Volkswagen AG – Annual report – 31 December 2024
Industry: automotive
INVESTMENTS IN ASSOCIATES
From a Group perspective, the associates QuantumScape, Gotion High-Tech Co., Ltd., Hefei/China (Gotion) and Sinotruk (Hong Kong) Ltd., Hongkong/China (Sinotruk), were material as of the balance sheet date. In the previous year, the equity investment in Northvolt had been included in the disclosures. Further disclosures on Northvolt can be found in the “Key events” section.
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, 2024, the quoted market price of the shares in QuantumScape amounted to €430 million (previous year: €541 million).
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, 2024, the quoted market price of the shares in Gotion amounted to €1.2 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 isin Hongkong/China.
As of December 31, 2024, the quoted market price of the shares in Sinotruk amounted to €1,947 million (previous year: €1,222 million).
As of December 31, 2019, the quoted market price of the shares in Sinotruk amounted to €1,312 million (previous year: €908 million).
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 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.
3 Balance sheet amounts refer to the June 30 reporting date and income statement amounts refer to the period from July 1 to June 30.
4 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.
SUMMARIZED FINANCIAL INFORMATION ON INDIVIDUALLY IMMATERIAL ASSOCIATES ON THE BASIS OF THE VOLKSWAGEN GROUP ’ S PROPORTIONATE INTEREST
There are unrecognized losses of €636 million (previous year: €– million) relating to investments in associates in the current fiscal year. Financial guarantees have been issued to associates in an amount of €1 million (previous year: €1 million).
Accounts examples 