Group Financial Services
Volkswagen Financial Services had a very successful year with its products in the market in fiscal year 2013. 4.3 million new financing, leasing and service/insurance contracts were signed worldwide, a 13.4% increase on the prior-year figure. At 10.7 million, the total number of contracts on December 31, 2013 was up 11.3% on the number as of the end of the previous year. The number of contracts in the Customer Financing/Leasing area was up 9.0% to 6.9 million, while the number of contracts in the Service/Insurance area increased by 15.7% to 3.8 million. Assuming unchanged credit eligibility criteria, the total Group delivery volumes accounted for by financed or leased vehicles increased from 27.5% in the previous year to 28.9%.
In Europe, the number of new contracts signed increased to 2.9 million (2.6 million). The number of contracts was 7.5 million (7.0 million) as of December 31, 2013. The number of financing and leasing contracts was 4.3 million at the end of the reporting period, an increase on the prior-year figure of 4.0 million. The proportion of leased or financed vehicles in this region increased to 45.5% (41.9%).
The Volkswagen Group’s financial services business continued to perform well in Germany in fiscal year 2013. At 2.5 million, the number of financing and leasing contracts for new and used vehicles was 3.0% higher than at the end of 2012. The penetration rate rose to 55.8% (53.1%). Volkswagen Financial Services thus finances or leases more than every second vehicle delivered by the Volkswagen Group in Germany.
In North America, 726 thousand new contracts were signed in the reporting period, 9.8% more than in the previous year. The total number of contracts rose by 18.0% to 1.8 million. In the Customer Financing/Leasing area, the number of contracts increased by 11.2% year-on-year to 1.4 million (1.3 million). The proportion of leased or financed vehicles in North America rose to 55.0% (54.4%).
In South America, the total number of contracts was 809 thousand at year-end 2013, 16.0% higher than the prior-year figure. These were almost exclusively attributable to the Customer Financing/Leasing area. Of the vehicles delivered in this region, 33.0% (27.8%) were leased or financed.
In the Asia-Pacific region, Volkswagen Financial Services signed 320 thousand new contracts in 2013, a 41.6% increase on the prior-year figure. The total number of contracts increased by 35.5% to 628 thousand. In the Customer Financing/Leasing area, the number of contracts rose by 39.1% to 517 thousand. Leased or financed vehicles in the Asia-Pacific region accounted for an increased share of 8.3% (6.5%) of deliveries.
SALES TO THE DEALER ORGANIZATION
In the reporting period, the Volkswagen Group’s worldwide unit sales to the dealer organization – including the Chinese joint ventures – amounted to 9,728,250 vehicles, exceeding the 2012 figure by 4.1%. In particular, the sustained high demand for Group models in China led to a 5.0% year-on-year increase in sales outside Germany. In Germany, 1.7% fewer vehicles were sold. Vehicles sold in Germany decreased to 12.2% (12.9%) of the Group’s overall sales.
The Jetta, Golf and Passat were our biggest sellers in 2013. The greatest growth in demand was recorded by the Tiguan, Audi Q3, Audi Q5 and ŠKODA Rapid models, as well as the new Beetle Convertible, Audi A3 Sportback and SEAT Leon models. The Lavida, Sagitar and Santana models available in China were also very popular with customers.
PRODUCTION
The Volkswagen Group produced 9,727,848 vehicles worldwide in fiscal year 2013, exceeding the prior-year figure by 5.1%. Our Chinese joint ventures increased their production volume by 18.6% due to the continued strong demand in China. Germany accounted for 25.3% (25.1%) of the Group’s total production, remaining on a level with the previous year. In the past year, our plants worldwide produced an average of 39,352 vehicles per working day, an increase of 4.2% year-on-year. The Crafter models built in the Daimler plants in Düsseldorf and Ludwigsfelde and the Routan, which is manufactured in cooperation with Chrysler in North America, are not included in the Volkswagen Group’s production figures.
INVENTORIES
Global vehicle inventories at Group companies and in the dealer organization were higher on December 31, 2013 than at year-end 2012 due to an increase in inventories in China in response to demand.