{"id":119975,"date":"2026-11-02T00:28:01","date_gmt":"2026-11-01T23:28:01","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=119975"},"modified":"2026-11-01T17:34:27","modified_gmt":"2026-11-01T16:34:27","slug":"financni-dluh-ve-vysi-281-miliard-eur-kolik-krize-jeste-volkswagen-zvladne","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/11\/02\/financni-dluh-ve-vysi-281-miliard-eur-kolik-krize-jeste-volkswagen-zvladne\/","title":{"rendered":"Finan\u010dn\u00ed dluh ve v\u00fd\u0161i 281 miliard eur: Kolik krize je\u0161t\u011b Volkswagen zvl\u00e1dne?"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p class=\"wp-block-paragraph\"><strong><span dir=\"auto\">Volkswagen dokonce sni\u017euje n\u00e1klady na v\u00fdvoj sv\u00e9ho budouc\u00edho elektrick\u00e9ho Golfu. Z\u00e1rove\u0148 je spole\u010dnost zat\u00ed\u017eena finan\u010dn\u00edm dluhem ve v\u00fd\u0161i t\u00e9m\u011b\u0159 281 miliard eur, zisky prudce klesaj\u00ed a restrukturalizace v \u0159\u00e1du miliard eur pohlcuje dal\u0161\u00ed zdroje. Komplexn\u00ed finan\u010dn\u00ed anal\u00fdza agentury Report24 odhaluje, jak klesaj\u00edc\u00ed tr\u017eby, cenov\u00e9 v\u00e1lky a rizika v leasingov\u00e9m byznysu mohou spustit nebezpe\u010dnou sestupnou spir\u00e1lu. Ani obrovsk\u00e9 finan\u010dn\u00ed rezervy pr\u016fmyslov\u00e9ho giganta nemohou vydr\u017eet v\u011b\u010dn\u011b, kdy\u017e se miliardy ztr\u00e1cej\u00ed sou\u010dasn\u011b na v\u00edce front\u00e1ch.<\/span><\/strong><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Ze v\u0161ech aut, Golf! Pr\u00e1v\u011b ten v\u016fz, kter\u00fd po generace generoval Volkswagenu miliardov\u00e9 zisky, je nyn\u00ed s\u00e1m ob\u011bt\u00ed \u00fasporn\u00fdch opat\u0159en\u00ed. V\u00fdvojov\u00e9 pr\u00e1ce na budouc\u00edm elektrick\u00e9m ID. Golfu byly do\u010dasn\u011b pozastaveny. Finan\u010dn\u00ed \u0159editel David Powels tento krok od\u016fvodnil t\u00edm, \u017ee nejprve bylo nutn\u00e9 finan\u010dn\u011b zajistit nezbytn\u00e9 investice. Pro korporaci t\u00e9to velikosti je to drtiv\u00e1 ob\u017ealoba.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Kl\u00ed\u010dov\u00e1 zna\u010dka Volkswagen Passenger Cars <\/span><a href=\"https:\/\/www.volkswagen-group.com\/de\/artikel\/brand-group-core-behauptet-sich-in-schwierigem-umfeld-sondereffekte-beeinflussen-gesamtergebnis-erheblich-20811\"><span dir=\"auto\">dos\u00e1hla<\/span><\/a><span dir=\"auto\"> v prvn\u00edch dev\u00edti m\u011bs\u00edc\u00edch roku 2026 provozn\u00ed n\u00e1vratnosti tr\u017eeb pouh\u00fdch 1,3 procenta. Bez zvl\u00e1\u0161tn\u00edch poplatk\u016f by to bylo 2,6 procenta. To je pro automobilku, kter\u00e1 mus\u00ed z\u00e1rove\u0148 financovat nov\u00e9 platformy, software, bateriov\u00e9 technologie a v\u00fdrobn\u00ed za\u0159\u00edzen\u00ed, p\u0159\u00edli\u0161 m\u00e1lo. Tlak na sni\u017eov\u00e1n\u00ed n\u00e1klad\u016f nyn\u00ed dos\u00e1hl i t\u011bch oblast\u00ed v\u00fdvoje, na kter\u00fdch z\u00e1vis\u00ed budouc\u00ed konkurenceschopnost.<\/span><\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-0\" class=\"\" title=\"X P\u0159\u00edsp\u011bvek\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=true&amp;embedId=twitter-widget-0&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=2115737793208926490&amp;lang=cs&amp;origin=https%3A%2F%2Freport24.news%2F281-milliarden-euro-finanzschulden-wie-viel-krise-vertraegt-volkswagen-noch%2F&amp;sessionId=7fac6fc306abfa181aee653e44cd9643ab114381&amp;theme=light&amp;widgetsVersion=6a3ad42b224df%3A1778106238597&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"2115737793208926490\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/figure>\n<h3 id=\"h-fast-281-milliarden-euro-finanzschulden\" class=\"wp-block-heading\"><span dir=\"auto\">Finan\u010dn\u00ed dluh ve v\u00fd\u0161i t\u00e9m\u011b\u0159 281 miliard eur<\/span><\/h3>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Nejnov\u011bj\u0161\u00ed <\/span><a href=\"https:\/\/www.volkswagen-group.com\/de\/pressemitteilungen\/volkswagen-group-neunmonats-ergebnis-unterstreicht-sofortigen-handlungsdruck-20799\"><span dir=\"auto\">finan\u010dn\u00ed \u00fadaje<\/span><\/a><span dir=\"auto\"> poukazuj\u00ed na probl\u00e9my. Z tr\u017eeb ve v\u00fd\u0161i 233,4 miliardy eur zbylo mezi lednem a z\u00e1\u0159\u00edm pouze 71 milion\u016f eur jako provozn\u00ed zisk. Ve stejn\u00e9m obdob\u00ed lo\u0148sk\u00e9ho roku to bylo 5,4 miliardy eur. Po zdan\u011bn\u00ed \u010dinila ztr\u00e1ta 2,72 miliardy eur. I kdy\u017e vysok\u00e9 mimo\u0159\u00e1dn\u00e9 odpisy, v\u010detn\u011b 6,4 miliardy eur samotn\u00e9 goodwillu Porsche, negativn\u011b ovlivnily v\u00fdsledek, i p\u0159ed t\u011bmito mimo\u0159\u00e1dn\u00fdmi polo\u017ekami dos\u00e1hl Volkswagen provozn\u00ed n\u00e1vratnosti tr\u017eeb pouze 3,8 procenta. S\u00e1m finan\u010dn\u00ed \u0159editel Arno Antlitz to ozna\u010dil za nedostate\u010dn\u00e9 pro adekv\u00e1tn\u00ed investice do budoucnosti.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Z\u00e1rove\u0148 <\/span><a href=\"https:\/\/www.volkswagen-group.com\/de\/publikationen\/weitere\/zwischenbericht-januar-september-2026-3404\/download?disposition=attachment\"><span dir=\"auto\">hora dluh\u016f<\/span><\/a><span dir=\"auto\"> nad\u00e1le rostla. K 30. z\u00e1\u0159\u00ed 2026 \u010dinil finan\u010dn\u00ed dluh 280,8 miliardy eur, co\u017e je n\u00e1r\u016fst oproti 264,7 miliard\u00e1m eur na konci roku 2025. To je dal\u0161\u00edch 16,1 miliardy eur za pouh\u00fdch dev\u011bt m\u011bs\u00edc\u016f! Z toho je 135,2 miliardy eur klasifikov\u00e1no jako kr\u00e1tkodob\u00fd dluh. Velk\u00e1 \u010d\u00e1st p\u0159ipad\u00e1 na financov\u00e1n\u00ed vozidel a leasingov\u00e9 smlouvy, kter\u00e9 jsou (st\u00e1le) zaji\u0161t\u011bny odpov\u00eddaj\u00edc\u00edmi aktivy. Finan\u010dn\u00ed byznys v\u0161ak neust\u00e1le pot\u0159ebuje \u010derstv\u00fd kapit\u00e1l, solventn\u00ed z\u00e1kazn\u00edky a stabiln\u00ed hodnotu vozidel. Klesaj\u00edc\u00ed zisky v automobilov\u00e9m sektoru nebo vy\u0161\u0161\u00ed odpisy ojet\u00fdch leasingov\u00fdch vozidel \u010din\u00ed tento obrovsk\u00fd finan\u010dn\u00ed stroj je\u0161t\u011b zraniteln\u011bj\u0161\u00edm.<\/span><\/p>\n<h3 id=\"h-der-hohere-cashflow-hat-seinen-preis\" class=\"wp-block-heading\"><span dir=\"auto\">Vy\u0161\u0161\u00ed pen\u011b\u017en\u00ed tok m\u00e1 svou cenu<\/span><\/h3>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Obzvl\u00e1\u0161t\u011b v\u00fdmluvn\u00fd je v\u00fdvoj pen\u011b\u017en\u00edch tok\u016f. Provozn\u00ed pen\u011b\u017en\u00ed tok v automobilov\u00e9 divizi klesl za prvn\u00edch dev\u011bt m\u011bs\u00edc\u016f z 18,9 miliardy eur na 17,9 miliardy eur. Vyk\u00e1zan\u00fd \u010dist\u00fd pen\u011b\u017en\u00ed tok v\u0161ak vzrostl z 1,8 miliardy eur na 4,4 miliardy eur. Volkswagen dos\u00e1hl tohoto zlep\u0161en\u00ed p\u0159edev\u0161\u00edm d\u00edky ni\u017e\u0161\u00edm kapit\u00e1lov\u00fdm v\u00fddaj\u016fm a \u00faprav\u00e1m portfolia. Hotovostn\u00ed rezervy se \u0161et\u0159\u00ed, zat\u00edmco z prob\u00edhaj\u00edc\u00edch operac\u00ed p\u0159ich\u00e1z\u00ed m\u00e9n\u011b pen\u011bz.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Automobilov\u00e1 spole\u010dnost ale nem\u016f\u017ee jen tak l\u00e9ta \u0161krtat ve v\u00fddaj\u00edch na v\u00fdvoj. Nov\u00e9 modely vy\u017eaduj\u00ed miliardov\u00e9 investice a konkurence se nezastavuje. Zejm\u00e9na \u010d\u00edn\u0161t\u00ed v\u00fdrobci zaplavuj\u00ed trh st\u00e1le dostupn\u011bj\u0161\u00edmi a technologicky vysp\u011blej\u0161\u00edmi vozidly. Zat\u00edmco Volkswagen mus\u00ed sni\u017eovat n\u00e1klady, jeho konkurenti nad\u00e1le investuj\u00ed. Zastaven\u00fd projekt elektrick\u00e9ho Golfu ilustruje obt\u00ed\u017en\u00e1 rozhodnut\u00ed, kter\u00e1 nyn\u00ed mus\u00ed spole\u010dnost se s\u00eddlem ve Wolfsburgu u\u010dinit.<\/span><\/p>\n<h3 id=\"h-schon-kleine-ruckschlage-kosten-milliarden\" class=\"wp-block-heading\"><span dir=\"auto\">I drobn\u00e9 ne\u00fasp\u011bchy stoj\u00ed miliardy<\/span><\/h3>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Struktura n\u00e1klad\u016f se nav\u00edc pomalu p\u0159izp\u016fsobuje klesaj\u00edc\u00edm tr\u017eb\u00e1m. M\u00e9n\u011b vyroben\u00fdch vozidel znamen\u00e1 ni\u017e\u0161\u00ed n\u00e1klady na materi\u00e1l a komponenty. Tov\u00e1rny, za\u0159\u00edzen\u00ed, v\u00fdvojov\u00e9 t\u00fdmy a administrativa v\u0161ak st\u00e1le stoj\u00ed pen\u00edze. Dal\u0161\u00ed slevy jsou obzvl\u00e1\u0161t\u011b bolestiv\u00e9, proto\u017ee ka\u017ed\u00e9 sn\u00ed\u017een\u00ed ceny sni\u017euje tr\u017eby, zat\u00edmco v\u00fdrobn\u00ed n\u00e1klady se sotva odpov\u00eddaj\u00edc\u00edm zp\u016fsobem sni\u017euj\u00ed.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Rozsah dopadu ilustruje vlastn\u00ed model Report24: S 200 miliardami eur v dot\u010den\u00fdch ro\u010dn\u00edch tr\u017eb\u00e1ch, p\u011btiprocentn\u00edm poklesem objemu prodeje a dv\u011bma procenty dodate\u010dn\u00e9ho sn\u00ed\u017een\u00ed cen zb\u00fdvaj\u00edc\u00edch tr\u017eeb vedou pou\u017eit\u00e9 n\u00e1kladov\u00e9 p\u0159edpoklady k ro\u010dn\u00ed z\u00e1t\u011b\u017ei pen\u011b\u017en\u00edch tok\u016f ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 5,7 miliardy eur. Volkswagen o\u010dek\u00e1v\u00e1 v roce 2026 \u010dist\u00fd pen\u011b\u017en\u00ed tok z pr\u016fmyslu pouze ve v\u00fd\u0161i 3 a\u017e 6 miliard eur. I takov\u00e1 kombinace by mohla zcela spot\u0159ebovat o\u010dek\u00e1van\u00fd ro\u010dn\u00ed pen\u011b\u017en\u00ed p\u0159\u00edliv. V\u00fdpo\u010det je zalo\u017een na zve\u0159ejn\u011bn\u00fdch modelov\u00fdch p\u0159edpokladech, v\u010detn\u011b odhadovan\u00e9 p\u0159\u00edsp\u011bvkov\u00e9 mar\u017ee ve v\u00fd\u0161i 25 procent.<\/span><\/p>\n<h3 id=\"h-china-verliert-an-bedeutung-brussel-erhoht-den-druck\" class=\"wp-block-heading\"><span dir=\"auto\">\u010c\u00edna ztr\u00e1c\u00ed na v\u00fdznamu, Brusel zvy\u0161uje tlak<\/span><\/h3>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">V \u010c\u00edn\u011b, kter\u00e1 byla po mnoho let jedn\u00edm z nejd\u016fle\u017eit\u011bj\u0161\u00edch tahoun\u016f zisku Volkswagenu, spole\u010dnost v\u00fdrazn\u011b <\/span><a href=\"https:\/\/www.volkswagen-group.com\/en\/key-figures-18842\"><span dir=\"auto\">ztr\u00e1c\u00ed<\/span><\/a><span dir=\"auto\"> p\u016fdu pod nohama. Jej\u00ed spole\u010dn\u00e9 podniky tam prodaly mezi lednem a z\u00e1\u0159\u00edm 2026 p\u0159ibli\u017en\u011b o 35 procent m\u00e9n\u011b vozidel ne\u017e ve stejn\u00e9m obdob\u00ed p\u0159edchoz\u00edho roku. Jejich pod\u00edl na provozn\u00edm zisku p\u0159ipisovan\u00fd Volkswagenu se zhor\u0161il ze zisku 744 milion\u016f eur na ztr\u00e1tu 113 milion\u016f eur. Z\u00e1rove\u0148 se \u010d\u00edn\u0161t\u00ed v\u00fdrobci prosazuj\u00ed na evropsk\u00e9m trhu agresivn\u00ed cenou. V d\u016fsledku toho spole\u010dnost se s\u00eddlem ve Wolfsburgu ztr\u00e1c\u00ed p\u016fdu pod nohama v \u010c\u00edn\u011b, zat\u00edmco jej\u00ed \u010d\u00edn\u0161t\u00ed konkurenti st\u00e1le v\u00edce zpochyb\u0148uj\u00ed jej\u00ed podnik\u00e1n\u00ed i v Evrop\u011b.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Politicky <\/span><a href=\"https:\/\/climate.ec.europa.eu\/areas-action\/transport-decarbonisation\/road-transport\/cars-and-vans_en\"><span dir=\"auto\">motivovan\u00fd posun sm\u011brem k elektromobilit\u011b<\/span><\/a><span dir=\"auto\"> tento akt finan\u010dn\u00edho vyva\u017eov\u00e1n\u00ed zhor\u0161uje. C\u00edle pro emise CO2 v cel\u00e9 EU jsou od roku 2025 do roku 2029 93,6 gramu na kilometr a od roku 2030 klesnou na 49,5 gramu. Na z\u00e1klad\u011b t\u011bchto \u00fadaj\u016f se vypo\u010d\u00edt\u00e1vaj\u00ed specifick\u00e9 c\u00edle v\u00fdrobc\u016f. To vyv\u00edj\u00ed na Volkswagen zna\u010dn\u00fd tlak, aby roz\u0161i\u0159oval prodej vozidel s n\u00edzk\u00fdmi emisemi. Spole\u010dnost z\u00e1rove\u0148 uv\u00e1d\u00ed, \u017ee v sou\u010dasn\u00e9 dob\u011b z elektromobil\u016f vyd\u011bl\u00e1v\u00e1 m\u00e9n\u011b ne\u017e z vozidel se spalovac\u00edm motorem. Miliardov\u00e9 investice dosahuj\u00ed ni\u017e\u0161\u00edch mar\u017e\u00ed. Bruselsk\u00e1 na\u0159\u00edzen\u00ed zesiluj\u00ed tlak na p\u0159izp\u016fsoben\u00ed se, zat\u00edmco glob\u00e1ln\u00ed cenov\u00e1 konkurence ji\u017e nyn\u00ed sni\u017euje zisky.<\/span><\/p>\n<h3 id=\"h-das-leasinggeschaft-unter-druck\" class=\"wp-block-heading\"><span dir=\"auto\">Leasingov\u00fd byznys je pod tlakem<\/span><\/h3>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Dal\u0161\u00edm rizikem je obrovsk\u00fd leasingov\u00fd byznys. Spole\u010dnost Volkswagen Financial Services AG <\/span><a href=\"https:\/\/www.vwfs.com\/content\/dam\/bluelabel\/valid\/www-vwfs-com\/investor-relations\/vwfs-ag\/gesch%C3%A4ftsberichte\/20260316_DE_Gesch%C3%A4ftsbericht%202025_VW%20FS%20AG_Konzernabschluss.pdf\"><span dir=\"auto\">vyk\u00e1zala<\/span><\/a><span dir=\"auto\"> na konci roku 2025 garantovan\u00e9 z\u016fstatkov\u00e9 hodnoty vozidel ve v\u00fd\u0161i 64,1 miliardy eur, oproti 52,5 miliard\u00e1m eur v p\u0159edchoz\u00edm roce. Za t\u011bmito \u010d\u00e1stkami se skr\u00fdvaj\u00ed miliony vozidel, jejich\u017e budouc\u00ed prodejn\u00ed ceny jsou pro v\u00fdpo\u010dty kl\u00ed\u010dov\u00e9. Zejm\u00e9na star\u0161\u00ed elektromobily se dost\u00e1vaj\u00ed pod tlak kv\u016fli technologick\u00e9mu pokroku. Nov\u00e9 modely s lep\u0161\u00edmi bateriemi a del\u0161\u00edm dojezdem sni\u017euj\u00ed atraktivitu sv\u00fdch p\u0159edch\u016fdc\u016f. I relativn\u011b mal\u00e9 odchylky od o\u010dek\u00e1van\u00fdch z\u016fstatkov\u00fdch hodnot mohou u tak velk\u00fdch portfoli\u00ed dosahovat miliard.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Zat\u00ed\u017een\u00ed je ji\u017e patrn\u00e9 v \u010d\u00edslech. <\/span><a href=\"https:\/\/www.vwfs.com\/content\/dam\/bluelabel\/valid\/www-vwfs-com\/investor-relations\/vwfs-ag\/zwischenberichte-%26-halbjahresfinanzberichte\/englisch\/EN_HJFB%202026%20VW%20Financial%20Services%20AG.pdf\"><span dir=\"auto\">Provozn\u00ed zisk<\/span><\/a><span dir=\"auto\"> evropsk\u00e9 spole\u010dnosti poskytuj\u00edc\u00ed finan\u010dn\u00ed slu\u017eby klesl v prvn\u00ed polovin\u011b roku 2026 z 1,36 miliardy eur na 1,05 miliardy eur. \u010cist\u00fd zisk z leasingu klesl z 3,2 miliardy eur na 2,7 miliardy eur. Zat\u00edmco divize finan\u010dn\u00edch slu\u017eeb z\u016fst\u00e1v\u00e1 ziskov\u00e1, ni\u017e\u0161\u00ed z\u016fstatkov\u00e9 hodnoty vozidel a vy\u0161\u0161\u00ed n\u00e1klady na financov\u00e1n\u00ed by mohly jej\u00ed zisky d\u00e1le sn\u00ed\u017eit. Finan\u010dn\u00ed vazby na mate\u0159skou spole\u010dnost nav\u00edc existuj\u00ed prost\u0159ednictv\u00edm z\u00e1ru\u010dn\u00edch smluv a smluv o p\u0159evodu zisku. To znamen\u00e1, \u017ee pot\u00ed\u017ee v jedn\u00e9 obchodn\u00ed jednotce mohou v\u00e9st k dodate\u010dn\u00e9 z\u00e1t\u011b\u017ei jinde.<\/span><\/p>\n<h3 id=\"h-die-sanierung-kostet-milliarden\" class=\"wp-block-heading\"><span dir=\"auto\">Rekonstrukce bude st\u00e1t miliardy<\/span><\/h3>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Z\u00e1rove\u0148 pr\u016fmyslov\u00e1 transformace spolkne obrovsk\u00e9 \u010d\u00e1stky. V\u00fdrobn\u00ed kapacity se mus\u00ed sn\u00ed\u017eit, zam\u011bstnanci dostat odstupn\u00e9 a z\u00e1vody reorganizovat. Ratingov\u00e1 agentura Fitch o\u010dek\u00e1v\u00e1 n\u00e1klady na restrukturalizaci ve v\u00fd\u0161i p\u0159ibli\u017en\u011b t\u0159\u00ed miliard eur ro\u010dn\u011b v letech 2027 a\u017e 2029. To je dev\u011bt miliard eur b\u011bhem t\u0159\u00ed let, p\u0159i\u010dem\u017e o\u010dek\u00e1van\u00e9 \u00faspory se projev\u00ed pouze postupn\u011b. Volkswagen z\u00e1rove\u0148 sn\u00ed\u017eil sv\u016fj p\u011btilet\u00fd investi\u010dn\u00ed program ze 160 na 135 miliard eur.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Agentura Fitch <\/span><a href=\"https:\/\/uploads.vw-mms.de\/system\/production\/documents\/cws\/003\/406\/file_en\/a06d6cb6df48fe36d3d17161453c80424d13acac\/2026-10-20-volkswagen-group-fitch-rating-report-en.pdf?1793290828=\"><span dir=\"auto\">si ponech\u00e1v\u00e1<\/span><\/a><span dir=\"auto\"> dlouhodob\u00fd rating A-, ale s negativn\u00edm v\u00fdhledem. Agentura vid\u00ed v realizaci restrukturalizace zna\u010dn\u00e1 rizika a o\u010dek\u00e1v\u00e1 pouze pomal\u00e9 o\u017eiven\u00ed ziskovosti. Spole\u010dnost m\u00e1 st\u00e1le zna\u010dn\u00e9 finan\u010dn\u00ed rezervy. Ka\u017ed\u00fd dal\u0161\u00ed schodek v \u0159\u00e1du miliard dolar\u016f v\u0161ak sni\u017euje prostor pro nov\u00e9 modely, modern\u00ed tov\u00e1rny a boj o pod\u00edl na trhu. Dal\u0161\u00ed odklady opat\u0159en\u00ed na sni\u017eov\u00e1n\u00ed n\u00e1klad\u016f by proto byly drah\u00e9.<\/span><\/p>\n<h3 id=\"h-wie-lange-reichen-die-reserven\" class=\"wp-block-heading\"><span dir=\"auto\">Jak dlouho vydr\u017e\u00ed rezervy?<\/span><\/h3>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Na\u0161e komplexn\u00ed finan\u010dn\u00ed anal\u00fdza Report24 zkoum\u00e1 \u010dty\u0159i mo\u017en\u00e9 sc\u00e9n\u00e1\u0159e do konce roku 2029. V\u00fdchoz\u00edm bodem je p\u0159edpokl\u00e1dan\u00e1 \u010dist\u00e1 pr\u016fmyslov\u00e1 likvidita ve v\u00fd\u0161i 33 miliard EUR na konci roku 2026. Se stabilizaci by rezervy mohly vzr\u016fst na 46,5 miliardy EUR. Dodate\u010dn\u00fd tlak na ceny a prodeje by je sn\u00ed\u017eil na 31,2 miliardy EUR. V p\u0159\u00edpad\u011b v\u00e1\u017en\u00e9 restrukturaliza\u010dn\u00ed krize by z\u016fstalo pouze 22,5 miliardy EUR. Pouze kombinovan\u00fd sc\u00e9n\u00e1\u0159 v\u00e1\u017en\u00e9 z\u00e1t\u011b\u017ee by zmen\u0161il finan\u010dn\u00ed rezervu na p\u0159ibli\u017en\u011b 1,6 miliardy EUR.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Tento posledn\u00ed sc\u00e9n\u00e1\u0159 p\u0159edpokl\u00e1d\u00e1 pokles tr\u017eeb o osm a\u017e deset procent, dodate\u010dn\u00e9 slevy o t\u0159i a\u017e \u010dty\u0159i procenta, zpo\u017ed\u011bn\u00e9 \u00faspory n\u00e1klad\u016f a dal\u0161\u00ed z\u00e1t\u011b\u017ee. Pat\u0159\u00ed mezi n\u011b p\u011bt miliard eur v hypotetick\u00fdch platb\u00e1ch pomoci divizi finan\u010dn\u00edch slu\u017eeb a jedna miliarda eur v dodate\u010dn\u00fdch n\u00e1kladech na financov\u00e1n\u00ed. Model tak popisuje potenci\u00e1ln\u011b z\u00e1va\u017enou kombinaci kriz\u00ed. Volkswagen by tomu mohl \u010delit prodejem pod\u00edl\u016f, nov\u00fdmi \u00fav\u011bry nebo dodate\u010dn\u00fdmi opat\u0159en\u00edmi na sni\u017eov\u00e1n\u00ed n\u00e1klad\u016f. Takov\u00e1 opat\u0159en\u00ed by v\u0161ak mohla sn\u00ed\u017eit budouc\u00ed ziskovost nebo vy\u010derpat pr\u016fmyslov\u00e9 zdroje.<\/span><\/p>\n<h3 id=\"h-wenn-der-sparkurs-die-zukunft-auffrisst\" class=\"wp-block-heading\"><span dir=\"auto\">Kdy\u017e \u00fasporn\u00e1 opat\u0159en\u00ed pohlt\u00ed budoucnost<\/span><\/h3>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Volkswagen se dok\u00e1\u017ee finan\u010dn\u011b udr\u017eet po mnoho let, a p\u0159esto ztrat\u00ed zna\u010dnou \u010d\u00e1st sv\u00e9 pr\u016fmyslov\u00e9 s\u00edly. Pokud spole\u010dnost prod\u00e1 ziskov\u00e9 obchodn\u00ed jednotky, ztrat\u00ed sv\u00e9 budouc\u00ed zisky. Uzav\u0159en\u00e9 tov\u00e1rny je obt\u00ed\u017en\u00e9 rychle znovu spustit v p\u0159\u00edpad\u011b mo\u017en\u00e9ho pozd\u011bj\u0161\u00edho o\u017eiven\u00ed. Odkl\u00e1d\u00e1n\u00ed nov\u00fdch model\u016f d\u00e1v\u00e1 konkurenci dodate\u010dn\u00fd \u010das. Opat\u0159en\u00ed na sni\u017eov\u00e1n\u00ed n\u00e1klad\u016f by proto mohla zhor\u0161it pr\u00e1v\u011b ty probl\u00e9my, kter\u00e9 maj\u00ed \u0159e\u0161it.<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">D\u016fsledky pro N\u011bmecko by byly obrovsk\u00e9. Tis\u00edce dodavatel\u016f a poskytovatel\u016f slu\u017eeb jsou z\u00e1visl\u00e9 na objedn\u00e1vk\u00e1ch od korporace a jej\u00edch zna\u010dek. To, co se ve Wolfsburgu zaznamen\u00e1v\u00e1 jako \u00faspory, by mohlo jinde st\u00e1t pracovn\u00ed m\u00edsta a cel\u00e9 podniky. Volkswagen nyn\u00ed dokonce sni\u017euje n\u00e1klady na v\u00fdvoj dal\u0161\u00edho Golfu. Pr\u00e1v\u011b model, kter\u00fd po generace zt\u011bles\u0148oval pr\u016fmyslov\u00fd \u00fasp\u011bch zna\u010dky, je na spadnut\u00ed. K \u010demu jsou u\u0161et\u0159en\u00e9 miliardy, kdy\u017e znamenaj\u00ed, \u017ee se se\u0161rotuj\u00ed pr\u00e1v\u011b ta vozidla, kter\u00e1 maj\u00ed tyto miliardy v budoucnu generovat?<\/span><\/p>\n<p class=\"wp-block-paragraph\"><span dir=\"auto\">Kompletn\u00ed 19str\u00e1nkov\u00e1 finan\u010dn\u00ed anal\u00fdza Report24 obsahuje podrobn\u00e9 \u00fadaje z rozvahy, v\u00fdpo\u010dty n\u00e1klad\u016f, \u010dty\u0159i krizov\u00e9 sc\u00e9n\u00e1\u0159e do roku 2029, splatnosti dluhopis\u016f, souvislosti z\u00e1vazk\u016f a rozs\u00e1hl\u00e9 podklady. <\/span><a href=\"https:\/\/report24.news\/wp-content\/uploads\/2026\/10\/Report24_Volkswagen_Komplettanalyse_Heinz_Steiner.pdf\"><span dir=\"auto\">Kompletn\u00ed studie je k dispozici zde ve form\u00e1tu PDF<\/span><\/a><span dir=\"auto\"> .<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1185\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2021\/04\/kuryr-podpis.png\" alt=\"\" width=\"84\" height=\"24\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Volkswagen dokonce sni\u017euje n\u00e1klady na v\u00fdvoj sv\u00e9ho budouc\u00edho elektrick\u00e9ho Golfu. Z\u00e1rove\u0148 je spole\u010dnost zat\u00ed\u017eena finan\u010dn\u00edm&#8230;<\/p>\n","protected":false},"author":2,"featured_media":119976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1181,45,371,682],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/119975"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=119975"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/119975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/119976"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=119975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=119975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=119975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}