Volkswagen Commercial Vehicles: sales revenue increases to 16.9 billion euros in 2025 – strong net cash flow despite pressures/model and technology updates for 2026

 

• Sales increase to 428,000 vehicles
• Sales revenue grows disproportionately to 16.9 billion euros
• Operating profit: 245 million euros (RoS 1.5%)
• Net cash flow slightly above one billion euros 
• ID. Buzz deliveries to customers more than doubled, Multivan achieves best year in its history 
• 2026 updates: Multivan, Caddy, ID. Buzz and new derivatives for the Transporter

Hanover, 12 March 2026 – Volkswagen Commercial Vehicles (VWCV) achieved a significant increase in sales revenue in the 2025 fiscal year despite a challenging environment and at the same time delivered a strong cash performance. Unit sales rose to 428,000 vehicles (+6 per cent) and sales revenue to 16.9 billion euros (+11 per cent). The operating profit was 245 million euros (previous year: 743 million euros) and the operating return on sales was 1.5 per cent (4.9 per cent in the previous year). Net cash flow developed particularly strongly, coming in at one billion euros in 2025 (+208 per cent).

“2025 was a challenging year for our customers and for us – marked by volatile markets, uncertainties and noticeable reluctance to buy, especially in the field of electric mobility. It is therefore even more important that we offer the youngest and most versatile product portfolio on the market compared to our competitors. These products will give us the momentum we need for 2026,” says Stefan Mecha, CEO of Volkswagen Commercial Vehicles.

Strong product year in 2025: ID. Buzz and Multivan as growth drivers

Volkswagen Commercial Vehicles again delivered over 400,000 vehicles in 2025. Among them, for the first time, more than 60,000 ID. Buzz worldwide – more than twice as many as in the previous year. The ID. Buzz thus remains the clear market leader in its segment in Europe. The Multivan also recorded the best year in its long history: with an increase of 31 per cent to 38,700 vehicles, it outperformed all previous years. Volkswagen Commercial Vehicles continues to lead its German home market as the clear number one and also maintains this leadership position in eleven other European countries.

The development of the Transporter family was weaker – above all because the product line was introduced to markets only gradually in 2025. Volkswagen Commercial Vehicles will add further derivatives and market launches step by step in 2026.

Profit under pressure – cash flow as a stability anchor

The increase in sales revenue was disproportionate to unit sales as Volkswagen Commercial Vehicles sold more high-value models in 2025. At the same time, several factors had a negative impact on operating profit. Provisions for potential fines from the EU’s CO₂ regulations were among the main burdens. This is due to the significantly slower ramp-up of electric mobility, especially in light commercial vehicles. There were also challenges in the North American market, among other things due to customs issues and the discontinuation of subsidies for electric vehicles. This has also affected the ID. Buzz in the USA.

Despite these pressures, cost reduction efforts and spending discipline paid off in 2025. In terms of reducing personnel costs, Volkswagen Commercial Vehicles is exactly on track, meaning that general overheads have been significantly reduced overall. In addition, a strict investment discipline and improvements in working capital management resulted in a net cash flow of around 1 billion euros.

“Our vehicles are well received by our customers, and the increase in unit sales and order intake is impressive proof of this. The strong net cash flow demonstrates the effectiveness of our consistent cost and expenditure discipline and secures the necessary long-term investments in new vehicle generations. At the same time, the return of 1.5 per cent is still far too weak – we are working hard on this in 2026,” says Michael Obrowski, CFO of Volkswagen Commercial Vehicles.

Incoming orders in 2025 were almost a third higher than in the previous year. Some of these orders will not be delivered until 2026. The well-stocked order book, vehicle updates and new variants offer additional opportunities for Volkswagen Commercial Vehicles in the current year.

Outlook for 2026: model updates, new variants, technology updates

Volkswagen Commercial Vehicles is announcing a broad package of product and technology updates for 2026. During the annual media conference, Stefan Mecha presented the first design sketches of the Caddy and Multivan, which will be launched with a refreshed, confident exterior and optimised interior solutions. Vehicle-2-Load, Good Night Package, Camp Mode and the long version of the ID. Buzz Cargo will expand the possibilities for the all-electric ID. Buzz. Plug-in hybrid versions of the Transporter and Caravelle will be introduced. In future, the Crafter will also be available as a three-way tipper and with a box body and liftgate – specifically for commercial customers.

“From family and leisure vehicles through to the wide portfolio for commercial customers and the special-purpose vehicle for autonomous driving: this range is unique within the Group. We create space – and that’s what makes us strong,” said Stefan Mecha. "As a commercial vehicle brand, we bring these strengths into the Brand Group Core and at the same time benefit enormously from the cooperation among the Group’s volume brands. The new management model, the future shared responsibility for production sites and synergies across all areas through systematic cooperation give us competitive advantages that we could not achieve on our own.”

2026 is also marked by two anniversaries at the Volkswagen Commercial Vehicles locations: the Hanover plant celebrates its 70th birthday this year. Pre-series production of the ID. Buzz AD is already underway there today. At the same time, Volkswagen Commercial Vehicles celebrates ten years of production in Września, one of the Group’s most modern production sites. Last autumn, we marked the groundbreaking of our expansion to build the e-Crafter there in the future.