《大众汽车集团（Volkswagen Group）2023年年度报告（英文版）（468页）.pdf》由会员分享，可在线阅读，更多相关《大众汽车集团（Volkswagen Group）2023年年度报告（英文版）（468页）.pdf（468页珍藏版）》请在三个皮匠报告上搜索。

1、2023ANNUAL REPORT This document is an English translation of the original annual report written in German.In case of discrepancies,the German version shall take precedence.All figures shown in the report are rounded,so minor discrepancies may arise from addition of these amounts.The figures from the

2、 previous fiscal year are shown in parentheses directly after the figures for the current reporting year.Specified vehicle ranges correspond to results obtained through the Worldwide Harmonized Light Vehicles Test Procedure(WLTP)on the chassis dynamometer.WLTP value ranges for series-produced vehicl

3、es may vary depending on the equipment.The actual range will deviate in practice depending on various other factors.VOLKSWAGEN GROUP 2023 20221%Volume Data2 in thousands Deliveries to customers(units)9,240 8,263+11.8 Vehicle sales(units)9,362 8,481+10.4 Production(units)9,309 8,717+6.8 Employees at

4、Dec.31 684.0 675.8+1.2 Financial Data(IFRSs),million Sales revenue 322,284 279,050+15.5 Operating result before special items 22,576 22,509+0.3 Operating return on sales before special items(%)7.0 8.1 Special items 0 399 x Operating result 22,576 22,109+2.1 Operating return on sales(%)7.0 7.9 Earnin

5、gs before tax 23,194 22,070+5.1 Return on sales before tax(%)7.2 7.9 Earnings after tax 17,928 15,852+13.1 Automotive Division3 Total research and development costs 21,779 18,908+15.2 R&D ratio(%)8.1 8.1 Cash flows from operating activities 37,851 29,865+26.7 Cash flows from investing activities att

6、ributable to operating activities4 27,153 25,058+8.4 of which:capex 14,371 12,731+12.9 ratio of capex to sales revenue(%)5.4 5.5 Net cash flow 10,698 4,807 x Net liquidity at Dec.31 40,289 43,015 6.3 Return on investment(ROI)in%12.3 12.0 Financial Services Division Return on equity before tax5(%)8.8

7、 14.1 VOLKSWAGEN AG 2023 20221%Volume Data in thousands Employees at Dec.31 116.1 116.7 0.5 Financial Data(HGB),million Sales 92,413 79,491+16.3 Net income for the fiscal year 6,243 12,477 50.0 Dividends()per ordinary share 9.00 8.70 per preferred share 9.06 8.76 1 Prior-year figures adjusted(see di

8、sclosures on IFRS 17).2 The figures also include the equity-accounted Chinese joint ventures.Prior-year deliveries have been updated to reflect subsequent statistical trends.3 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.4 Excluding acquis

9、ition and disposal of equity investments:25,038(22,061)million.5 Earnings before tax as a percentage of average equity.Key Figures Goals and StrategiesInternal Management System and Key Performance Indicators Structure and Business Activities Disclosures Required under Takeover Law Business Developm

10、ent Shares and BondsResults of Operations,Financial Position and Net Assets Volkswagen AG(condensed,in accordance with the German Commercial Code)Sustainable Value Enhancement EU TaxonomyReport on Expected Developments Report on Risks and Opportunities Outlook for 2024Group Management Report93991021

11、0622263Income StatementStatement of Comprehensive IncomeBalance SheetStatement of Changes in Equity Cash Flow StatementNotesResponsibility StatementIndependent Auditors ReportIndependent Auditors Report(on the Remuneration Report)Consolidated Financial Statements267268270272273

12、274442443457Five-Year ReviewFinancial Key Performance IndicatorsGlossaryScheduled DatesAdditional Information460461462465To our ShareholdersLetter to our ShareholdersThe Board of Management of Volkswagen Aktiengesellschaft Report of the Supervisory Board040810Brands and Business FieldsVolkswagen Pas

13、senger CarskodaSEAT/CUPRAVolkswagen Commercial Vehicles AudiPorscheTRATON GROUPVolkswagen Group China Volkswagen Financial ServicesDivisions931333537Group Corporate Governance DeclarationMembers of the Board of ManagementMembers of the Supervisory Board and Composition of the CommitteesRe

14、muneration ReportCorporate Governance41565861This annual report was published on the occasion of the Annual Media Conference on March 13,2024.This annual report contains forwardlooking statements on the business development of the Volkswagen Group.These statements are based on assumptions relating t

15、o the development of the economic,political and legal environment in individual countries,economic regions and markets,and in particular for the automotive industry,which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press.

16、The estimates given entail a degree of risk,and actual developments may differ from those forecast.Any changes in significant parameters relating to our key sales markets,or any significant shifts in exchange rates,energy and other commodities or the supply of parts relevant to the Volkswagen Group

17、will have a corresponding effect on the development of our business.In addition,there may be departures from our expected business development if the assessments of the factors influencing sustainable value enhancement and of risks and opportunities presented in this annual report develop in a way o

18、ther than we are currently expecting,or if additional risks and opportunities or other factors emerge that affect the development of our business.Letter to our ShareholdersThe Board of Management of Volkswagen Aktiengesellschaft Report of the Supervisory Board040810To our Shareholders4To our Shareho

19、lders Letter to our ShareholdersGrowth that enhances value for years to come:that is the Volkswagen Groups objective.For our investors,for our customers,for our employees and for society as a whole.Amidst a demanding environment,we delivered robust results in fiscal year 2023.We increased deliveries

20、 to customers by 12%to 9.24 million vehicles,with all regions contributing to this growth.In China,the Groups largest single market,we expanded by 1.6%despite a very challenging market environment.At the same time,the Volkswagen Group successfully continued its transformation,delivering 771,100 all-

21、electric vehicles,up 34.7%compared with the previous year.In Europe,we further consolidated our strong market position in this segment.Our robust financial performance reflects our customers satisfaction in our products.With sales revenue of 322.3 billion,an operating result of 22.6 billion and a re

22、sulting operating return on sales of 7%,we have demonstrated the resilience of our business model.These results were achieved despite substantial headwinds from the measurement of commodity derivatives,which had had a beneficial effect on the operating result in the previous year.Another successful

23、outcome of our endeavors was that we generated convincing net cash flow in the Automotive Division on the back of earnings of 10.7 billion.Whats more,the Automotive Divisions net liquidity of 40.3 billion at the end of 2023 puts us in a very solid position.The Volkswagen Group delivers.Again and aga

24、in.And it does so reliably,even in a market environment charac-terized by uncertainty.We are proud of our strong performance,and it is important to us that our shareholders also participate in this result.The Board of Management and Supervisory Board therefore propose a dividend of 9.00 per ordinary

25、 share and 9.06 per preferred share.Our focus is on electrification.At the same time,we are seeing that the ramp-up of e-mobility in some regions,such as North America and Europe,is progressing at a slower rate than previously assumed.Other countries,such as China,continue to impress with the speed

26、of their transformation.This is why the Volkswagen Group is pursuing powertrain flexibility and financial robustness.Our unique portfolio provides the right products for customers.While we are investing extensively in the ramp-up of e-mobility,we continue to offer highly competitive,efficient and at

27、tractive combustion-engine models.By including both these models and our hybrid and electric vehicles in our portfolio,we ensure maximum flexibility without losing sight of our goal the transition to e-mobility is our priority.Letter to our Shareholders 5To our Shareholders Letter to our Shareholder

28、sThe Top 10 program again guided the success of our operational and strategic actions in the past year.We set priorities,and in doing so follow a clear and transparent logic:specific milestones,clear responsibilities and regular progress reviews.One of the key points of the program is to align our c

29、ompany with the capital market.The development of virtual equity stories for all Volkswagen Group brands was an important element in this pursuit.To us,investors are more than an important source of impetus:as shareholders,they are part of our company.Generating added value for them,together with al

30、l other stakeholders,is a key component of how we see our corporate governance role.This was one of the motivations for the Group Board of Management to seek intensive dialog with the capital market;as part of personal discussions at investor conferences in the worlds most impor-tant financial cente

31、rs or at our Capital Markets Day held at the Hockenheimring in June 2023.2023 was a year of realignment and restructuring for the Volkswagen Group.In many areas,we made faster prog-ress than originally planned and expected.A lot of streamlining has been completed,and we are forging ahead with other

32、tasks.We are transforming ourselves.The ground has been prepared:we are turning from renovator to architect and builder all in one.We have a plan and a clear view of the strengths and potential of the Volkswagen Group.We know where we are heading.We know the way.Our focus is on implementation.We are

33、 moving ahead,step by step and day by day,making visible,measurable progress.The Groups strength lies in the strength of its brands.No other company offers such a compelling,strong and unique product portfolio.We cater to our customers wishes in all segments and across all vehicle categories.We set

34、high standards for the quality and design of our vehicles.In the past,we did not always meet these standards our own and those of our customers to the fullest extent.Last year,we established ambitious quality and design programs across all brands,drawing on synergies and lessons learned from all pla

35、yers in the Volkswagen Groupteam.Initial results have shown that we are on the right track.2024 will be a record year for new models.Thelaunch of our first vehicles on the all-electric premium PPE platform,the Audi Q6 e-tron and the Porsche Macan,is an important milestone.They mark the establishment

36、 of a new generation of powerful,attractive models.We have lived up to our responsibility in the interest of generations,for generations.Our brands and our products must be viable for the future.To achieve this,we have to make a strong investment in the future.We have to be in a position to finance

37、this goal,which is why we have agreed clear targets with all brands and launched effective performance programs.These programs are not just to make cost savings:they are a unique opportunity to shape things.We want to prepare the brands for future success,which includes new sources of revenue.Its ab

38、out sustainably increasing our profitability.Living up to our responsibility also means that we think of sustainability holistically,mindful of the natural environ-ment,people,society and value-creating entrepreneurship.We have launched ambitious,structured programs in the Volkswagen Group and in al

39、l the brands.Meeting the targets set in these programs is the personal respon-sibility of the managers.An important element of our sustainability strategy is our commitment to decarbonization.Production is one of the key levers in this regard:by 2030,we aim to cut production-related CO2 emissions fr

40、om passenger cars and light commercial vehicles by 50%compared with the base year 2018.The prestigious Science Based Targets initiative(SBTi)has confirmed that,by setting this target for the production phase(Scope 1 and Scope 2),our company will meet the requirements for contributing to limiting glo

41、bal warming to 1.5 degrees Celsius.The target to reduce CO2 emissions during the use phase(Scope 3)by 30%has been confirmed by the SBTi as compliant with limiting global warming to 2 degrees Celsius.These confirmations are an incentive for us.6To our Shareholders Letter to our ShareholdersThe Volksw

42、agen Group team stands for a new leadership mindset.Together,we have committed ourselves to a clear stance:one of entrepreneurship and individual responsibility,a winning stance.Volkswagen our joint enter-prise.Those are our tasks.And it is for us to solve them.In 2023,we homed in on one of our key

43、skills,technology leadership,which is an integral part of Volkswagens DNA.The customers of our strong and captivating brands benefit from an intelligent platform strategy.This is also the key to creating greater efficiency,using synergies and building economic resilience in challenging and fiercely

44、competitive times.In this process,we think from the customers perspective and are able to offer attractive vehi-cles with attractive solutions at an attractive price.With the realignment of our architectures,the establishment of technology profiles,progress in implementing the battery strategy and t

45、he expansion of high-performance charging networks,we have already achieved important milestones.The realignment of our software activities also is a powerful lever in the revision of our technology strategy.We focus on our core competencies,and also collaborate with a strong network of high-perform

46、ing partners.The Volkswagen Group thinks global and acts local.We want to remain strong in Europe and China and take advantage of our growth opportunities in North America.We do so with products tailored to the various require-ments of our customers in different regions.Our strategy for the largest

47、single market is entitled“In China for China”,and our actions have reflected the meaning of these words.In Hefei,we established Volkswagen China Technology Company last year.Today,more than 2,000 technology experts are already working here on the future of Chinese automaking.We aim to cut the develo

48、pment time for new products and technology by around 30%compared to the status quo to be in line with“China speed”.We are also making our product substance in China more Chinese.Our cooperations with strong partners such as XPeng,Thundersoft and Horizon Robotics are helping to make this possible:we

49、will continue to work on the development of vehicles that are fully aligned with the needs of Chinese customers.In the North America region,we have taken significant steps forward by making fundamental strategy decisions such as on increasingly localized production,the construction of a battery cell

50、 plant in Ontario,Canada,and the revival and electrification of the traditional Scout brand.Here we will make increased use of product synergies to leverage our growth potential with local production.Beyond the markets in China,North America and Europe,we also apply regional strategies in the growth

51、 markets of South America and India.We established a new steering model in 2023,which signifies less head office and more entrepreneurial respon-sibility and greater creative freedom for the brands and their decision makers.We pursue intelligent capital allo-cation and set clear guidelines.Growth th

52、at enhances value for years to come,with our transformation,ladies and gentlemen,we are making systematic progress toward realizing this objective.Step by step.After a year of reorganizing and streamlining our structures and focusing on the fundamental alignment of the Volkswagen Group,we are headin

53、g into a year of stabilizing and shaping our business.The path is clear.We are working toward the vision of a sustainably profitable group.A group with the most attractive products,the best team and the clear promise:sustainable mobility for generations to come.Sincerely,Oliver Blume 7To our Shareho

54、lders Letter to our ShareholdersWe have lived up to our responsibility in the interest of generations,for generations.Our brands and our products must be viable for the future.To achieve this,we have to make a strong investment in the future.Oliver Blume The Board of Managementof Volkswagen Aktienge

55、sellschaftDr.Manfred DssIntegrity and Legal AffairsDr.Arno AntlitzFinance and OperationsRalf BrandsttterChinaOliver BlumeChair of the Board of Management of Volkswagen AG,Sport Luxury brand groupHauke StarsITDr.Gernot DllnerProgressive brand groupThomas Schmall-von WesterholtTechnologyGunnar KilianH

56、uman Resources and Trucks brand groupThomas SchferCore brand group10 To our Shareholders Report of the Supervisory BoardLadiesandgentlemen,In fiscal year 2023,the work of the Supervisory Board of Volkswagen AG and its committees focused on the Volkswagen Groups strategic alignment,with the spotlight

57、 on the China strategy and the transformation.The Supervisory Board regularly deliberated on the Companys position and development in the reporting year.We supervised and supported the Board of Management in its running of the business and advised it on issues relating to the management of the Compa

58、ny,and particularly on sustainability issues,in accordance with our duties under the law,the Articles of Association and the rules of procedure.The Supervisory Board was directly involved in all decisions of fundamental importance to the Group.Additionally,we discussed strategic con-siderations with

59、 the Board of Management at regular intervals.The Board of Management complied with its disclosure obligations,which are set out in the information policy adopted by the Supervisory Board.The Board of Management provided us with information regularly,promptly and comprehensively both in writing and

60、orally,particularly on all matters of relevance to the Company relating to its strategy,business development and the Companys planning and position.This also included the risk situation and risk management.In this respect,the Board of Management also informed the Supervisory Board of further improve

61、ments to the internal control system and the risk and compliance management system.In addition,the Supervisory Board received information about compliance and other topical issues from the Board of Management on an ongoing basis.We received the documents relevant to our decisions in good time for ou

62、r meetings.At regular intervals,we also received a detailed report from the Board of Management on the current business position and the forecast for the current year.Any deviations in performance from the plans and targets previously drawn up were explained in detail by the Board of Management,eith

63、er in person or in writing.Together with the Board of Management we analyzed the reasons for the deviations and determined corre-sponding countermeasures.In addition,the Board of Management continued to report on the situation related to the Russia-Ukraine conflict and discussed corresponding action

64、 with the Supervisory Board.Furthermore,the Chair of the Supervisory Board consulted with the Chair of the Board of Management at regular intervals between meetings to discuss important current issues.These included the Groups strategy and plan-ning,its business development,and the risk situation an

65、d risk management,including integrity and compliance issues in the Volkswagen Group.The Chair of the Supervisory Board regularly discussed Supervisory Board-specific topics with investors and,in consultation with the Board of Management,also non-Supervisory Board-specific topics.One of the focuses o

66、f debate was corporate governance and ESG issues.The Chair of the Super-visory Board informed the Supervisory Board of such discussions after they had taken place.The Supervisory Board held a total of eight meetings in fiscal year 2023.Six of the meetings were held face to face and two as video or c

67、onference calls.The attendance rate(calculated for all meetings held during the fiscal year and for all Supervisory Board members in office)was 92%.Supervisory Board members who did not attend a meeting for reasons other than a possible conflict of interests were able to engage with the meeting topi

68、cs using Report of the Supervisory Board(in accordance with section 171(2)of the AktG)11 To our Shareholders Report of the Supervisory Boardthe preparatory documents and could participate in the resolutions by means of a written vote.Particularly urgent matters were decided in writing or using elect

69、ronic means of communication.COMMITTEE ACTIVITIES In order to discharge the duties entrusted to it,the Supervisory Board has established four committees:the Exec-utive Committee,the Nomination Committee,the Mediation Committee established in accordance with section 27(3)of the Mitbestimmungsgesetz(M

70、itbestG German Codetermination Act)and the Audit Committee.The Executive Committee is comprised of four shareholder representatives and four employee representatives.The shareholder representatives on the Executive Committee make up the Nomination Committee.The Mediation Committee is comprised of tw

71、o shareholder representatives and two employee representatives,while the Audit Committee is comprised of three shareholder representatives and three employee representatives.The members of these committees as of December 31,2023 are stated in the Group Corporate Governance Declaration.The Executive

72、Committee met 12 times in the reporting year.Five of the meetings were held face to face and seven as video or conference calls.The Executive Committee meticulously prepared the resolutions of the Supervisory Board,discussed the composition of the Board of Management and took decisions on matters su

73、ch as contractual issues concerning the Board of Management other than remuneration,and on consent to ancillary activities by members of the Board of Management.The Executive Committee also exercised the function of a Remuneration Committee and prepared the Supervisory Boards decisions on matters re

74、lating to Board of Man-agement remuneration.The Nomination Committee is responsible for proposing suitable candidates for the Supervisory Board to recommend for election to the Annual General Meeting.In doing so,it takes into account the targets set by the Supervisory Board for its composition,and t

75、he diversity concept for the composition of the Supervisory Board,and strives to fill the profile of skills and expertise prepared for the full Board.The Nomination Committee also particularly makes sure that there are no gaps in the skills and expertise of the full Board(Skill Gaps Assess-ment).The

76、 Nomination Committee held one meeting face to face in 2023 and,taking the aforementioned requirements into account,proposed candidates for the Supervisory Board to recommend to the Annual General Meeting for election.The Mediation Committee established in accordance with section 27(3)of the Mitbest

77、G did not need to convene in the reporting year.The Audit Committee held four meetings in fiscal year 2023.Three of the meetings were held face to face and one meeting was held as a video or conference call.The focus was on the annual and consolidated financial statements,the Risk Management System

78、including the appropriateness and effectiveness of the Internal Control System and the Internal Audit System,and the work performed by the Companys Compliance organi-zation.In addition,the Audit Committee concerned itself with the Volkswagen Groups quarterly reports and the half-yearly financial rep

79、ort,as well as with current issues,the supervision of financial reporting and the financial reporting process,and the examination thereof by the auditors.The Audit Committee regularly evaluates the quality of the audit.In consultation with the auditors,it discussed the assessment of audit risk,the a

80、udit strategy and audit planning and the results of the audit.Furthermore,the shareholder and employee representatives generally met for separate preliminary discus-sions before each of the Supervisory Board meetings.In connection with their seat on the Supervisory Board,members of the Supervisory B

81、oard receive support from the Company upon induction as well as with respect to education and training;the Company particularly supports the organization of seminars and bears the costs thereof.In the reporting year,the Supervisory Board members received training on the raw materials situation and o

82、n battery cell production,for instance.What is more,Volkswagen AG gives the members of the Supervisory Board the opportunity to become more familiar with the Groups products and with market developments.Here,Volkswagen AG offers the members of the Super-visory Board in-house product and innovation p

83、resentations,for example,and encourages attendance at trade fairs.Supervisory Board members appointed for the first time are also provided with a detailed introduction to topics that apply specifically to the Supervisory Board of Volkswagen AG(onboarding).12 To our Shareholders Report of the Supervi

84、sory BoardTOPICS DISCUSSED BY THE SUPERVISORY BOARD The first Supervisory Board meeting in the reporting year took place on February 10,2023.At this meeting,we discussed matters related to the Board of Management and remuneration and consulted with the Board of Management in particular on the e-mobi

85、lity strategy in China and the supply situation.We also looked at the current status of the Volkswagen Groups investment and financial planning.The next meeting of the Supervisory Board took place on March 3,2023.Following a detailed examination,we approved the consolidated financial statements and

86、the annual financial statements of Volkswagen AG for fiscal year 2022 prepared by the Board of Management.We examined the combined management report,the combined separate nonfinancial report for 2022 and the precautionary Report by the Board of Management on Relationships of Volkswagen AG with Affil

87、iated Companies(dependent company report)in accordance with section 312 of the Aktiengesetz(AktG German Stock Corporation Act).The other items on the agenda included the issue of the audit engagement for the 2023 annual and consolidated financial statements as well as other accounting documents,an a

88、mendment of the remuneration system for the members of the Board of Manage-ment,the restructuring of sections of the Financial Services Division of the Volkswagen Group,especially for the establishment of TRATON Financial Services AB,the choice of location for a battery cell factory in North America

89、 and the production strategy for all-electric models in the United States.On May 9,2023,the Supervisory Board held a meeting that,alongside the composition of the Board of Manage-ment of Volkswagen AG,focused on the raw materials situation and preparations for the 63th Annual General Meeting of Volk

90、swagen AG.Further topics that we discussed with the Board of Management included business development in the first quarter of 2023,developments in the Chinese market and the repositioning of CARIAD SE.Along with the concept for the Capital Markets Day,the Supervisory Board meeting on June 13,2023 co

91、n-centrated primarily on strategic considerations for the Chinese market.In addition,we discussed with the Board of Management the current status of the Volkswagen Groups investment and financial planning and Volks-wagen AGs energy strategy.The Supervisory Board meeting on June 29,2023 focused on th

92、e composition of the Board of Management of Volkswagen AG.At this meeting,we resolved to appoint Mr.Gernot Dllner as a member of the Board of Man-agement of Volkswagen AG with effect from September 1,2023 to succeed Mr.Markus Duesmann,who left the Company by mutual agreement,and also agreed that Mr.

93、Dllner would additionally assume the role of Chair of the Board of Management of AUDI AG.Hans Dieter Ptsch 13 To our Shareholders Report of the Supervisory BoardThe meeting of the Supervisory Board on July 26,2023 focused on the e-mobility strategy in China.On September 29,2023,the Supervisory Board

94、 met to discuss in particular the composition of the Board of Management,the supply of raw materials to Volkswagen AG and the portfolio strategy of the Commercial Vehicles Business Area.One of the topics we discussed with the Board of Management at the Supervisory Board meeting on Novem-ber 17,2023

95、was the current status of the Volkswagen Groups investment and financial planning and the Com-mercial Vehicles portfolio strategy.Together with the Board of Management,we issued the annual declaration of conformity with the German Corporate Governance Code(the Code).In the reporting year,we voted in

96、 writing on,among other things,a further amendment of the remuneration system for the members of the Board of Management,the proposal to change the remuneration provisions for the members of the Supervisory Board submitted to the Annual General Meeting,approval of the choice of location for a batter

97、y cell factory in North America and the composition of Supervisory Board committees.The following table shows the number of meetings of the full Board and the committees as well as the individual participation of the members of the Supervisory Board in 2023:Meetings of the fullSupervisory BoardMeeti

98、ngs of the CommitteesHans Dieter Ptsch 8 out of 8 13 out of 13 Jrg Hofmann 8 out of 8 11 out of 12 Dr.Hessa Sultan Al Jaber 7 out of 8 Mansoor Ebrahim Al-Mahmoud 6 out of 8 4 out of 4 Harald Buck 8 out of 8 Matas Carnero Sojo 7 out of 8 Daniela Cavallo 8 out of 8 15 out of 16 Julia Willie Hamburg 6

99、out of 8 Marianne Hei 8 out of 8 4 out of 4 Dr.Arno Homburg 7 out of 8 Gnther J.Horvath(since February 28,2023)6 out of 7 Simone Mahler(until May 31,2023)3 out of 3 Peter Mosch 8 out of 8 12 out of 12 Daniela Nowak 8 out of 8 Dr.Hans Michel Pich 7 out of 8 10 out of 13 Dr.Ferdinand Oliver Porsche 8

100、out of 8 4 out of 4 Dr.Wolfgang Porsche 6 out of 8 12 out of 13 Jens Rothe(until March 3,2023)2 out of 2 4 out of 4 Gerardo Scarpino(since April 21,2023)6 out of 6 10 out of 10 Karina Schnur(since July 11,2023)3 out of 3 Conny Schnhardt 8 out of 8 4 out of 4 Stephan Weil 7 out of 8 11 out of 13 14 T

101、o our Shareholders Report of the Supervisory BoardCONFLICTS OF INTEREST No conflicts of interest were reported or were discernible in the reporting year.CORPORATE GOVERNANCE AND DECLARATION OF CONFORMITY Among the topics addressed at the Supervisory Board meeting on November 17,2023 was the implemen

102、tation of the recommendations and suggestions of the Code in the Volkswagen Group.We discussed the Codes require-ments in detail and issued the annual declaration of conformity with the recommendations of the Code in accordance with section 161 of the AktG together with the Board of Management.The j

103、oint declarations of conformity by the Board of Management and the Supervisory Board are permanently available at www.volkswagen- information on the implementation of the recommendations and suggestions of the Code can be found in the Group Corporate Governance Declaration.The Audit Committee agreed

104、 on a suitable procedure with the Board of Management for ongoing monitoring of the Volkswagen Groups related-party transactions.In some cases,related-party transactions are subject to a requirement for the Supervisory Board to provide consent and a disclosure obligation.The procedure for ongoing mo

105、nitoring of related-party transactions and the approach taken by the Supervisory Board are described in detail in the Group Corporate Governance Declaration.In the reporting year,there were no cases in which a require-ment to provide consent and a disclosure obligation arose based on the rules for r

106、elated-party transactions.COMPOSITION OF THE SUPERVISORY BOARD AND BOARD OF MANAGEMENT Mr.Jens Rothe,Chair of the General Works Council of Volkswagen Sachsen GmbH,resigned from the Super-visory Board of Volkswagen AG with effect from March 3,2023.Jens Rothe had held a seat on the Supervisory Board a

107、s an employee representative since October 22,2021.Mr.Gerardo Scarpino,Executive Director of the Volkswagen Group Works Council,was appointed by the court as his successor with effect from April 21,2023.The terms of office of Ms.Marianne Hei and Mr.Wolfgang Porsche on the Supervisory Board of Volksw

108、agen AG ended with effect from the close of the Annual General Meeting of Volkswagen AG on May 10,2023,as did the term of office of Mr.Gnther Horvath,which was limited by court appointment.The Annual General Meeting elected Ms.Marianne Hei,Mr.Wolfgang Porsche and Mr.Gnther Horvath for another full t

109、erm of office.Ms.Simone Mahler,Chair of the joint Works Council of Volkswagen Financial Services AG and Volkswagen Bank GmbH,resigned from the Supervisory Board of Volkswagen AG with effect from May 31,2023.Simone Mahler had held a seat on the Supervisory Board as an employee representative since Ma

110、y 12,2022.Ms.Karina Schnur,Chair of the General and Group Works Councils of MAN Truck&Bus SE,was appointed by the court as her successor with effect from July 11,2023.Effective from December 31,2023,Mr.Peter Mosch,Chair of the General Works Council of AUDI AG,resigned from the Supervisory Board of V

111、olkswagen AG.Mr.Mosch had held a seat on the Supervisory Board as an employee representative since January 18,2006.Ms.Rita Beck,Deputy Chair of the General Works Council of AUDI AG,was appointed by the court as his successor with effect from January 9,2024.Effective from September 1,2023,the Supervi

112、sory Board appointed Mr.Gernot Dllner as a member of the Board of Management of Volkswagen AG.Mr.Dllner took over the Progressive brand group(formerly:Premium)Board function,succeeding Markus Duesmann,who stepped down from the Board of Management by mutual agreement with effect from the close of Aug

113、ust 31,2023.Our sincere thanks go out to all of the departing members of the Supervisory Board and the Board of Manage-ment for their work.15 To our Shareholders Report of the Supervisory BoardAUDIT OF THE ANNUAL AND CONSOLIDATED FINANCIAL STATEMENTS In line with our proposal,the Annual General Meet

114、ing of Volkswagen AG on May 10,2023 elected EY GmbH&Co.KG Wirtschaftsprfungsgesellschaft(EY)as auditors and Group auditors for fiscal year 2023.The auditors confirmed the annual financial statements of Volkswagen AG,the consolidated financial statements of the Volkswagen Group and the combined manag

115、ement report by issuing unqualified audit reports in each case.The Audit Committee had also agreed with the auditor that the auditor would inform the Audit Committee if,while conducting the audit,matters were identified that constituted an inaccuracy in the Declaration on the Code sub-mitted by the

116、Board of Management and Supervisory Board.The auditor did not inform the Audit Committee of any such matters.The Supervisory Board also commissioned EY to conduct an external audit of the content of the combined separate nonfinancial report for 2023.In addition,the auditors analyzed the risk early w

117、arning and monitoring system that is integrated into the Risk Management System,concluding that the Board of Management had taken the measures required by section 91(2)of the AktG to ensure early detection of any risks endangering the continued existence of the Company.The Report on Relationships of

118、 Volkswagen AG with Affiliated Companies as per section 312 of the AktG(dependent company report)submitted by the Board of Management for the period from January 1 to December 31,2023 was also audited by the auditors,who issued the following opinion:“In our opinion and in accordance with our statuto

119、ry audit,we certify that the factual disclosures provided in the report are correct and that the Companys consideration concerning legal transactions referred to in the report was not unduly high.”The members of the Audit Committee and the members of the Supervisory Board were provided with the docu

120、mentation relating to the annual and consolidated financial statements,including the dependent company report,the documentation relating to the combined management report,and also the audit reports prepared by the auditors and the report from EY on the external audit of the content of the combined s

121、eparate nonfinancial report for 2023 in good time for their meetings on February 29,2024 and March 1,2024,respectively.The auditors reported extensively at both meetings on the material findings of their audit and were available to provide additional information.The Chair of the Audit Committee was

122、also in close contact with the auditors,including between the meetings and during the preparation of the Audit Committee meetings,about the prog-ress of the audit,and reported to the Audit Committee on this.The Audit Committee and the auditor also consult regularly without the Board of Management.Ta

123、king into consideration the audit reports and the discussion with the auditors,and based on its own con-clusions,the Audit Committee prepared the documents for the Supervisory Boards examination of the con-solidated financial statements,the annual financial statements of Volkswagen AG,the combined m

124、anagement report,the dependent company report and the combined separate nonfinancial report for 2023,and reported on these at the Supervisory Board meeting on March 1,2024.Following this,the Audit Committee recommended that the Supervisory Board approve the annual and consolidated financial statemen

125、ts.We examined the docu-ments in depth in the knowledge and on the basis of the report by the Audit Committee and the audit report,as well as in talks and discussions with the auditors.We came to the conclusion that the documents were drawn up in accordance with generally accepted accounting princip

126、les and that the assessment of the position of the Company and the Group presented by the Board of Management in the combined management report corre-sponds to the assessment by the Supervisory Board.To our Shareholders Report of the Supervisory BoardWe therefore concurred with the auditors findings

127、 and approved the annual financial statements and the consolidated financial statements prepared by the Board of Management at our meeting on March 1,2024,which the auditors also attended for the agenda items relating to the annual and consolidated financial state-ments,the dependent company report

128、and the combined management report.The annual financial statements are thus adopted.Upon completion of our examination of the dependent company report,there are no objections to be raised to the concluding declaration by the Board of Management in the dependent company report.We reviewed the proposa

129、l on the appropriation of net profit submitted by the Board of Management,taking into account in particular the interests of the Company and its shareholders,and endorsed the proposal.EY con-ducted an external limited assurance review of the content of the combined separate nonfinancial report for 2

130、023 and issued an unqualified report.At our meeting on March 1,2024,EY also took part in the discussions on the agenda items relating to the combined separate nonfinancial report for 2023.Upon completion of its own independent examination of the combined separate nonfinancial report for 2023,the Sup

131、ervisory Board did not have any objections.We also resolved that,together with the Board of Management,we would prepare the remuneration report for fiscal year 2023.The Executive Committee prepared the resolution of the Supervisory Board concerning the preparation of the remuneration report.As well

132、as reviewing whether the remuneration report contained all the disclosures required by law,EY went beyond statutory requirements to audit its content and issued an unqualified report.We would like to offer our warm thanks and particular appreciation to the Board of Management,the Works Council,the m

133、anagement teams and all the employees of Volkswagen AG and its affiliated companies for their work in the reporting year.2023 was another year full of challenges to overcome,some of which were sub-stantial.With hard work and a high level of personal commitment,they all contributed significantly to m

134、aking 2023 a positive fiscal year for the Volkswagen Group.Wolfsburg,March 1,2024 Hans Dieter Ptsch Chair of the Supervisory Board 16 Brands and Business FieldsVolkswagen Passenger CarskodaSEAT/CUPRAVolkswagen Commercial Vehicles AudiPorscheTRATON GROUPVolkswagen Group China Volkswagen Financial Ser

135、vices931333537Divisions18 Divisions Brands and Business FieldsGROUP STRUCTURE The Volkswagen Group consists of two divisions:the Automotive Division and the Financial Services Division.The Automotive Division comprises the Passenger Cars,Commercial Vehicles and Power Engineering business

136、areas.Activities of the Automotive Division comprise in particular the development of vehicles,engines and vehicle software,the production and sale of passenger cars,light commercial vehicles,trucks,buses and motor-cycles,as well as businesses for genuine parts,large-bore diesel engines,turbomachine

137、ry and propulsion components.Mobility solutions are gradually being added to the range.The Ducati brand is allocated to the Audi brand and thus to the Passenger Cars Business Area.The Financial Services Divisions activities comprise dealer and customer financing,leasing,direct banking and insurance

138、activities,fleet management and mobility services.REPORTING STRUCTURE OF THE VOLKSWAGEN GROUP Brands and Business Fields In 2023,the Volkswagen Group recorded growth in unit sales and sales revenue year-on-year in a difficult market environment impacted by limited vehicle availability.AutomotiveDivi

139、sionFinancial Services DivisionPower EngineeringBusiness AreaMAN Energy SolutionsCommercial Vehicles Business AreaTRATON Commercial VehiclesDealer and customer financingLeasingDirect bankInsuranceFleet managementMobility servicesPassenger CarsBusiness AreaVolkswagen Passenger CarskodaSEATVolkswagen

140、Commercial VehiclesTech.ComponentsAudiPorsche AutomotiveCARIADBatteryOthers19 Divisions Brands and Business FieldsIn this chapter,we present the key volume and financial data relating to the Group brands and to Volkswagen Financial Services.In light of the considerable importance of the development

141、of business in the worlds largest single market for the Volkswagen Group,we also report on business developments and the results of our activities in China in this chapter.The production figures and deliveries to customers are differentiated by vehicle brands and their models that carry the correspo

142、nding brand logo.Unit sales figures contain vehicles sold by respective brand companies,including models of other Group brands.In some cases,there are marked differences between delivery figures and unit sales as a result of our business development in China.KEY FIGURES BY BRAND GROUP AND BUSINESS F

143、IELD VEHICLE SALES SALES REVENUE OPERATING RESULT Thousand vehicles/million 2023 2022 2023 20221 2023 20221 Core brand group 4,826 4,069 137,770 113,762 7,273 4,045 Progressive brand group 1,282 1,070 69,865 61,753 6,280 7,622 Sport Luxury brand group2 334 314 37,349 34,599 6,938 6,425 CARIAD 1,078

144、796 2,392 2,068 Battery 31 0 417 121 TRATON Commercial Vehicles 339 306 45,731 39,516 3,715 1,583 MAN Energy Solutions 4,044 3,565 369 284 Equity-accounted companies in China3 3,065 3,122 Volkswagen Financial Services 50,765 43,953 3,253 5,584 Other4 484 400 24,350 18,895 2,445 845 Volkswagen Group

145、before special items 22,576 22,509 Special items 0 399 Volkswagen Group 9,362 8,481 322,284 279,050 22,576 22,109 1 Prior-year figures adjusted(see disclosures on IFRS 17).2 Including Porsche Financial Services:sales revenue 40,530(37,637)million,operating result 7,284(6,772)million.3 The sales reve

146、nue and operating result of the equity-accounted companies in China are not included in the consolidated figures;the share of the operating result generated by these companies amounted to 2,621(3,280)million.4 In the operating result,mainly intragroup items recognized in profit or loss,in particular

147、 from the elimination of intercompany profits;the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation,as well as companies not allocated to the brands.KEY FIGURES OF THE CORE BRAND GROUP VEHICLE SALES SALES REVENUE OPERATING RESULT Thousand vehic

148、les/million 2023 2022 2023 2022 2023 2022 Volkswagen Passenger Cars 3,016 2,594 86,382 73,773 3,542 2,647 koda 1,056 863 26,536 21,026 1,773 628 SEAT 602 468 14,333 10,941 625 33 Volkswagen Commercial Vehicles 423 340 15,325 11,455 873 529 Tech.Components 21,282 17,966 582 130 Consolidation 270 195

149、26,088 21,399 121 78 Core brand group 4,826 4,069 137,770 113,762 7,273 4,045 20 Divisions Brands and Business FieldsKEY FIGURES BY DIVISION VEHICLE SALES SALES REVENUE OPERATING RESULT Thousand vehicles/million 2023 2022 2023 20221 2023 20221 Passenger Cars Business Area 9,023 8,175 218,380 189,312

150、 14,704 14,603 Commercial Vehicles Business Area 339 306 45,731 39,516 3,714 1,588 Power Engineering Business Area 4,044 3,565 366 281 Automotive Division2 9,362 8,481 268,156 232,392 18,784 16,471 Financial Services Division 54,128 46,657 3,792 5,638 Volkswagen Group 9,362 8,481 322,284 279,050 22,

151、576 22,109 1 Prior-year figures adjusted(see disclosures on IFRS 17).2 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.KEY FIGURES BY MARKET In fiscal year 2023,the Volkswagen Group was faced with a persistently challenging market environment

152、.The operating result(prior-year figure before special items)amounted to 22.6(22.5)billion.While the fair value measurement of derivatives to which hedge accounting is not applied had an adverse effect in the reporting year(3.2 billion),it had had a positive effect in the previous year(+1.8 billion)

153、.A year earlier,special items resulting from the diesel issue had weighed on operating result in the amount of 0.4 billion.The Volkswagen Groups unit sales in the reporting year stood at 9.4(8.5)million vehicles.Sales revenue increased by 15.5%to 322.3 billion.The higher volume,improved price positi

154、oning and mix effects had a posi-tive impact.In the Europe/Other markets region,unit sales increased by 19.3%year-on-year to 4.2 million vehicles.Together with improved price positioning,this increased sales revenue to 187.9(154.5)billion.Unit sales in the North American markets increased by 24.2%to

155、 1.1 million vehicles in the reporting year.Driven mainly by higher volumes,sales revenue rose to 67.9(59.9)billion.On markets in the South America region,we sold 513 thousand vehicles in 2023,an increase of 5.3%compared with 2022.Driven mainly by higher volumes,sales revenue increased by 10.7%to 17

156、.1 billion.In the Asia-Pacific region,the Volkswagen Groups unit sales including the Chinese joint ventures came to 3.6(3.6)million vehicles in 2023.Sales revenue amounted to 50.1(51.4)billion.This figure does not include the sales revenue of our equity-accounted Chinese joint ventures.Hedging trans

157、actions relating to sales revenue in foreign currency had a negative impact of 0.8(2.3)bil-lion on the sales revenue of the Volkswagen Group in the reporting year.KEY FIGURES BY MARKET VEHICLE SALES SALES REVENUE Thousand vehicles/million 2023 2022 2023 20221 Europe/Other Markets 4,169 3,495 187,949

158、 154,514 North America 1,078 868 67,908 59,910 South America 513 487 17,139 15,476 Asia-Pacific2 3,603 3,632 50,109 51,443 Hedges on sales revenue 821 2,294 Volkswagen Group2 9,362 8,481 322,284 279,050 1 Prior-year figures adjusted(see disclosures on IFRS 17).2 The sales revenue of the joint ventur

159、e companies in China is not included in the figures for the Group and the Asia-Pacific market.21 Divisions Volkswagen Passenger CarsThe Volkswagen Passenger Cars brand celebrated the market debut of the new Tiguan in fiscal year 2023.It also launched the all-electric ID.7 saloon.The operating result

160、 improved year-on-year.BUSINESS DEVELOPMENT The Volkswagen Passenger Cars brand aims to move people.The centerpiece of the ACCELERATE 2030 stra-tegy is a global initiative through which the brand aspires to transform itself into a technology and software business focused on customer needs.The high p

161、oint of the Volkswagen Passenger Cars brands activities in fiscal year 2023 was the market debut of the completely redeveloped bestselling Tiguan,now in its third generation.The interior,with a clearly struc-tured digital cockpit,an infotainment screen,a head-up display and a driver experience switc

162、h,is intuitive and the result of actual customer feedback.The new plug-in hybrid drives permit an all-electric range of up to around 100 kilometers and fast DC charging.The new adaptive chassis control system DCC Pro a piece of technology from the premium segment provides maximum comfort and agility

163、.New generations of the popular Passat and Touareg models were also launched in the reporting year.In April 2023,the Volkswagen Passenger Cars brand celebrated the world premiere of the new ID.7,the brands first global electric model in the upper mid-sized class.The fully electric saloon combines lo

164、ng ranges,quick charging,a spacious interior and intuitive operation,making it the new benchmark for all-electric premium models at Volkswagen.The innovative panoramic sunroof with“smart glass”can be switched between opaque and transparent electrically by touch control.Impressive new all-electric co

165、ncept vehicles were also unveiled:the compact ID.2all and the sporty ID.GTI Concept.The Volkswagen Passenger Cars brand delivered 4.9 million vehicles globally in fiscal year 2023.This was 6.7%more than in the previous year.Growth was achieved above all in Western Europe(+14.7%),North America(+17.0%

166、)and South America(+15.9%).The Volkswagen Passenger Cars brand sold 3.0(2.6)million vehicles in the reporting year.ID.family models,the Tiguan and the T-Roc were increasingly sought-after.The Taigo was also very popular.The difference between deliveries and unit sales is due mainly to the fact that

167、the vehicle-producing joint ventures in China are not attributed to the companies in the Volkswagen Passenger Cars brand.The Volkswagen Passenger Cars brand produced 4.9(4.8)million vehicles worldwide in 2023.Volkswagen do Brasil,the largest vehicle manufacturer in Brazil,reached the production mile

168、stone of 25 million vehicles in its 70th year of existence.SALES REVENUE AND EARNINGS The Volkswagen Passenger Cars brand increased its sales revenue by 17.1%year-on-year to 86.4 billion in 2023.The operating result(prior-year figure before special items)improved to 3.5(2.6)billion.Higher volume and

169、 price effects plus lower fixed costs had a positive impact,while a rise in product costs as well as the deconsolidation of Volkswagen Group Rus weighed on the result.The operating return on sales(prior-year figure before special items)amounted to 4.1(3.6)%.22 Divisions Volkswagen Passenger CarsPROD

170、UCTION Units 2023 2022 Tiguan 633,147 604,536 Polo/Virtus/Nivus/Taigo 591,668 448,043 Passat/Magotan 498,369 447,246 Jetta/Sagitar 381,663 292,038 Golf 309,414 300,090 T-Roc 289,426 322,211 Lavida 271,309 377,284 T-Cross/Tacqua/Taigun 261,519 315,036 Tharu/Taos 233,756 216,397 Atlas/Teramont 229,339

171、 217,771 ID.4,ID.5 223,425 207,934 JETTA 170,521 148,666 Bora 149,740 210,896 ID.3 142,216 83,432 Lamando 106,023 99,966 Santana 90,623 111,422 Saveiro 68,334 46,282 Arteon/CC 60,467 69,627 up!38,420 33,317 Touareg 34,577 31,254 Touran 33,983 27,403 ID.6 15,926 38,846 Sharan/Viloran 15,097 30,888 ID

172、.7 8,592 Gol 1,386 122,575 Phideon 31 7,480 4,858,971 4,810,640 VOLKSWAGEN PASSENGER CARS BRAND 2023 2022%Deliveries(thousand units)4,867 4,563+6.7 Vehicle sales 3,016 2,594+16.3 Production 4,859 4,811+1.0 Sales revenue(million)86,382 73,773+17.1 Operating result before special items 3,542 2,647+33.

173、8 Operating return on sales(%)4.1 3.6 ID.7 DELIVERIES BY MARKETin percentFURTHER INFORMATION Europe/Other Markets29.4%North America 10.3%South America 8.2%Asia-Pacific 52.2%23 Divisions The koda brand presented the latest generations of the Superb and the Kodiaq in 2023.Unit sales,sales revenue and

174、the operating result were up year-on-year.BUSINESS DEVELOPMENT The koda models are synonymous with smart understatement,featuring a superior spacious interior,the highest standards of functionality,excellent value for money and a distinctive design.Added to that are a num-ber of“Simply Clever”innova

175、tions and new digital services,all aimed at making customers lives easier.In the reporting year,koda unveiled the fourth generation of the Superb,which boasts a whole range of new features.The flagship model of the Czech brand in the internal combustion engine segment continues to be available as a

176、saloon and an estate and is even more elegant,evocative and dynamic than its predecessor.The Superb impresses with a streamlined design,a dynamic and sleek silhouette,crisp lines and striking lights.Now longer and higher,it gives passengers more space and offers numerous Simply Clever details that i

177、ncrease both comfort and convenience and not only behind the wheel.The completely redesigned interior shows a clear commitment to maximum comfort and the best possible user experience.koda also presented the second generation of the Kodiaq in 2023.This SUV takes sustainability and efficiency to the

178、next level and comes with a new interior concept,the highlights of which are a 13-inch infotainment display,innovative digital dials with haptic controls and new equipment packages.The five powertrain options range from 110 kW(150 PS)to 150 kW(204 PS).The Kodiaq is now available in a plug-in hybrid

179、variant for the first time,offering an electric range of up to around 100 km.The latest generation of LED matrix headlights and Dynamic Chassis Control are also debuted in the new Kodiaq.The all-electric Enyaq iV was updated in the past fiscal year:new motors increase the vehicles power to up to 250

180、 kW(340 PS)and its range to up to 573 km.The charging speed was also improved.The koda brand delivered 0.9(0.7)million vehicles worldwide in the reporting year.Sales in Western Europe increased by 27.4%.koda sold 1.1(0.9)million vehicles in the past fiscal year.The Octavia and the all-electric Enyaq

181、 iV were particularly popular with customers.The koda brand produced 0.9 million vehicles worldwide in fiscal year 2023.This was 16.1%more than in the previous year.SALES REVENUE AND EARNINGS The koda brands sales revenue increased by 26.2%to 26.5 billion in fiscal year 2023.The operating result imp

182、roved to 1.8(0.6)billion thanks to volume and price effects.Exchange rate effects and product costs,and the deconsolidation of Volkswagen Group Rus had a negative impact.At 6.7(3.0)%,the operating return on sales more than doubled.koda24 Divisions PRODUCTION Units 2023 2022 Octavia 205,764 141,499 R

183、apid/Scala 172,661 148,895 Fabia 114,335 118,827 Kodiaq 107,323 100,164 Karoq/Kamiq 102,413 106,811 Enyaq iV 86,732 57,213 Superb 71,062 64,780 Kushaq 27,760 26,648 888,050 764,837 KODA BRAND 2023 2022%Deliveries(thousand units)867 731+18.5 Vehicle sales 1,056 863+22.4 Production 888 765+16.1 Sales

184、revenue(million)26,536 21,026+26.2 Operating result 1,773 628 x Operating return on sales(%)6.7 3.0 Kodiaq kodaDELIVERIES BY MARKETin percentFURTHER INFORMATION www.skoda- Europe/Other Markets89.2%North America 0.0%South America 0.2%Asia-Pacific 10.6%25 Divisions SEAT SEAT is one company with two co

185、mplementary brands:SEAT and CUPRA.One of the high points of 2023 was the presentation of the all-electric CUPRA Tavascan.Thanks to the success of CUPRA and SEATs growth,record earnings were achieved in the reporting year.BUSINESS DEVELOPMENT The SEAT brand is a Spanish icon revered by millions of pe

186、ople.Founded over 70 years ago,the company offers vehicles with efficient internal combustion engines in addition to mild hybrids and plug-in hybrids,with which it wins over new customers.In 2023,SEAT launched two special editions of the Ibiza and the Arona featuring the new Marina Pack,which improv

187、es the sustainability of both vehicles.CUPRA is the unconventional challenger brand that brings together electrification and performance to inspire the world from Barcelona.In the reporting year,CUPRA held the world premiere of the Tavascan,its fully electric SUV coup based on the Volkswagen Groups

188、MEB platform.The exterior design delivers athletic and sporty proportions.From the front,the matrix LED headlights with a triangular eye signature are instantly recognizable.Sports suspension with dynamic running gear technology,progressive steering and performance tires translate into a sporty driv

189、ing experience.The Tavascan will be available with two power outputs.CUPRA also presented the concept vehicle DarkRebel in 2023.It embodies CUPRAs highly provocative design language and sets new benchmarks in design and performance.The DarkRebel is the first vehicle to be completely designed in the

190、virtual space.An all-electric,two-seater shooting brake sports car that reflects the boundary-pushing passion and mindset of the CUPRA brand.Deliveries to customers from SEAT and CUPRA surged by 34.6%to 519 thousand vehicles in 2023.This increase was largely attributable to the strong performance of

191、 the CUPRA brand(+50.9%to 231 thousand vehicles)and to SEATs return to growth(+24.0%to 288 thousand vehicles).The companys unit sales amounted to 602 thousand units in the reporting year.This was 28.5%more than in the previous year.This figure also includes the A1 manufactured for Audi.Both CUPRA an

192、d SEAT registered higher demand,their respective best-selling models being the CUPRA Formentor and the SEAT Arona.SEAT and CUPRA produced 534 thousand vehicles in the reporting year.This was 27.0%more than in the prior year.SALES REVENUE AND EARNINGS The companys sales revenue was up 31.0%to 14.3 bi

193、llion in 2023.The operating result reached a record level for a fiscal year at 625(33)million;this result was mainly driven by the success of CUPRA,higher volumes and positive effects from efficiency improvements.The operating return on sales improved to 4.4(0.3)%.26 Divisions SEAT PRODUCTION Units

194、2023 2022 SEAT Arona 76,594 85,717 Ibiza 74,355 60,385 Ateca 69,486 49,316 Leon 40,862 36,247 Tarraco 25,562 12,453 Alhambra 5,341 286,859 249,459 CUPRA Formentor 124,670 105,568 Born 45,748 36,153 Leon 62,103 20,070 Ateca 14,228 8,841 246,749 170,632 SEAT and CUPRA 533,608 420,091 SEAT 2023 2022%De

195、liveries(thousand units)519 386+34.6 Vehicle sales 602 468+28.5 Production 534 420+27.0 Sales revenue(million)14,333 10,941+31.0 Operating result 625 33 x Operating return on sales(%)4.4 0.3 CUPRA Tavascan DELIVERIES BY MARKETin percentFURTHER INFORMATION Europe/Other Markets 94.5%North America 4.1%

196、South America 0.6%Asia-Pacific 0.8%27 Divisions Volkswagen Commercial VehiclesVolkswagen Commercial Vehicles recorded a successful year in 2023 and is preparing a model initiative with the long-wheelbase version of the ID.Buzz,the California CONCEPT and the new Transporter.BUSINESS DEVELOPMENT As a

197、leading manufacturer of light commercial vehicles,Volkswagen Commercial Vehicles is making funda-mental and sustainable changes to the way goods and services are distributed in cities in order to improve the quality of life,especially in inner city areas.In this way,the brand keeps the world of tomo

198、rrow moving,with all of its requirements regarding clean,intelligent and sustainable mobility.This is what Volkswagen Commercial Vehicles stands for with its brand promise:we transport success,freedom and the future.Following the successful rollout of the all-electric ID.Buzz in 2022,the Volkswagen

199、Commercial Vehicles brand celebrated the world premiere of the long-wheelbase version of the ID.Buzz in the reporting year at the surfer hotspot Huntington Beach,on the Pacific Coast Highway near Los Angeles.Made in Germany for Europe and also for Canada and the United States.The VW Bus is making it

200、s comeback in North America as the largesix-and seven-seater ID.Buzz.The new panoramic roof,which can be darkened at the touch of a button,isreminiscent of the legendary 1950s Samba Bus.The ID.Buzz again won many international prizes for Volks-wagen Commercial Vehicles chosen by panels of experts,am

201、ong them“Car of the Year Award 2023”from WhatCar?(UK),“Best Cars”from auto,motor und sport magazine and“Company Car of the Year 2023”as best electricvan.At the Caravan Salon 2023 in Dsseldorf,Volkswagen Commercial Vehicles celebrated the world premiereof the California CONCEPT that is based on the l

202、ong-wheelbase version of the Multivan and is almost ready formass production.This is the first California model to enable electric travel thanks to the plug-in hybrid all-wheeldrive.Volkswagen Commercial Vehicles already started pre-sales of the new Transporter at the end of the year.Itwill be signi

203、ficantly upgraded in all areas and together with the ID.Buzz and the Multivan creates the mostinnovative“Bulli”range of all time.Like the new California,the new generation of the model series will celebrateits world premiere in 2024.Deliveries by Volkswagen Commercial Vehicles amounted to 409 thousa

204、nd units(+24.6%)in the reporting year.Sales in Western Europe(+21.7%),Central and Eastern Europe(+43.8%)and South America(+29.0%)developed particularly encouragingly.Volkswagen Commercial Vehicles sold 423 thousand vehicles in the reporting year,representing an increase of 24.5%compared with the pre

205、vious year.Nearly all models contributed to the increase.In 2023,the Volkswagen Commercial Vehicles brand produced 398 thousand vehicles,13.4%more than in the previous year.The four millionth vehicle rolled off the production line at the production plant in Pozna,Poland,which celebrated its 30th ann

206、iversary in 2023.SALES REVENUE AND EARNINGS Volkswagen Commercial Vehicles increased sales revenue by 33.8%to 15.3 billion in fiscal year 2023.The operating result improved to 873(529)million.In addition to the higher volume,price effects had a particularly positive impact.The operating return on sa

207、les rose to 5.7(4.6)%.28 Divisions Volkswagen Commercial VehiclesPRODUCTION Units 2023 2022 Transporter 81,535 67,508 Caravelle/Multivan,Combi,California 81,509 80,698 Crafter,Grand California 70,218 60,326 Caddy Combi 45,671 46,500 Amarok 43,512 42,806 Caddy,Caddy California 40,629 42,352 ID.Buzz 3

208、5,272 11,013 398,346 351,203 VOLKSWAGEN COMMERCIAL VEHICLES BRAND 2023 2022%Deliveries(thousand units)409 329+24.6 Vehicle sales 423 340+24.5 Production 398 351+13.4 Sales revenue(million)15,325 11,455+33.8 Operating result 873 529+64.9 Operating return on sales(%)5.7 4.6 Model initiative DELIVERIES

209、 BY MARKETin percentFURTHER INFORMATION www.volkswagen-commercial- Europe/Other Markets 84.6%North America 1.6%South America 10.1%Asia-Pacific3.7%29 Divisions AudiThe Progressive brand group posted a robust result for 2023 in a challenging economic climate thanks to stable market performance and str

210、ong brands.Audi presented the Q6 e-tron,its first all-electric model based on the brand new Premium Platform Electric(PPE).BUSINESS DEVELOPMENT The Progressive brand group combines four strong brands from the progressive premium,luxury and supersport segments:Audi,Bentley,Lamborghini and Ducati.Vors

211、prung is Audis global brand promise,and one which means the brand with the four rings is consistently focusing on the premium mobility of the future:connected,sustainable,electric,and autonomous.In developing and scaling up innovative technologies,Audi plays a leading role within the Group,not least

212、 with the Premium Platform Electric(PPE)for all-electric premium vehicles.In fiscal year 2023,the Audi brand brought the Q8 e-tron to the market.It is the successor to the Audi e-tron,the brands electric pioneer.The A6 and A7 family,including the RS derivatives,and the Q8 with its internal com-busti

213、on engine were upgraded,getting a streamlined design and technology enhancements.The Audi brand also gave a preview of the Q6 e-tron,the first production model based on the PPE platform.Boasting compelling mileage and charging capacity,it also stands out for its systematically enhanced design langua

214、ge for electric vehicles and,with its new electronics architecture,represents the technological spearhead of Audis portfolio.Bentley revealed the limited-edition Continental GT Speed Le Mans Collection to mark the 20th anniversary of the Continental GT.Lamborghini unveiled the new Revuelto in 2023,i

215、ts first series hybrid and the Italian automakers ticket into an electrified future.The Progressive brand group delivered a total of 1.9(1.6)million vehicles to customers in 2023.Dispropor-tionate increases were recorded in Western Europe(+19.0%),Central and Eastern Europe(+25.3%)and North America(+

216、21.7%).Unit sales at the Progressive brand group amounted to 1.3(1.1)million vehicles in the reporting year.There was particularly high demand for the Q5,A3 and the all-electric Q4 e-tron.The Chinese joint ventures sold a further 668(599)thousand locally produced Audi vehicles.Unit sales at the Lamb

217、orghini brand amounted to 10.6 thousand vehicles(+19.4%).Bentley sold 13.1(15.5)thousand vehicles and Ducati 58.4(65.0)thousand motorcycles.In 2023,Audi produced 2.0(1.7)million units worldwide.Bentley produced 12.9(16.4)thousand vehicles and Lamborghini 9.8(9.9)thousand.Ducati produced 55.2(70.4)th

218、ousand motorcycles.SALES REVENUE AND EARNINGS Sales revenue at the Progressive brand group climbed to 69.9(61.8)billion in fiscal year 2023.The operating result(prior-year figure before special items)declined to 6.3(7.6)billion,which was mainly due to adverse effects from commodity hedges to which h

219、edge accounting is not applied.In addition,higher material costs weighed on the operating result.The rise in volume at the Audi brand and the good results of the Bentley,Lamborghini and Ducati brands had beneficial effects.The operating return on sales(prior-year figure before special items)amounted

220、 to 9.0(12.3)%.30 Divisions AudiINTERNAL AUDI PRODUCTION Units 2023 2022 Q5 334,480 319,162 A6 257,111 208,729 A3 246,279 210,341 A4 237,830 234,395 Q3 233,472 239,340 Q4 e-tron 125,441 58,764 Q2 94,406 88,372 A5 75,584 66,124 Q7 74,891 52,514 A1 64,859 58,777 Q8 e-tron 54,856 51,545 Q8 47,002 37,33

221、0 A7 34,622 17,437 A8 20,442 18,398 e-tron GT 10,045 12,674 TT 9,530 8,126 Q5 e-tron 5,506 3,113 Q6 5,151 2,042 R8 2,127 1,097 Q6 e-tron 7-1,933,641 1,688,280 BENTLEY,LAMBORGHINI,DUCATI PRODUCTION Units 2023 2022 Bentley Bentayga 5,595 7,346 Continental GT 4,168 4,793 Flying Spur 3,178 4,226 12,941

222、16,365 Lamborghini Urus 5,895 5,751 Huracn 3,705 3,443 Aventador,Revuelto 166 661 9,766 9,855 Ducati,motorcycles 55,226 70,389 AUDI(PROGRESSIVE BRAND GROUP)2023 2022%Deliveries(thousand units)1,919 1,639+17.1 Audi 1,895 1,614+17.4 Bentley 14 15 10.6 Lamborghini 10 9+9.5 Vehicle sales 1,282 1,070+19.

223、8 Production 1,956 1,715+14.1 Sales revenue(million)69,865 61,753+13.1 Operating result before special items 6,280 7,622 17.6 Operating return on sales(%)9.0 12.3 Q6 e-tron concept car DELIVERIES BY MARKETin percentFURTHER INFORMATION Europe/Other Markets 41.8%North America 14.8%South America 0.8%As

224、ia-Pacific 42.5%31 Divisions PorschePorsche celebrated two anniversaries in 2023:“75 years of Porsche sports cars”and “60 years of the Porsche 911”.Particularly in its anniversary year,the iconic 911 sports car helped to lift unit sales,sales revenue and earnings year-on-year.BUSINESS DEVELOPMENT Ex

225、clusivity and social acceptance,pioneering spirit and tradition,performance and sustainability,design and functionality these are the brand values of the sports car manufacturer Porsche.For the Porsche brand,2023 was marked by its 75th anniversary.The sports car history began in 1948 when production

226、 of the 356 No.1 Roadster started.In addition to the anniversary show at Porscheplatz in Stuttgart and two special exhibitions at the Porsche Museum and in Berlin,numerous events to mark the anniversary were held at various locations around the world.On the occasion of its 75th anniversary,Porsche p

227、resented the Mission X concept car,a spectacular reinter-pretation of a two-seater hypercar with Le Mans-style doors that open upwards to the front and a high-perfor-mance,efficient electric powertrain.The Mission X represents the pinnacle of performance and modern sporty luxury.The concept car is a

228、 technology beacon for the sports car of the future and provides critical impetus for the evolutionary development of future vehicle concepts.In the reporting year,Porsche also celebrated the 60th anniversary of the iconic 911 sports car with an exclu-sive special edition built for maximum driving e

229、njoyment:in a limited run of 1,963 vehicles,the 911 S/T com-bines consistent lightweight design,characteristic GT agility and performance as well as an unfiltered acoustic experience to recreate the essence of 60 years of the 911.In addition,Porsche debuted the new generation of the Cayenne with a h

230、ighly digitalized display and control concept,new chassis technology and innovative high-tech features.High-resolution HD Matrix LED headlights provide for road illumination tailored to any driving situation.An air quality system improves the air in the cabin for passengers.For the first time in the

231、 Cayenne,the front passenger has their own infotainment display.With its extensively upgraded design and more powerful family of powertrains,the Cayenne emphasizes its ambition to be the most engaging sports car in its segment.The third generation of the Panamera model was also presented.The luxury

232、saloon underscores its sporty character with the new Porsche Active Ride chassis as well as even more powerful engines,including four efficient e-hybrid powertrains that offer more power,greater range and improved efficiency.Porsche(Sport Luxury brand group)delivered 320 thousand sports cars to cust

233、omers in the reporting year;this represented an increase of 3.3%compared with the previous year.The Other markets sales region recorded the highest growth with an increase of 15.7%.Growth was also seen in Western Europe(+10.5%)and North America(+8.8%).In China,79(93)thousand vehicles were handed ove

234、r to customers.In 2023,Porsche(Sport Luxury brand group)increased unit sales by 6.3%to 334 thousand vehicles.Demand for the 911,718 and Taycan series in particular was up on the previous year.Despite the still challenging conditions,Porsche(Sport Luxury brand group)produced a total of 335 thou-sand

235、vehicles(0.6%)in 2023.SALES REVENUE AND EARNINGS Porsche(Sport Luxury brand group)generated sales revenue of 37.3(+7.9%)billion in the reporting year.The operating result increased to 6.9 billion(+8.0%)thanks primarily to higher volumes with positive effects attributable to the product mix and prici

236、ng.In particular,higher expenditure for new products and innovations and an increase in distribution expenses had an offsetting effect.The operating return on sales is unchanged at 18.6(18.6)%.32 Divisions PorschePRODUCTION Units 2023 2022 Cayenne 95,706 104,745 Macan 87,334 99,468 911 Coup/Cabriole

237、t 55,655 42,390 Taycan 39,397 37,577 Panamera 33,689 35,258 718 Boxster/Cayman 23,605 18,085 335,386 337,523 PORSCHE(SPORT LUXURY BRAND GROUP)1 2023 20222%Deliveries(thousand units)320 310+3.3 Vehicle sales 334 314+6.3 Production 335 338 0.6 Sales revenue(million)37,349 34,599+7.9 Operating result 6

238、,938 6,425+8.0 Operating return on sales(%)18.6 18.6 1 Including Porsche Financial Services:sales revenue 40,530(37,637)million,operating result 7,284(6,772)million.2 Prior-year figures adjusted(see disclosures on IFRS 17).911 S/T DELIVERIES BY MARKETin percentFURTHER INFORMATION Europe/Other Market

239、s34.5%North America 27.4%South America2.2%Asia-Pacific 36.0%33 Divisions TRATON GROUP The TRATON GROUP took a major step forward in e-mobility in fiscal year 2023,also continuing to implement its TRATON Way Forward strategy for future success.BUSINESS DEVELOPMENT The TRATON Way Forward strategy focu

240、ses on three areas:being a responsible company,value creation and TRATON Accelerated!;the company wants to play an active role in shaping the transportation and logistics eco-system of the future.TRATON established TRATON Charging Solutions to give drivers of battery-electric commercial vehicles eas

241、y access to charging stations and thus facilitate the transition to e-mobility.The services provider offers custom-ers services from contracting,invoicing and route planning,to utilization insights.TRATONs Scania and MAN brands can thus offer their customers access to Europes most extensive charging

242、 network,which currently com-prises twelve countries.At the end of 2023,Milence,a joint venture between TRATON,Daimler Truck and the Volvo Group,reached an important milestone in developing the charging infrastructure with the opening of the first charging station in Venlo(Netherlands).Scania reache

243、d key milestones on the road to a sustainable transport system in 2023,being with the opening of a battery assembly plant at its headquarters in Sdertlje(Sweden).To simplify the transition to battery-electric trucks for freight forwarders,Scania and digital freight forwarder sennder formed the joint

244、 venture company JUNA.A unique pay-per-use billing model reduces upfront costs for customers and lessens potential residual value concerns.Access to guaranteed loads via a digital platform also creates commercial predictability.Scania likewise made progress in decarbonizing its supply chains by plac

245、ing its first order for green steel with the supplier H2 Green Steel.MAN also reached a significant milestone in the transition to zero-emission technologies.Launched on the market in 2024,the new MAN eTruck is the brands first battery-electric long-haul truck.The ground-breaking ceremony for large-

246、scale battery production at the Nuremberg site was held in 2023.From 2025,up to 100,000 high-voltage battery systems per year will be manufactured there.Together with other industrial companies and universities,MAN is working on the ATLAS-L4 research and development project to put self-driving truck

247、s on the road.In the ANITA research project,MAN is also working with Deutsche Bahn,the Fresenius University of Applied Sciences and wireless technology specialist Gtting KG to test the potential of self-driving trucks for transporting goods between logistics hubs.As part of an initiative,the North A

248、merican brand Navistar set itself the goal of cutting its global emissions by half before 2030 and becoming carbon neutral by 2050 in line with the Paris Climate Agreement.In the reporting year,Navistar started production of the International S13 Integrated Powertrain at the companys Huntsville faci

249、lity in the United States.Customers of Navistars International and IC Bus brands can now be offered competitive bespoke credit and lease financing through the Groups own financial services provider,Navistar Financial.Volkswagen Truck&Bus(VWTB)commenced series production of e-Delivery trucks in 2023.

250、It thus follows the TRATON GROUPs strategy of regarding battery-electric drives as the core technology of alternative drive-trains,supplemented by hydrogen drives in niche areas.As part of the internationalization plan,VWTB is further expanding its presence in international markets and will be repre

251、sented on four continents in the future.34 Divisions TRATON GROUPPRODUCTION Units 2023 2022 Scania 102,283 88,142 Trucks 97,065 82,827 Buses 5,218 5,315 MAN 117,026 88,952 Trucks 84,695 62,009 Buses 5,780 4,675 Light Commercial Vehicles 26,551 22,268 Navistar 86,740 82,071 Trucks 73,317 69,488 Buses

252、 13,423 12,583 Volkswagen Truck&Bus 32,515 58,647 Trucks 28,161 50,075 Buses 4,354 8,572 TRATON 338,564 317,812 TRATON 2023 2022%Deliveries(thousand units)338 305+10.7 Vehicle sales 339 306+10.7 Production 339 318+6.5 Sales revenue(million)45,731 39,516+15.7 Operating result 3,715 1,583 x Operating

253、return on sales(%)8.1 4.0 SALES REVENUE AND EARNINGS Unit sales of TRATON Commercial Vehicles in fiscal year 2023 rose to 339(306)thousand vehicles and sales revenue of 45.7 billion was up 15.7%on the comparative figure for 2022.The higher volume of new vehicles and higher capacity utilization due t

254、o a significant increase in production figures meant that the operating result more than doubled to 3.7(1.6)billion.A positive product mix and improved price positioning also had a bene-ficial effect on profit.The operating return on sales amounted to 8.1(4.0)%.Strong brands DELIVERIES BY MARKETin p

255、ercentFURTHER INFORMATION Europe/Other Markets 53.3%North America 27.6%South America 15.5%Asia-Pacific 3.6%35 Divisions Volkswagen Group China The Volkswagen Group showed its strengths in the fiercely competitive Chinese market during fiscal year 2023.Deliveries were up year-on-year in all segments.

256、BUSINESS DEVELOPMENT In 2023,Volkswagen Group China demonstrated the strength of its portfolio in a market environment that was shaped by an intense price war with more than 100 local competitors.Rigorously following a sustainable busi-ness model,Volkswagen Group China and its Chinese joint ventures

257、 delivered 3.2 million vehicles(including imports)in the Chinese market in the reporting year,1.6%more than in 2022.The market share stood at 14.5(15.1)%.In the premium and sports segment,Audi delivered 728,575 vehicles to customers in China,a significant increase of 13.5%year-on-year.Volkswagen Gro

258、up China continues to press ahead with its e-mobility campaign in line with its systematic approach of“In China for China”.In the battery-electric vehicle(BEV)segment,deliveries increased by 23%to 190,820 units.The main drivers of this success were the ID.3 and ID.4 models from the Volkswagen Passen

259、ger Cars brand and the Audi e-tron models.Not only was the ID.3 one of the best-selling electric cars with around 75,000 units delivered,but it also topped the rankings for the compact car segment in the fourth quarter.The ID.4 was in the top five in the compact SUV class thanks to deliveries of aro

260、und 60,000.Deliveries of the ID.7 commenced in late 2023.The brand wishes to tap into the mid-sized segment with this model and reach more customer groups in China.Audis e-tron models witnessed very strong growth in 2023,surging to over 30,000 units in the first full year of sales.The internal combu

261、stion engine(ICE)segment continues to provide a robust foundation for the Volkswagen Groups long-term business development in China.Based on deliveries of 2,997,184 ICE vehicles,the Group expanded its market share to over 20%in 2023.High unit sales and a good cost structure for the ICE models enable

262、 Volkswagen Group China to build up its financial position for an accelerated transformation and take the next leap in innovation in connection with its“In China for China”approach.Volkswagen Group China systematically strengthened its development expertise in China in fiscal year 2023.The newly est

263、ablished Volkswagen China Technology Company(VCTC)is the new center for development,inno-vation and procurement for intelligent,fully connected electric vehicles(ICV).The aim is to reduce the time to market for vehicles and components by 30%by implementing efficient development processes and using s

264、tate-of-the-art technologies.Further synergies will be leveraged through close dovetailing of development work with the joint venture companies SAIC Volkswagen,FAW-Volkswagen and Volkswagen Anhui,and also with Gotion(batteries).The partners Horizon Robotics(autonomous driving),ARK(user experience)an

265、d Thundersoft(info-tainment)will also be incorporated in close cooperation with CARIAD China.Cooperation with local car manu-facturers also continued in 2023.The Volkswagen Passenger Cars brand concluded a technological framework agreement with XPeng.Audi and SAIC signed a memorandum to further expa

266、nd their existing cooperation.Both partnerships provide for the joint development of intelligent,fully connected electric vehicles exclusively for the Chinese market.Volkswagen Group China36 Divisions Volkswagen Group ChinaThousand units 2023 2022%Deliveries 3,236 3,185+1.6 Vehicle sales1 3,065 3,12

267、2 1.8 Production 3,072 3,160 2.8 1 Produced locally.EARNINGS million 2023 2022 Operating result(100%)7,139 8,827 Operating result(proportionate)2,621 3,280 Our joint ventures produced a total of 3.1(3.2)million vehicles in fiscal year 2023.These joint ventures produce a mixture of established Group

268、models and those specially modified for Chinese customers(e.g.with extended wheelbases),as well as vehicles developed exclusively for the Chinese market(such as the Volkswagen Lamando,Teramont,ID.6 X and ID.6 CROZZ).The proportionate operating result of the joint ventures in the reporting year stood

269、 at 2.6(3.3)billion.The negative impacts of a highly competitive market environment were offset by cost optimization.The figures of the Chinese joint venture companies are not included in the operating result of the Group as they are accounted for using the equity method.Their profits are included s

270、olely in the Groups financial result on a proportionate basis.LOCAL PRODUCTION Units 20232022Volkswagen Passenger Cars 2,383,7032,513,613Audi 670,419604,439koda 18,36541,936Total 3,072,4873,159,988ID.337 Divisions Volkswagen Financial ServicesVolkswagen Financial Services recorded a solid year in 20

271、23 despite multiple macroeconomic uncertainties.The number of new contracts increased thanks to improved vehicle availability.STRUCTURE OF VOLKSWAGEN FINANCIAL SERVICES Volkswagen Financial Services comprises dealer and customer financing,leasing,banking and insurance activi-ties,fleet management an

272、d mobility services in 47 countries.The key companies are Volkswagen Financial Ser-vices AG and its affiliated companies such as Volkswagen Leasing GmbH,as well as Volkswagen Bank GmbH,Porsche Financial Services and the financial services companies in the United States and Canada,the only exceptions

273、 being the financial services business of TRATON and of Porsche Holding Salzburg.BUSINESS DEVELOPMENT Volkswagen Financial Services AG achieved an excellent score of 12.4 in Sustainalytics first-ever ranking of its sustainability risks.According to the institute,the score achieved by Volkswagen Fina

274、ncial Services AG puts it in the top 3%of the over 200 companies rated.The analysis was carried out in the categories of Product Gover-nance,Data Privacy and Data Security,Business Ethics,Human Capital and Corporate Governance.Volkswagen Financial Services and the management and technology consultan

275、cy Sopra Steria set up the joint venture MyDigitalCar GmbH in 2023.With the services offered,the joint venture partners will make a signifi-cant contribution to optimizing economic efficiency in the area of vehicle management for companies by enabling companies to register their vehicles digitally v

276、ia a vehicle registration platform.Volkswagen Financial Services and AMAG Leasing AG extended their collaboration in fleet business opera-tions in Switzerland in 2023.As a result,Volkswagen Financial Services AG acquired a 50%stake in movon AG,a subsidiary of AMAG Leasing AG that focuses on fleet le

277、asing and full-service solutions for business customers.The aims of the joint venture are to expand the range of products and services and to create digital tools for fleet owners and dealers.Volkswagen Financial Services and Pon Holdings(Pon)intensified their partnership in company bike leasing.Wit

278、hin this framework,Volkswagen Financial Services AG acquired a 49%stake in the Pon bike leasing subsid-iary Bike Mobility Services.The aim is to jointly expand in the growing bicycle and e-bike leasing business in Europe and the USA.As part of the“AllerVielfalt”project,the Alte Aller,an old branch o

279、f the River Aller in the District of Verden,was reconnected to the main river in the reporting year.Initiated by the German Nature and Biodiversity Conservation Union(NABU),the project is part of the federal government program“Germanys Blue Belt”(“Blaues Band Deutschland”)and aims to create near-nat

280、ural structures in a project area of 2,350 hectares(around 30 river kilometers).Volkswagen Financial Services donated 450,000 to cover NABUs share,thereby ensuring the important start-up financing for the project.38 Divisions Volkswagen Financial ServicesThe main refinancing sources for Volkswagen F

281、inancial Services are money market and capital market instru-ments,asset-backed securities(ABS)transactions,customer deposits from the direct banking business and bank credit lines.Volkswagen Financial Services AG published its first“Green Finance Framework”in the reporting year.The framework suppor

282、ts the current sustainability strategy of the automotive financial and mobil-ity services provider with regard to its refinancing and thereby enables the company to tap into a new investor base.The“Green Finance Framework”covers all refinancing products of Volkswagen Financial Services AG.The funds

283、generated under the framework will be used exclusively to refinance credit and leasing contracts for battery-electric vehicles.On the basis of the Green Finance Framework,Volkswagen Leasing GmbH placed three green bonds with a total volume of 2 billion on the capital markets for the first time in Se

284、ptember 2023.In December of the fiscal year now ended,Volkswagen Financial Services N.V.also issued bonds amounting to 1.5 billion Swedish kronor and 1 billion Norwegian kroner based on the Green Finance Framework.Other bond transactions were conducted in currencies such as pounds sterling,Swedish k

285、ronor,South Korean won and Japanese yen,among others.Furthermore,bonds were issued in Australia,Poland,Brazil and Trkiye on the basis of local documentation requirements.In addition to this,private placements were issued in various currencies.Volkswagen Bank issued three unsecured bonds denominated

286、in euro in the reporting year with a total volume of 2.0 billion.In fiscal year 2023,Volkswagen Leasing GmbH placed three ABS transactions secured by lease receivables with a total volume of 2.75 billion.The issuances met the quality criteria of the STS Securitization Regulation for particularly hig

287、h-value securitizations and were oversubscribed several times.Outside Germany,Volkswagen Financial Services issued ABS transactions in Brazil,Japan,the United Kingdom and Australia.In the US capital market,Volkswagen Group of America Finance,LLC placed bonds with a total volume of USD 5.65 billion i

288、n September and November 2023.Notes with a volume of CAD 750 million were issued in the Canadian refinancing market.Bicycleleasing39 Divisions Volkswagen Financial ServicesIn fiscal year 2023,the number of new financing,leasing,service and insurance contracts from Volks-wagen Financial Services sign

289、ed was up on the prior-year figure at 8.7(7.8)million.At the end of the reporting year,the total number of contracts stood at 22.3(22.0)million.The number of contracts in the Customer Financing/Leasing area fell by 1.5%to 10.2 million.The Service/Insurance area accounted for 12.1 million contracts,3

290、.9%more than in the previous year.From January 1,2024,other types of insurance contracts will be taken into account;in this case,the number of contracts in the Service/Insurance area as of December 31,2023 would have been 15.6 million and the total contract portfolio would have comprised 25.8 millio

291、n contracts.With credit eligibility criteria remaining unchanged,the penetration rate,expressed as the ratio of financed or leased vehicles to relevant Group delivery volumes including the Chinese joint ventures increased to 32.6(32.3)%.On December 31,2023,Volkswagen Bank managed 1.8(1.3)million dep

292、osit accounts.Volkswagen Financial Services employed 15,439 people worldwide,including 7,311 in Germany,as of year-end 2023.SALES REVENUE AND EARNINGS Volkswagen Financial Services generated sales revenue of 50.8 billion in the reporting year,15.5%more than in the previous year.As expected,the opera

293、ting result contracted to 3.3(5.6)billion.In addition to higher interest expenses,the decline was primarily attributable to adverse effects from derivatives,which had had a positive effect in the prior year.Lower risk costs and strong demand for used vehicles had also had a positive impact in the pr

294、evious year.VOLKSWAGEN FINANCIAL SERVICES 2023 20221%Number of contracts thousands22,275 21,976+1.4 Customer financing 5,299 5,557 4.6 Leasing 4,888 4,783+2.2 Service/Insurance 12,088 11,636+3.9 Lease assets million63,884 57,906+10.3 Receivables from million Customer financing 69,292 70,266 1.4 Deal

295、er financing 26,167 19,868+31.7 Leasing agreements 53,771 47,446+13.3 Direct banking deposits million37,531 25,431+47.6 Total assets million267,777 239,400+11.9 Equity million39,545 38,238+3.4 Liabilities2 million219,180 190,588+15.0 Equity ratio%14.8 16.0 Return on equity before tax3%8.3 15.4 Lever

296、age4 5.5 5.0 Operating result million3,253 5,584 41.7 Earnings before tax million3,244 5,528 41.3 Employees at Dec.31 15,439 14,796+4.3 1 Prior-year figures adjusted(see disclosures on IFRS 17).2 Excluding provisions and deferred tax liabilities.3 Earnings before tax as a percentage of average equit

297、y(continuing operations).4 Liabilities as a percentage of equity.FURTHER INFORMATION Group Corporate Governance DeclarationMembers of the Board of ManagementMembers of the Supervisory Board and Composition of the CommitteesRemuneration Report41565861Corporate Governance 41 Group Corporate Governance

298、 DeclarationCorporate Governance THE GERMAN CORPORATE GOVERNANCE CODE A BLUEPRINT FOR SUCCESSFUL CORPORATE GOVERNANCE Corporate governance provides the regulatory framework for corporate management and supervision.This includes a companys organization and values,and the principles and guidelines for

299、 its business policy.The German Corporate Governance Code(the Code)contains principles,recommendations and suggestions for corporate management and supervision.Its principles,recommendations and suggestions were prepared by a dedicated government commission on the basis of the material provisions an

300、d nationally and internationally accepted standards of sound,responsible corporate governance.In the interests of best practice,the govern-ment commission regularly reviews the Codes relevance in light of current developments and updates it as necessary.The Board of Management and the Supervisory Bo

301、ard of Volkswagen AG base their work on the prin-ciples,recommendations and suggestions of the Code.We consider good corporate governance to be a key prerequisite for achieving a lasting increase in the Companys value.It helps strengthen the trust of our share-holders,customers,employees,business pa

302、rtners and investors in our work and enables us to meet the steadily increasing demand for information from national and international interest groups.DECLARATION OF CONFORMITY(valid as of the date of the declaration)The Board of Management and the Supervisory Board of Volkswagen AG issued the annua

303、l declaration of conformity with the Code as required by section 161 of the Aktiengesetz(AktG German Stock Corporation Act)on November 17,2023 with the following wording:“The Board of Management and the Supervisory Board declare the following:The recommendations of the Government Commission of the G

304、erman Corporate Governance Code in the version dated 28 April 2022(the Code)that was published by the German Ministry of Justice in the official section of the Federal Gazette(Bundesanzeiger)on 27 June 2022 was complied with in the period from the last Declaration of Conformity dated 11 November 202

305、2 and will continue to be complied with,with the exception of the recom-mendations listed below for the reasons stated there.a)Recommendation B.3(Duration of first-time appointments to the Management Board)As it has done in the past,the Supervisory Board will determine the duration of first-time app

306、ointments to the Board of Management as it deems fit for each individual case and for the good of the company.Group Corporate Governance Declaration The following chapter contains the content of the Group Corporate Governance Declaration required by sections 289f and 315d of the HGB and the recommen

307、dations and principles of the German Corporate Governance Code.42 Group Corporate Governance DeclarationCorporate Governance b)Recommendation B.5(Age limit for members of the Board of Management)Pursuant to Recommendation B.5,an age limit is to be specified for members of the Board of Management and

308、 disclosed in the Corporate Governance Declaration.This has been complied with.In September 2023,the Supervisory Board re-appointed Dr Manfred Dss and in so doing exceeded the stipulated age limit by way of exception.The Supervisory Board considered this exception to be in the interest of the compan

309、y.The trans-formation of the VOLKSWAGEN Group affects a large number of topics being addressed by the Integrity and Legal Affairs division for which Dr Dss is responsible,for example with regard to autonomous vehicles and ESG(environmental,social and governance)issues.Dr Dss has already positioned t

310、he VOLKSWAGEN Group well in this respect.The renewed appointment of Dr Dss ensures that the Group will continue to tread this path as effectively and efficiently as possible.The Supervisory Board otherwise adheres to the age limit specified for members of the Board of Management.It cannot,however,be

311、 ruled out that legal commentators would regard a company as having deviated from Recommendation B.5 even if it had exceeded a specific applicable age limit only once while the age limit as such remained in force.As a precautionary measure,such deviation is therefore being declared.c)Recommendation

312、C.5(Mandate ceiling regarding Board of Management mandate)The Chair of the Supervisory Board is on the supervisory boards of three listed companies of the VOLKS-WAGEN Group,namely VOLKSWAGEN AG(as Chair),Dr.Ing.h.c.F.Porsche AG and TRATON SE(as Chair),as well as being on the Supervisory Board of Ber

313、telsmann SE&Co.KGaA.He is also Chair of the Board of Man-agement of Porsche Automobil Holding SE.Porsche Automobil Holding SE is not part of the same group as VOLKSWAGEN AG,Dr.Ing.h.c.F.Porsche AG and TRATON SE within the meaning of German stock corporation law.We are,however,confident that the Chai

314、r of the Supervisory Board of VOLKSWAGEN AG has sufficient time at his disposal to fulfill the duties related to his mandates.d)Recommendation C.13(Disclosure regarding election proposals)Under this recommendation,certain circumstances shall be disclosed when the Supervisory Board makes election pro

315、posals to the General Meeting,but the requirements are vague and the definitions unclear.Purely as a precautionary measure,we therefore declare a deviation in this respect.Notwithstanding this,the Super-visory Board will make every effort to satisfy the requirements of the recommendation.e)Recommend

316、ation G.6(Predominance of long-term variable remuneration)On 20 July 2022,Dr Ing.h.c.F.Porsche AG(Porsche AG)agreed upon a so-called IPO bonus with Dr Oliver Blume in the event of the successful IPO of Porsche AG.Since an IPO of this nature is also in the interest of VOLKSWAGEN AG,we are,as a precau

317、tion,treating the IPO bonus agreed upon with Porsche AG as part of Mr Blumes remuneration at VOLKSWAGEN AG(third-party remuneration arrangement).The Supervisory Board of VOLKSWAGEN AG approved the third-party remuneration arrangement for Dr Blume.The IPO bonus was awarded in the form of virtual shar

318、es.These virtual shares are converted into monetary sums in three tranches over periods of one,two,and three years depending on the development of the share price of Porsche AG shares during the relevant time period,and these monetary sums are then paid out to Dr Blume.As a pre-caution,the Superviso

319、ry Board assumes that the first one and two-year tranches of the IPO bonus will be allocated to the short-term variable remuneration of Dr Blume,whilst the last,three-year tranche of the IPO bonus will be allocated to the long-term variable remuneration.This means that the total target value of the

320、short-term variable remuneration approved for Dr Blume for fiscal year 2022 exceeded the target value of the long-term variable remuneration.In the current fiscal year 2023,the IPO bonus granted in fiscal year 2022 had still not been fully settled.As a precautionary measure,we are therefore continui

321、ng to declare a deviation from Recommendation G.6 in this respect.Nevertheless,the Board of Management remuneration for Dr Blume on the whole continues to be oriented towards the companys sustainable and long-term development.The Supervisory Board deems the payment of the IPO bonus in three tranches

322、 over one,two,and three years to be a purposeful and appropriate incentive for Dr Blume,which is not limited solely to work carried out in prepa-ration for the IPO but which also takes into account how sustained the success of the IPO is.f)Recommendation G.10 sentence 2(Four-year commitment period)D

323、r Blume can have access to the third tranche of the IPO bonus previously described under e)as part of the long-term variable remuneration after three years rather than after four.43 Group Corporate Governance DeclarationCorporate Governance g)Recommendation G.13 sentence 1(Severance cap)At the end o

324、f July 2022,the Supervisory Board of VOLKSWAGEN AG resolved by mutual agreement with Dr Diess to terminate his appointment as member and as Chair of the Board of Management with effect from the close of 31 August 2022.According to the agreement reached with Dr Diess,his contract shall continue to ru

325、n until the end of its regular term,i.e.until the close of 24 October 2025,even following the premature termination of his appointment,provided that Dr Diess does not resign at an earlier date.Dr Diess shall accord-ingly not receive a severance payment but shall potentially receive his contractual r

326、emuneration for a period of more than two years following his departure from the Board of Management.It is not clear to us whether this recommendation refers only to severance payments or also to payments to a retired member of the Board of Management due to a continuing contract of service.As a pre

327、cautionary measure,we are therefore continuing to declare a deviation from Recommendation G.13 sentence 1 in this respect.”The current declaration of conformity and previous declarations of conformity are also published on our website shown hereafter.Our listed indirect subsidiaries Dr.Ing.h.c.F.Por

328、sche AG and TRATON SE also issued a declaration of con-formity with the German Corporate Governance Code.These can be accessed at the websites shown below.The suggestions of the Code are complied with.DECLARATION OF CONFORMITY OF VOLKSWAGEN AG www.volkswagen- DECLARATION OF CONFORMITY BY DR.ING.H.C.

329、F.PORSCHE AG https:/ OF CONFORMITY OF TRATON SE https:/ BOARD OF MANAGEMENT The Volkswagen AG Board of Management has sole responsibility for managing the Company in the Companys best interests,in accordance with the Articles of Association and the rules of procedure for the Board of Man-agement iss

330、ued by the Supervisory Board.Accordingly,responsibilities in the Board of Management are currently divided among ten Board functions.In addition to the“Chair of the Board of Management”function,the other Board functions have been“Technology”,“Finance and Operations”(formerly“Finance”),“Human Resourc

331、es and Trucks brand group”(formerly“Human Resources and Truck&Bus”),“Integrity and Legal Affairs”,“Progressive brand group”(formerly“Premium”),“Sport Luxury brand group”(formerly“Sport&Luxury”),“China”,“IT”and“Core brand group”(formerly“Volume”).The Chair of the Board of Management is also responsib

332、le for the“Sport Luxury brand group”Board function.Directly attached to the Board are a number of Group Management functions that act as an extension to the Board functions.These comprise the Group Sales,Group Production,Group Procurement and Group Research and Development functions.Further informat

333、ion on the composition of the Board of Management can be found in the“Members of the Board of Management”section.Working procedures of the Board of Management In accordance with Article 6 of the Articles of Association,Volkswagen AGs Board of Management consists of at least three people,with the precise number determined by the Supervisory Board.As of December 31,2023,there were nine members of th