Volkwagen Sales Revenue Breakdown By Segment

Volkswagen

This article presents Volkwagen’s sales revenue by segment.

Let’s look at the numbers!

For other key statistics of Volkwagen, you may find more resources on these pages:

Sales

• Volkswagen global vehicle deliveries, sales, and production,
• Volkswagen vehicle sales by region,

Revenue

• Volkswagen revenue by country/region,
• Volkswagen revenue by segment,

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Sales Revenue: Volkswagen’s sales revenue does not include the figures for the company’s equity-accounted Chinese joint ventures, according to its annual reports.

Passenger Cars & LCV: The activities of the Passenger Cars and Light Commercial Vehicles segment cover the development of vehicles, engines and vehicle software, the production and sale of passenger cars and light commercial vehicles, and the corresponding genuine parts business.

Commercial Vehicles: The Commercial Vehicles segment focuses on the development, manufacturing, and sale of trucks and buses, along with supporting parts and services.

Power Engineering: The Power Engineering segment combines the large-bore diesel engines, turbomachinery and propulsion components businesses.

Financial Services: The activities of the Financial Services segment comprise dealership and customer financing, leasing, direct banking and insurance activities, fleet management and mobility services.

In this segment, activities are combined for reporting purposes taking into particular account the comparability of the type of services and of the regulatory environment.

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Passenger Cars & LCV, Commercial Vehicles, Power Engineering, and Financial Services

The definition of Volkswagen’s segments is available here: Passenger Cars & LCV, Commercial Vehicles, Power Engineering, and Financial Services.

Throughout the 2022 to 2024 fiscal period, the Passenger Cars & Light Commercial Vehicles (LCV) segment maintained its position as the primary revenue contributor, despite a marginal contraction from €223.2 billion in 2023 to €220.0 billion in 2024.

In contrast, both the Commercial Vehicles and Financial Services segments demonstrated consistent year-over-year growth, with Financial Services notably climbing from €43.9 billion to €55.0 billion over the three-year span.

Power Engineering also showed a steady upward trajectory, finishing at €4.3 billion in 2024. Aggregated results for all segments reached a peak of €324.3 billion in the most recent fiscal year, following a sustained recovery from the 2020 low of €222.6 billion.

Strategic Insights & Long-Term Trends

The performance across all segments from 2019 to 2024 reflects a robust structural recovery and a strategic shift in revenue composition.

While the 2020 downturn significantly impacted the Passenger Cars and Commercial Vehicles sectors, the group has successfully leveraged a “value over volume” strategy in the subsequent years.

The consistent expansion of Financial Services — which grew by over 50% compared to its 2019 baseline — indicates an increasing reliance on captive finance and mobility services as stable, high-margin revenue streams.

Furthermore, the rapid scaling of the Commercial Vehicles segment (TRATON) highlights successful brand integration and market share gains in the heavy-duty truck market.

Although the core Passenger Cars & LCV segment faced slight headwinds in 2024, the diversified nature of the portfolio — particularly the growth in services and engineering — has provided a critical hedge, allowing the total enterprise revenue to stabilize at record levels despite fluctuating global demand in the automotive sector.

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Passenger Cars & LCV, Commercial Vehicles, Power Engineering, and Financial Services

The definition of Volkswagen’s segments is available here: Passenger Cars & LCV, Commercial Vehicles, Power Engineering, and Financial Services.

An examination of Volkswagen’s revenue share distribution between 2022 and 2024 reveals a subtle but persistent realignment of the group’s core business segments.

The Passenger Cars & Light Commercial Vehicles (LCV) division, while remaining the primary revenue driver, saw its share contract from 69.2% in 2022 to 67.9% in 2024.

During this same interval, the Commercial Vehicles segment stabilized at 13.9% after a period of incremental growth. Notably, Financial Services experienced a significant upward shift in the final period, rising to 17.0% of total revenue in 2024, while Power Engineering maintained a constant share of 1.3% throughout the three-year cycle.

Strategic Insights & Long-Term Trends

The long-term trend from 2019 to 2024 illustrates a strategic transition from a heavy reliance on passenger vehicle sales toward a more diversified integrated mobility model.

The 6% reduction in the Passenger Cars & LCV share over this period reflects the broader transformation of the automotive industry, where traditional volume sales are being augmented by high-margin commercial logistics and service-based revenue streams.

The expansion of the Commercial Vehicles segment (up from 10.1% in 2019) suggests successful consolidation and scaling of heavy transport brands within the group.

Simultaneously, the consistent strength of Financial Services—which peaked at 17.0% in 2024—highlights the critical role of captive finance, leasing, and mobility services in securing customer loyalty and providing a counter-cyclical hedge against fluctuations in new vehicle demand.

Overall, the data indicates a more balanced corporate profile, positioning the group to capture value across the entire vehicle lifecycle rather than relying solely on manufacturing output.

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Passenger Cars & LCV, Commercial Vehicles, Power Engineering, and Financial Services

The definition of Volkswagen’s segments is available here: Passenger Cars & LCV, Commercial Vehicles, Power Engineering, and Financial Services.

Revenue growth for the 2020–2024 period shows a sharp rebound followed by a transition toward stabilization across the primary segments.

While Passenger Cars & LCV and Commercial Vehicles experienced double-digit growth peaks in the mid-period, both saw a marked deceleration by 2024.

Conversely, the Financial Services segment maintained consistent positive momentum throughout the five-year cycle, avoiding the volatility observed in the manufacturing-heavy divisions.

Power Engineering also demonstrated resilience, shifting from early-period contractions to sustained single-digit growth in the most recent fiscal years.

Strategic Insights & Long-Term Trends

The long-term revenue growth trend reflects a successful post-2020 recovery strategy that leaned heavily on pent-up demand and improved product mix.

The Passenger Cars & LCV segment’s recent cooling in 2024 is indicative of a broader industry shift toward a more challenging interest rate environment and intensified competition in the electric vehicle (EV) transition.

However, the Financial Services division has emerged as a critical stabilizer, providing high-margin, consistent growth that hedges against the cyclical nature of vehicle manufacturing.

The Commercial Vehicles segment (primarily TRATON) has been the standout performer in the 3-year average, bolstered by a strong replacement cycle for logistics fleets and the successful integration of its global brands.

Moving forward, the trend suggests a move away from volume-driven growth toward value-driven revenue, where software services and financing solutions are expected to carry a larger portion of the growth burden as the physical hardware markets mature.

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References and Credits

1. All financial figures presented were obtained and referenced from Volkswagen’s financial reports published on the company’s investor relations page: Volkswagen Investor Relations.

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