations align with the company's "in China for China" strategy, which enables it to address market-defining trends in China at an early stage and better leverage the growth momentum of the Chinese market.

Ambitious targets and performance programs for Group brands

As noted during the recent Capital Markets Day, Volkswagen Group is focused on its strategic realignment in line with the 10-point plan and has taken decisive steps in H1 to strengthen profitability and cash flows and reduce capital intensity.

Realignment of Platforms

The Group is realigning its technology platforms to provide the brands with leading technological innovations and to unlock economies of scale.

In terms of architectures, the Group has outlined a clear path forward for the establishment of the group-wide SSP platform. As early as 2024, the new PPE is expected to be used as a competitive architecture, followed by the second generation MEB+ from 2025 forward.

The Group’s battery strategy and ramp-up offer the Group maximum flexibility and cost benefits through the Unified Cell to be developed by PowerCo.

The strategic realignment of the CARIAD organisation aims to establish it as an internal software supplier that works closely with the Group’s brands. It also seeks to accelerate the execution of the E³ platforms, the next generation of which will be designed in the newly developed Software-Defined Vehicle hub.

Furthermore, Volkswagen Group continues to make progress towards fully autonomous driving, which the Group sees as a significant future profit pool with major growth potential. Volkswagen has launched autonomous driving test programs in North America and Europe.

Brand Performance Programs

Each brand is launching its own Performance Program, which provides the framework for their advancement. The programs set equally ambitious targets across the individual brands to make them more resilient and profitable. In doing so, they focus on improving their performance in terms of margins, product mix and vehicle equipment. Moreover, emerging business models, such as mobility solutions, shall broaden the scope of opportunities for brands and exploit additional profit pools. This path is supported by the efficient bundling of economies of scale and extensive cost work in the areas of development, materials, production, distribution and fixed costs.

Brand Group results

Core

Four brands continue to lay the foundation for the positive performance of the Core Brand Group, with sales revenue climbing 30 percent in H1. Operating profit strongly increased to EUR 3.8 billion with an operating margin of 5.5 percent, including a strong contribution from North America. In addition to the focus on efficiency in key synergy areas, the strong H1 result was driven by higher sales volume, leaner structures, and consistent cost management.

Progressive

The operating margin of the Progressive Brand Group was 10 percent in H1 2023. The operating profit was heavily impacted by valuation effects mainly from commodity hedging outside hedge accounting. The underlying operating margin before these effects was above 12 percent.

Gernot Döllner will join the Group Board of Management of Volkswagen AG as the new CEO of AUDI AG, effective September 1, 2023. Döllner held several management positions at Porsche AG including Head of Concept Development and has been Head of Group Strategy, Product Strategy and General Secretariat at the Volkswagen Group since 2021. In Gernot Döllner, Audi has gained a manager with extensive Group and product experience, who will continue to develop and drive forward Audi's strategy together with the whole Audi team.

Sport Luxury

In the Sport Luxury Brand Group, Porsche’s operating margin within the automotive business remained stable at a very high level at 19.3 percent in H1, due to higher deliveries (+15 percent) coupled with constant pricing. The operating result rose 11 percent to EUR 3.9 billion, including EUR 174 million from Porsche Financial Services. Net cash flow within the automotive business stood at EUR 2.2 billion slightly below prior-year level.

Trucks

TRATON reported a unit sales increase of 22 percent. Overall sales revenue was up 27 percent, driven by strong volume expansion and positivemix and pricing effects as well as growth in vehicle services . Operating profitimproved significantly to EUR 1.8 billion, with an 8.1 percent operating margin, due to better capacity utilization and positive price-mix effects compensating for higher input costs.

Battery Business

PowerCo SE is planning to introduce a completely new manufacturing process, drycoating, in its battery cell production plants in Europe and Northern America. Drycoating has the potential to deliver reductions of about 30 percent in energy consumption and 15 percent in required floor space, thereby saving hundreds of millions of euros each year.

CARIAD

CARIAD improved sales revenue by 32 percent, driven by higher license revenues from MEB cars on the 1.1 platform. CARIAD was able to limit losses to previous year levels while investments in software platforms continued.

Articles source: www.volkswagen-newsroom.com

Volkswagen is opening pre-sales for its ID.7 all-electric saloon: as of today, customers will initially be able to order the model in the Pro specification package with a range of up to 621 kilometres (WLTP) at a price of €56,995. For the market launch, Volkswagen has equipped the ID.7 with particularly convenient and high-quality technologies. Highlights such as the augmented reality head-up display and the “Discover Pro Max” navigation system are included as standard.

Imelda Labbé, Member of the Board of Management for Sales, Marketing and After Sales: “The new ID.7 will impress our customers all over the world thanks to its long ranges, quick charging, spacious interior and intuitive operation. The model therefore represents the new benchmark for all-electric premium models at Volkswagen.”

ID.7 with generous space concept and long ranges. With the ID.7, Volkswagen is once again demonstrating the benefits and versatility of its modular electric drive (MEB) platform. Thanks to short overhangs and a long wheelbase, the electric saloon offers a spacious interior with plenty of legroom for rear passengers. The large luggage compartment is able to hold luggage with a total volume of up to 532 litres. The compact drive unit is installed in the rear of the vehicle and delivers 210 kW (286 PS) and 545 Nm. Despite a length of almost five metres, the ID.7 is surprisingly agile with a turning circle of just 10.9 metres. With an average fuel consumption of 16.3 - 14.1 kWh per 100 kilometres and ranges of up to 621 km (WLTP)2, the efficient saloon in the Pro equipment specification is also suited to longer distances.

New operating concept with intelligent air conditioning system and voice assistant. The ID.7 is the first vehicle to feature intelligent electronic air vents, which distribute air across the whole interior and thereby enable the vehicle to cool down or heat up more quickly. Its large optional panoramic sunroof with “smart glass” can be switched between opaque and transparent settings by touch or voice control. The new IDA voice assistant is able to understand natural language, making the vehicle easier to operate. The ID.7 also impresses with a new menu structure in the infotainment system. Many customer requests have been taken into account here and incorporated into the new operating concept.

Volkswagen is equipping the ID.7 Pro with popular highlights as standard for the start of ordering.

These include:

• the augmented reality head-up display
• the “Discover Pro Max” navigation system
• “Hudson” alloy wheels, 8 J x 19 at the front, 8.5 J x 19 at the rear, in black, with diamond-cut finish
• Keyless locking and starting system “Keyless Access”, with SAFELOCK

The following assist systems are also included as standard for the launch:

• “Travel Assist”, “Lane Assist”, and “Emergency Assist”
• “Side Assist”, Rear Traffic Alert and exit warning system
• “Area View” including “rear view” camera system

Easy-to-understand offer structure

Thanks to optional, clearly designed equipment packages, the ID.7 is particularly easy to configure.

• The Interior package includes features such as electric ergoActive comfort seats in the front with memory function and massage programs, a convenient entry function, adjustable thigh support, pneumatic lumbar support plus background lighting with 30 different colours.
• The Interior package “Plus” includes additional airbags and the Harman Kardon sound system with twelve loudspeakers plus a centre speaker, 700-watt total power, a digital 16-channel amplifier and a subwoofer. In addition, the premium ergoActive seats offer intelligent seat climate control and activation of the lumbar and pelvic area.
• An optional Exterior package is also available, including features such as LED matrix headlights, tinted windows at the rear, and the Easy Open & Close sensor-controlled luggage compartment opening and closing function.
• The Exterior package “Plus” also includes progressive steering and DCC adaptive chassis control including driving profile selection.

Article source: www.volkswagen-newsroom.com

The Volkswagen Group is strengthening its position on the Chinese automotive market with cooperations between the VW brand and XPENG and between Audi and SAIC. The Group is thus forging ahead with its local electrification strategy. The aim is to swiftly tap into new customer and market segments, thereby systematically leveraging the potential of China’s dynamically growing e-mobility market.

The VW brand has concluded a technological framework agreement with XPENG. The initial stage of the cooperation shall provide for the joint development of two VW brand electric models for the mid-size segment in the Chinese market. The China-specific vehicles will supplement the MEB product portfolio and are to be rolled out in 2026 in China. This is subject to the conclusion of final agreements.

As part of the close and long-term strategic cooperation, the Volkswagen Group is to invest approximately US$700 million in the Chinese manufacturer of intelligent electric cars. Volkswagen is thus acquiring 4.99 percent stake in XPENG at US$15 per ADS (*) by way of a capital increase, and will hold a seat as an observer on the XPENG board of directors. The share issuance will be subject to customary closing conditions including applicable regulatory approvals.

Audi has signed a strategic memorandum with its Chinese joint venture partner SAIC to further expand existing cooperation. Joint development activities are to extend the portfolio of fully connected electric vehicles on offer in the premium segment swiftly and efficiently. It is planned to start with electric models in a segment where Audi does not as yet have a presence in China.

The jointly developed e-models are to be equipped with state-of-the-art software and hardware, in order to offer Chinese customers an intuitive, connected digital experience. All parties are contributing their respective core competences to the development effort.

Both agreements also envisage a planned, future joint development of new local platforms for the next generation of intelligent, fully connected vehicles (ICV). The partnerships aim to swiftly expand the Group’s product range with further models from China for China in particularly promising customer and market segments. The details of cooperation on future e-platforms are the subject of further negotiations between the partners.

Ralf Brandstätter, Volkswagen AG Board Member for China, commented: "Local partnerships are an important building block in the Volkswagen Group's 'in China for China' strategy. We are now accelerating the expansion of our local electric portfolio and at the same time preparing for the next innovation step. With XPENG, we now have another strong partner that is one of the leading manufacturers in China in key technology areas.In a competitive and dynamic market environment, we are leveraging the strengths of Volkswagen and our partners to create synergies to bring additional products to market faster. In doing so, we focus on the specific needs of our customers in China. At the same time, we want to significantly optimize development and procurement costs.”

Volkswagen Group (China) Technology Company assumes development responsibility for new Volkswagen models

The recently founded Volkswagen Group China Technology Company (VCTC) is the development partner for XPENG. The new development, innovation and procurement center is the Group’s largest development location outside Wolfsburg. Going forward, this is where over 2,000 development and procurement experts will work on new intelligent, fully connected electric vehicles.

Optimizing development and procurement volumes generates significant synergy potential with cost advantages compared with current vehicle projects.

Partnerships are next important step in the Group’s “in China for China” strategy

The cooperations tie in with the Group’s “in China for China” strategy to address market-defining trends in China at an early stage and leverage the growth dynamics and innovative strength of the Chinese market more effectively. In order to speed up decision-making and development processes in the region, Volkswagen is strengthening its local capacities for e-mobility as well as digitalization and autonomous driving.

To this end, Volkswagen is expanding its Hefei plant in east China’s Anhui Province into a state-of-the-art production, development and innovation hub. Production at Volkswagen Anhui’s new vehicle plant will commence this year. VW Anhui Component Company is building a manufacturing facility for high-voltage battery systems in Hefei. Furthermore, Volkswagen Group China Technology Company is setting up a development and procurement center for fully connected, intelligent electric vehicles in Hefei.

At the same time, the Volkswagen Group is also focusing on partnerships with local high-tech companies. For Volkswagen Group China, high technology localization and systematic customer orientation are the key to playing a leading role in the new era of intelligent connected vehicles (ICV).

(*) ADS = American Depositary Share, 1 ADS represents 2 Class A Shares

Article source: www.volkswagen-newsroom.com