Volkswagen Commercial Vehicles wrapped up 2024 with a solid financial performance, despite a slight dip in sales and ongoing restructuring efforts. The manufacturer’s revenue remained steady at €15.1 billion (£12.7b) despite a 4% dip in sales to 404,000 vehicles, while operating profit dropped to €743 million (£625.5m).

The year was transformative for Volkswagen, with the company launching a wave of new models while restructuring its operations. The launch of the new Transporter, alongside the ID Buzz and Multivan, completed a new-generation trio of Volkswagen Bus models on the model’s 75th anniversary.

“We announced that there would be a host of new models for 2024 – and we delivered,” said Carsten Intra, chairman of the board of management. Three major world premieres took place in 2024, including the new ID Buzz GTX, a high-performance version of the all-electric van, and the all-new California, based on the Multivan. Meanwhile, updates across the range, from the Multivan’s new 4Motion all-wheel-drive system to the plug-in hybrid Caddy, ensured that Volkswagen had something for both business and leisure customers.

Despite the buzz around its new vehicles, Volkswagen faced financial headwinds throughout 2024 due to its ongoing GRIP restructuring programme, but chief finance officer Michael Obrowski pointed out these costs are part of a long-term plan to improve efficiency and future-proof the business.

“Our customers value the wide product range and the new, higher-quality equipment,” Obrowski explained. “The restructuring expenses as part of our GRIP programme have had a significant impact on the operating result. These expenses are an investment in our future, as they will sustainably improve our cost situation.”

Volkswagen’s cost-cutting efforts will continue in 2025, with the company rolling out its “Top 10 Programme” to refine operations further.

75 years of the Volkswagen Bus

Amid all the business changes, Volkswagen is also celebrating a significant milestone: 75 years of the VW Bus. First introduced in 1950, the original Transporter (or T1) quickly became a global icon, evolving through six generations to become one of the most beloved commercial and leisure vehicles in history. Since then, over 12.5 million VW Buses have rolled off the production line.

“This makes it the most successful European commercial vehicle of all time. And it has already been a cult vehicle for an eternity,” said Intra. “For 75 years, our products have been supporting our customers in everything they do. And that will be the case in the future as well.”

Looking ahead

While restructuring efforts may affect short-term profits, Volkswagen is laying the groundwork for long-term growth through electrification and global expansion.

Phil Huff
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