Volkswagen Action Forum

Hyundai Motor Group $HYUD (-0,78 %)
overtakes Volkswagen $VOW (-2,5 %) 💪

Industry data showed on Thursday that Hyundai Motor Group has surpassed Volkswagen Group to become the world's second-largest carmaker in terms of operating profit.

https://www.zeebiz.com/companies/news-hyundai-motor-pips-volkswagen-to-become-worlds-2nd-largest-automaker-324947

VW
$VOW (-2,5 %) has launched a new flexible vehicle subscription service in the region 🇺🇸 Atlanta, Georgia.subscription service launched.

- Customers can rent a vehicle for as little as one month rent and use it for as long as they wish.

- A return is possible at any time if VW 30 days in advance.

- There is no credit check and applications are approved regardless of credit score.

- Maintenance, insurance and 24/7 roadside assistance are included in a single monthly fee.

- A one-time, non-refundable activation fee of 495 $.

Thereafter, depending on the vehicle model, the monthly fee is between 599 $ for a Jetta and 799 $ for an Atlas.

Photo: Volkswagen

Waymo
$GOOGL (-0,6 %) recently received over five billion US dollars from investors, bringing the company's valuation to over 45 billion dollars.

This brings Waymo almost reaches the market capitalization of Volkswagen $VOW (-2,5 %)which is around 49 billion dollars.

The robotaxi service is currently focusing on San Francisco 🇺🇸 and Phoenixbut is planning to expand to Los Angeles, Atlanta, New
York and Washington D.C. -Trade Journal

Photo: Hyundai

Volkswagen
$VOW (-2,5 %) has asked its employees to 10 % of their salary.

The company explains that this is the only way to safeguard jobs and remain competitive at a time when profits have fallen to their lowest level in three years and union leaders are threatening strike action.

Photo: VW Germany

Volkswagen Q3 2024 $VOW (-2,5 %)

Financial performance

Revenue: The Volkswagen Group reported revenue of €237.3 billion for the first nine months of 2024, a slight increase of 0.9% compared to the previous year.

Operating result: Operating profit fell to €12.9 billion, compared to €16.2 billion in the same period of 2023, a decrease of 21%.

Operating margin: The operating margin fell from 6.9% in the previous year to 5.4%.

Balance sheet overview

Total assets: As at September 30, 2024, total assets amounted to EUR 631.4 billion, an increase of 5.2% compared to the end of 2023.

Equity: The Group's equity remained stable at EUR 191.6 billion, with an equity ratio of 30.4 %.

Earnings situation by segment

Turnover by segment: The Passenger Cars and Light Commercial Vehicles segments generated sales of 159.2 billion euros, while Commercial Vehicles contributed 33.4 billion euros.

Operating result by segment: The operating result for passenger cars and light commercial vehicles amounted to 8.7 billion euros, while the commercial vehicles segment generated 3.1 billion euros.

Cash flow overview

Net cash flow: The Automotive Division's net cash flow amounted to 3.3 billion euros, a decrease of 1.7 billion euros compared to the previous year.

Cash and cash equivalents: As at September 30, 2024, the Group reported cash and cash equivalents of EUR 51.4 billion.

Key figures and profitability

Cash conversion ratio (CCR): The CCR was 31% in the first nine months of 2024, compared to 37% in the same period of 2023.

Capex ratio in the Automotive division: The capex ratio rose to 5.0%, indicating increased investment in production facilities and new models.

Segment information

Core brand group: Sales amounted to 101.5 billion euros, with an operating result of 4.5 billion euros.

Trucks brand group (TRATON): Turnover increased by 3% to 34.3 billion euros, with an operating margin of 9.1%.

Competitive position

Volkswagen continues to face challenges due to restructuring costs and ongoing problems in the supply chain, which are affecting the Group's competitiveness in the automotive industry.

Forecasts and management commentary

The Group has raised its forecast for vehicle deliveries to around 9 million units and expects sales of around EUR 320 billion for the full year 2024.

Risks and opportunities

The risk situation has intensified due to macroeconomic conditions, and ongoing legal proceedings in connection with the diesel issue remain a burden.

Summary

The Volkswagen Group's financial performance in the first nine months of 2024 shows some resilience in sales despite declining operating results and margins. The Group faces restructuring and supply chain challenges but has a stable balance sheet. The forecast for the year as a whole remains optimistic, with expected growth in sales and vehicle deliveries. Nevertheless, legal risks and macroeconomic uncertainties remain a challenge.

Five positive aspects

Stability of sales revenue: The Volkswagen Group generated sales revenue of €237.3 billion in the first nine months of 2024, a slight increase of 0.9% compared to the previous year. This underlines its resilience in maintaining sales despite challenging market conditions

Strong performance in the commercial vehicle segment: The Trucks brand group (TRATON) reported a 3% increase in sales to €34.3 billion with an operating margin of 9.1%, indicating a solid performance in this segment.

Investments in future technologies: The increase in the capex ratio to 5.0% demonstrates Volkswagen's commitment to production facilities and new models, a crucial step for future growth and competitiveness.

Positive cash flow from financing activities: The Group generated cash flow of €15.8 billion from financing activities, indicating sound financial management and the ability to raise capital effectively.

Market position of the core brand group: The core brand group maintained stable sales of €101.5 billion, underlining the strength and consistency of Volkswagen's core brands.

Five negative aspects

Decline in operating profit: Operating profit fell to €12.9 billion, compared to €16.2 billion in the same period in 2023, a significant decrease of 21%, which could impact profitability.

Reduced operating margin: The operating margin fell from 6.9% in the previous year to 5.4%, indicating pressure in terms of profitability and efficiency.

Challenges in the Passenger Cars segment: The Passenger Cars segment reported a decline in operating profit to €7.3 billion from €10.3 billion previously, indicating difficulties in this important area.

Increased liabilities: Long-term liabilities increased to €92.0 billion, compared to €86.9 billion at the end of 2023, which could weigh on the company's debt and financial stability.

Legal and macroeconomic risks: Ongoing legal proceedings related to the diesel issue and increased macroeconomic risks pose significant challenges to Volkswagen's operational and financial outlook.

15.10.2024

Pre-close calls at Porsche and VW + Carl Zeiss with new partnership + Share placement weighs on Deutsche Bank after the close + New quarterly figures start today + SHARES IN THE FOCUS: Freenet at high since 2018 and optimism ahead of quarterly figures

Porsche AG $P911 (-1,22 %) on the other hand, lost 2.0 percent. A pre-close call by the car manufacturer did not go down well with investors. Also VW $VOW (-2,5 %) also fell by 0.5 percent. The car manufacturer also organized a pre-close call on Monday. However, no details were known by the close of trading. In addition to weak sales in China, the value of shareholdings is also under scrutiny: In the previous week, analysts at Baader had reduced the valuation of the stake in NorthVolt, in which Volkswagen holds a 20 percent stake, from 10 billion euros to zero.

Carl Zeiss $AFX (-2,96 %) is entering into a partnership with Hyundai Mobis to develop transparent displays in windscreens. Mass production is due to start in five years and could raise safety standards in vehicles

The shares of Deutsche Bank $DBK (-2,66 %) came under pressure in after-hours trading on Monday. They recently lost around 1.2 percent to 16.15 euros on the Tradegate trading platform. As reported by the Bloomberg news agency, Deutsche Bank is planning to place 16 million of its own shares at a price of 16.01 euros. Such a share placement dilutes the shares of existing shareholders. The bank's shares rose by almost twelve percent last month.

The shares of Freenet $FNTN (+4,72 %) rose to their highest level since March 2018 on Monday. The shares of the mobile and TV provider recently rose by 1.3% to €27.48, making them one of the strongest stocks in the MDax mid-cap index. They also broke away even more clearly from the 21-day line as an indicator of the short-term trend, which they had already left behind last week. In a study at the beginning of the week, Warburg analyst Simon Stippig takes an optimistic view of the upcoming figures for the third quarter. Above all, information on Freenet's medium-term ambitions could become a price driver, he wrote. The dividend yield with the potential for additional growth from the mobile provider's television business is attractive, he said.

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Vinci EUR 1.05

AbbVie USD 1.55

Quarterly figures / company dates USA / Asia

11:55 Unitedhealth quarterly figures

12:25 Johnson & Johnson quarterly figures

12:45 Bank of America quarterly figures

13:25 Goldman Sachs quarterly figures

14:00 Citigroup quarterly figures

22:05 United Airlines quarterly figures

23:30 Rio Tinto plc Operation Report 3Q

Quarterly figures / Company dates Europe

07:00 Docmorris Trading Update 3Q | Ericsson Quarterly Figures | Sulzer Order Intake

17:45 LVMH quarterly figures

19:00 Telekom Austria quarterly figuresn

economic data

• 08:00 UK: Labor market data September Unemployment benefit recipients Unemployment rate 3 months (ILO) PROGNOSE: 4.1% PREVIOUS: 4.1%
• 11:00 EU: Industrial Production August Eurozone FORECAST: +1.6% yoy/-1.2% yoy previously: -0.3% yoy/-2.2% yoy
• 11:00 DE: ZEW Economic Sentiment Index October Forecast: 9.0 points previous: 3.6 points Economic situation Forecast: -84.3 points previous: -84.5 points
• 14:30 US: Empire State Manufacturing Index October FORECAST: 0.5 previous: 11.5

Week in review 05.10.

New all-time highs for Arista Networks, BlackRock, Caterpillar, Exxon Mobil, Fiserv, Jefferies Financial, Home Depot, Lockheed Martin, MetLife, Otis Worldwide, Piper Sandler, Stifel Financial, Unum Group, Vistra Corp.

New 52-week highs for Carvana, Juniper Networks, NextEra Energy, Palantir, Tanger, ZIM Integrated Shipping

BTC rises +10% in September, best September for Bitcoin in its history

Good labor market report on Friday in the US, recession / hard landing is canceled for now

Dock workers strike in the US ends thanks to strong wage increase, possible rising inflation due to long strike and crisis are canceled

Palantir breaks $40 mark for the first time since February 2021, +154% in 12 months #PLTRgang 🤜🤛👊✊

Alphabet imitates Microsoft and now also wants nuclear power for AI data centers

YouTube shorts can now be a maximum of three minutes long instead of just 60 seconds to compete with Instagram Reels and TikTok

Tesla disappoints with delivery figures in Q3 despite new record, shares fall 4%, rumors say a new Tesla model will be presented at the upcoming Robotaxi event on 10.10.

Microsoft now offers Office 2024 without a subscription fee for a one-off €149 for PC & Mac and ends HoloLens AR headset program

Amazon wants to increase advertising on Prime Video

New "affordable" Apple iPhone SE to arrive in 2025 and new iPad Mini, Mac Mini and Macbooks with M4 chip later this year (rumors)

Rivian lowers its production targets for 2024 due to supply bottlenecks, delivery figures for Q3 worse than expected as at Tesla, Rivian shares -3%

China stocks continue to rise thanks to money printers and stimulus program, weekly performance: +42% Alibaba Health, +30% Jinko Solar, +30% Meituan, +28% ZTE, +21% Ping An, +20% JD. com, +19% Kingsoft, +19% Weibo, +17% Pinduoduo, +14% Xiaomi, +13% BYD, +8% Alibaba, +7% Baidu

Oil price rises this week due to war in the Middle East, oil companies up and airlines down

Nike with mixed figures. Shares fall 6% in after-hours trading after the sporting goods company reported a significant drop in sales for the third quarter and canceled its annual targets. In addition, an investor day planned for November was postponed. Adidas shares much better this year.

BlackRock now holds $24 billion worth of Bitcoin, representing 2% of the total

MicroStrategy has now bought bitcoin 40 times in the last four years for a total of $10 billion

Coinase's own blockchain "Base" now holds $2bn total value locked, which is +370% since the beginning of the year

Boeing considers capital increase, strike has been going on for three weeks

German economy stagnates until the end of the year, slight improvement maybe in 2025

Inflation in Germany falls to 1.6%, but services increase by +3.8%

Rheinmetall with new order from Denmark for 16 Sky Ranger 30 including ammunition for air defense

EU car tariffs against China are now possible, German car shares rise

Profit warning at Stellantis and again at VW

Springer Nature - IPO successful, issue price €22.50, last price €23.05

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First pull $MBG (-3,33 %)
$VOW (-2,5 %) and $BMW (-3,91 %) rallied again with the China rally, now possible additional tariffs on Chinese cars are giving the share price a boost. With $STLAM (-3,56 %) I can still understand it, because apart from a joint venture, the door was never open in China, but with the other three, things will get really wild if China reacts.

https://www.tagesschau.de/wirtschaft/weltwirtschaft/eu-zusatzzoelle-e-autos-china-102.html