Volkswagen AG – Annual report – 31 December 2025
Industry: automotive
INVESTMENTS IN ASSOCIATES
From a Group perspective, the associates QuantumScape Corporation, San José/USA (QuantumScape), Gotion High-Tech Co., Ltd., Hefei/China (Gotion) and Sinotruk (Hong Kong) Ltd., Hong Kong /China (Sinotruk), were material as of the balance sheet date.
QuantumScape
QuantumScape is a US-based start-up for solid-state lithium-metal batteries. An agreement to industrialize QuantumScape’s next-generation solid-state lithium-metal technology exists between Group companies and QuantumScape. QuantumScape’s principal place of business is in San José/USA.
As of December 31, 2025, the quoted market price of the shares in QuantumScape amounted to €0.8 billion (previous year: €0.4 billion).
Gotion
Gotion is a Chinese technology company that engages primarily in research and development, production and sales of lithium-ion batteries and in electric transmission and transformation businesses. Group companies and Gotion have agreed upon a strategic framework for cooperation in the development, manufacture and distribution of battery cells. Gotion’s principal place of business is in Hefei/China.
As of December 31, 2025, the quoted market price of the shares in Gotion amounted to €2.1 billion (previous year: €1.2 billion).
Sinotruk
Sinotruk is one of the largest truck manufacturers in the Chinese market. Sinotruk’s principal place of business is in Hong Kong/China.
As of December 31, 2025, the quoted market price of the shares in Sinotruk amounted to €2.1 billion (previous year: €1.9 billion).
SUMMARIZED FINANCIAL INFORMATION ON MATERIAL ASSOCIATES ON A 100 % BASIS
1 Balance sheet amounts refer to the September 30 reporting date and income statement amounts refer to the period from October 1 to September 30. The disclosures are presented after the purchase price adjustment.
2 Balance sheet amounts refer to the June 30 reporting date and income statement amounts refer to the period from July 1 to June 30.
3 Proportionate dividends are shown net of withholding tax.
RECONCILIATION OF THE FINANCIAL INFORMATION TO THE CARRYING AMOUNT OF THE EQUITY-ACCOUNTED INVESTMENTS
1 The disclosures are presented after the purchase price adjustment.
2 Dividends are shown before withholding tax.
3 Prior-year figures adjusted.
SUMMARIZED FINANCIAL INFORMATION ON INDIVIDUALLY IMMATERIAL ASSOCIATES ON THE BASIS OF THE VOLKSWAGEN GROUP’S PROPORTIONATE INTEREST
There are no unrecognized losses (previous year: €636 million) relating to investments in associates in the current fiscal year. Financial guarantees have been issued to associates in an amount of €2 million (previous year: €1 million).
Accounts examples 