大众中国初步完成“财务建模”

Core Insights - Volkswagen Group's third-quarter financial report indicates that the company has not yet emerged from a downward trend, particularly in China where it is increasing investment [1][3] - The CFO of Volkswagen Group (China) emphasized the importance of local innovation and efficient operations, as the company has invested €50 billion in transformation efforts in China [1][2] - The financial modeling for the transition to new energy vehicles is nearing completion, with strategic goals entering the execution phase [1][2] Sales and Profitability Goals - Volkswagen aims to increase the share of new energy vehicle sales from 5% to double digits by 2026, with over 20 new models launched [2] - The company anticipates that profitability from new energy vehicles will not match that of traditional fuel vehicles until the later stages of the planning cycle, likely around 2030 [2] - Profit contributions from joint ventures are expected to rebound to €2 billion by 2027 and reach €3 billion by 2030, including contributions from the new joint venture in Anhui [2][5] Financial Performance and Challenges - Volkswagen's financial performance has significantly weakened, with a projected drop in investment returns from joint ventures in China from €2.6 billion in 2023 to €1.7 billion in 2024, and further down to €0.5-1 billion in 2025 [4] - The company is facing challenges in maintaining profitability as the volume of new energy vehicle sales increases, but the scale is still insufficient to enhance profit margins compared to fuel vehicles [4][6] Cost Optimization Strategies - Volkswagen is focused on optimizing costs, with a target to reduce costs by 40% compared to previous global platforms, aiming for a 50% reduction in the long term [7] - The company is conducting intensive product workshops to analyze cost details and price forecasts, indicating a shift towards a more cost-conscious operational approach [6][7] - The management team is prioritizing the prediction of market price trends and optimizing costs to ensure profitability amid intense competition [6][8] Recent Developments - Volkswagen announced two new investments, including a collaboration with Horizon to develop system-level chips with an investment of approximately $200 million, and the opening of a new Porsche R&D center in Shanghai [9]