大众集团战略报告2023-157页_38mb

Volkswagen Group Strategic Analysis Summary

Overview of Ambition and New Direction

The Volkswagen Group aims to become unrivaled with a strong emphasis on sustainability and electrification by 2027. Key ambitions include leading the market with electrified products featuring cutting-edge technology, fostering a cultural shift toward cash flow and profitability, and ensuring a regionally balanced footprint. The Group's promise is built on a new team with entrepreneurial spirit, scalable technology, unleashed brands, regional leadership, a new steering model that promotes faster decision-making, and a focus on financial metrics like cash flow and efficiency.

New Management Team and Steering Model

The new management team, led by Oliver Blume and Arno Antlitz, brings an entrepreneurial spirit with a clear commitment to sustainability. The steering model removes dual roles to enhance coordination and adopts a "best owner" approach, accelerating execution and decision-making. Key principles include accountability, execution focus, and profitability, with a new KPI framework targeting benchmark profitability and cash conversion rates across brand groups. This model and team are driving decisive changes to optimize costs and ensure regional success.

Technology and Innovation

The Group is reshaping technology through advancements in electrification and digitalization. The Scalable Systems Platform (SSP) serves as a single backbone for BEV architectures, offering significant cost savings and customization. Battery strategy focuses on unified cell technology with regional sourcing, aiming for a 50% cost reduction by 2030. Software development, led by CARIAD, involves redefined platforms and partnerships to enhance competitiveness. Mobility solutions include stage-gated robotics and a global platform, targeting first commercial deployments in 2026.

Brand Portfolio and Regional Strategy

Volkswagen Group's unrivaled brand portfolio includes four efficient groups: Brand Group Core (Volkswagen, Skoda, Cupra), Brand Group Progressive (Audi, Bentley, Lamborghini), Brand Group Sport Luxury (Porsche), and Brand Group Trucks. Each group has tailored strategies to maximize RoS and cash flow. Regionally, the Group emphasizes winning through localization—China aims for leadership in high-margin segments, Europe adjusts investments to profit pools to reduce asset intensity, and North America targets untapped markets like SUVs and pickups with new initiatives like Scout Motors. Strategic capital allocation focuses on high-potential regions, ensuring aligned investments.

Financial Performance and Targets

The Group maintains a strong financial track record with disciplined spending, achieving high operating profit and cash conversion rates. Mid-term targets for 2027 include growth in revenue (7-8.5% CAGR), increased operating profit, and improved cash flow. Dividend policies aim for a minimum 30% payout, supported by shareholder-centric initiatives. Active management of equity investments and NCS (non-controlled shareholdings) ensures capital efficiency, with ambitions to enhance RoS and align financial incentives across all levels.

Future Outlook and Commitments

The Group's commitment to a credible transformation includes addressing past challenges: turning around CARIAD's software, ensuring China's leadership through localization, sustaining regional gains via the new steering model, advancing ESG to achieve "investment grade" status by 2025, and delivering financial improvements. Key takeaways highlight the pathway to a more agile, profitable, and regionally focused entity. Upcoming events like the China Strategy Day and Mobility Day provide insights into execution milestones.