VOlKSWAGEN GROUP

Porsche Experience Center Hockenheimring 21 June 2023

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Disclaimer

The following presentations as well as remarks/comments and explanations in this context contain forward-looking statements on the business development of the Volkswagen Group. These statements are based on assumptions relating to the development of the economic, political and legal environment in individual countries, economic regions and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given entail a degree of risk, and actual developments may differ from those forecast. All figures are rounded, so minor discrepancies may arise from addition of these amounts.

At the time of preparing these presentations, it is not yet possible to conclusively assess the specific effects of the latest developments in the Russia-Ukraine conflict on the Volkswagen Group’s business, nor is it possible to predict with sufficient certainty to what extent further escalation of the Russia-Ukraine conflict will impact on the global economy and growth in the industry in fiscal year 2023.

Any changes in significant parameters relating to our key sales markets, or any significant shifts in exchange rates, energy and other commodities or the supply with parts relevant to the Volkswagen Group will have a corresponding effect on the development of our business. In addition, there may also be departures from our expected business development if the assessments of the factors influencing sustainable value enhancement and of risks and opportunities presented develop in a way other than we are currently expecting, or if additional risks and opportunities or other factors emerge that affect the development of our business.

We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded.

This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.

Note: The figures for fuel consumption, electric range, energy consumption and CO2 emissions are included in the glossary.

Today’s presenters

Oliver Blume

Volkswagen Group CEO since 09/2022

Porsche CEO since 10/2015

Arno Antlitz

Volkswagen Group COO since 09/2022

Volkswagen Group CFO since 04/2021

Macroeconomic backdrop & technology transformation

Economic uncertainty

From global- to regionalization

BEV & digitalization reshaping industry

New entrants Y competitors

Status quo assessment

Today’s strengths

Portfolio of exciting & complementary brands

Leading scale & global presence

Entrepreneurial team ready to execute

Today’s challenges

Transitioning technology base

Group complexity

Fixed costs & capital intensity

Our promise

New team: Entrepreneurial spirit with clear sustainability commitment

2 Technology at scale: Speed, agility & performance

Unleashed brands: Unrivalled portfolio with focus on entrepreneurship

4 Regional leadership: Winning globally with tailored regional strategies

5 New steering model: Fostering entrepreneurship & faster decision-making

6 Financials: Cash flow, profitability & capital efficiency at centre stage

NEW TEAM

Entrepreneurial spirit with c sustainability commitment

TAGHeUer

Entrepreneurial spirit with clear sustainability commitment

New management team

New steering framework

New leadership principles

First strategic steps successfully executed

New executive team to master the transformation

Gunnar
Kilian
Group HR,
Brand Group Trucks

Markus

Duesmann Brand Group Progressive & CEO Audi

Arno

Antlitz Group CFO & COO

Hauke

Stars Group IT

Manfred Döss Group Integrity & Legal Affairs

Thomas Schmall-von Westerholt Group Technology

Ralf Brandstätter Group China

Oliver
Blume
Group CEO & Brand
Group Sport Luxury
Thomas
Schäfer
Brand Group Core
& CEO VW brand

Dual roles to expand know-how from brands to Group level

Christian Vollmer Production

Dirk Große-Loheide Procurement

Hildegard
Wortmann
Sales
0000

Michael Neumayer Quality 0000

New leadership principles

concept

‘Dual role’

Michael
Steiner
Development

Michael Mauer Design

Sebastian
Rudolph
Communication

Enhanced coordination ‘Best owner’ approach

Cornerstones of Volkswagen Group’s operating model

Brand identity

Differentiated designs

Appealing products & UX

Commitment to quality

Customer centricity

Group scale

Combined technology

Standardization

Cost leadership

Speed, agility & performance

Planning round Products

Systematic approach: TOP 10 Group program

China

NAR

CARIAD

Platform / Technology

Battery & Charging

Mobility Solutions

Sustainability

Capital Market

Implementation of measures reflected in improved ESG ratings

Agencies

MSCI

Sustainalytics1

ISS ESG

2020

CCC

2023

C+

Target 2025

BBB

<22

C+

Status

\~10% BEV

deliveries

target share2

30% emission reduction by 2030

on track

‘PAI‘3

Scorecard

published

Independent Xinjiang audit planned

NEW TEAM: Key takeaways

New management team with a new spirit

Entrepreneurship, accountability & execution focus

New operating model combining brand identity & Group scale

Accelerated decision making – many critical topics addressed

Sustainability: implementation in full swing

… and there is more to come!

TECHNOLOGY AT SCALE

Speed, agility & performance

New steering principles

Scale for cost competitiveness

Focus on speed, agility & performance

Four key technology areas

Four key technology areas centered around customer needs

Architecture

SSP as single

future backbone

Battery

Unified cell with tailored regional approach

Software

Platform scale & speed

through smart partnerships

Mobility solutions

One platform for all mobility needs

Clear path to BEV competitiveness & one architecture

SSPSSP

One BEV architecture

2 BEV architectures

3 “Pioneer” BEV architectures

4 ICE architectures

2007 2019

Today: Complexity due to multiple platforms

2024/25

BEV competitiveness with MEB+ & PPE

Future: SSP as single backbone

Dimensions	MEB	2024+ PPE	2025+ MEB+	2026+ SSP
Main segments	A-B	B-D	A0-B	A0-D
Engine power, kW	110-220	140-700	110-290	120-1,300
Charging time, min1	~35	21	~20	~12
ADAS	Up to L2+	L2++ & more	Up to L2++	Up to L4
Margin parity²	Some	Selective	Selective	Most

Advancements along our path to one architecture

More than 450 GWh Volkswagen Group demand in 2030

Key pillars of our battery strategy

Superior & flexible Unified Cell

Regional sourcing strategy

Tailored
mix of
mak e & buy

PowerCo: Competitive supplier

Vertical integration with partners

Unified Cell: Powering up to 80% of all our BEVs in 2030

Cost reduction of up to 50%1 through strategic initiatives (e.g. dry coating)

Adaptable to all leading chemistries

Tailored to segments & architectures

PowerCo: Competitive supplier for NAR & Europe

PowerCo

-30 % Capex per GWh vs. state-of-the-art

3 factories totalling \~200 GWh

Optionality for stage-gated ramp-up

Vertical integration: Balanced approach to secure supply

Instruments

Financial hedging

Long-term agreements

Investments &partnerships

Already secured until 20301

Up to \~30% for all critical BEV raw materials

CARIAD: Plan for comprehensive re-alignment

Restructuring & stronger ties to lead brands

Accelerated execution of E³ 1.2 platform

Structural
focus on SDV1
for E3 2.0

Intensified technology partnerships

New leadership & collaboration model

E3: Restructuring along software platforms

E³ 1.1

E³ 1.2

CARIAD

Chief Launch Officer

Chief SDV Officer

Lifecycle

Launch

SDV Steering Board led by Oliver Blume & Michael Steiner

E³ 2.0 new

SDV Lead & Vehicle Lead

Strong partners

0000

SDV Lead & Vehicle Lead

Next-Gen SDV Architecture

Partners: Global & regional partnerships

Global

HARMAN

Apps Q4/2019

QualcoM

Semiconductors Q2/2022

BOSCH

ADAS Q1/2022

n mobileye

ADAS Q2/2023

China

Horizon Robotics

ADAS Q4/2022

ThunderSoft

Connectivity Infotainment Q2/2023

TECHNOLOGY AT SCALE: Key takeaways

New steering based on best owner approach & partnerships

Superior architecture with SSP as single future backbone

Industry-leading battery strategy with full optionality

Reset of software strategy to deliver competitive products

One mobility platform positioned to capture future upside

3 UNLEASHED BRANDS

Unrivalled portfolio with

focus on entrepreneurship

DAR8226E

Unrivalled portfolio with focus on entrepreneurship

Unmatched brand portfolio

Momentum in product pipeline

Coherent design strategy

Four entrepreneurial brand groups

Brand Group Core

SKODA SEAT CUPRA

Commercial Vehicles

VW brand: ACCELERATE FORWARD | Road to 6.5

3.6%

Return on Sales 2022

Product positioning (mix, content, pricing)

Cost initiatives (material, fixed, production, sales, R&D costs)

6.5%

Return on Sales 2026

Structural synergies (overhead, distribution, new business opportunities)

Specific goals

aimed at cost &

complexity reduction

\~€10bn

sustainable

improvement

To be developed with employee representatives involved

Financial targets – Brand Group Core

Key Performance Indicator

Sales Revenue

Return on Sales 1

\~€114bn

Cash Conversion Rate 2

Last Reported 2022

3.6 %

30 %

BEV Penetration 3

\~8 %

Mid-term 2027

Strategic Target 2030

\~8 %

8 %

\~60 %

60 %

\~35 %

50 %

Brand Group Progressive

BENTLEY

Financial targets – Brand Group Progressive

Key Performance Indicator

Sales Revenue

Return on Sales 1

Last Reported 2022

Cash Conversion Rate 3

\~€62bn

12.3 %
10.5%2

BEV Penetration 4

64 %

\~11 %

Mid-term 2027

\~12 %

\~75 %

Strategic Target 2030

\~40 %

\~14 %

\~75 %

Brand Group Sport Luxury

PORSCHE

Financial targets – Brand Group Sport Luxury

Key Performance Indicator

Sales Revenue

Return on Sales 2,3

Cash Conversion Rate 4,5

BEV Penetration 8

Last Reported 2022

\~€35bn

18.0 %

60 %

\~11 %

Mid-term

17-19 %

60 % 6

Strategic Target

20 %

n/a 7

50 %

80 %

Brand Group Trucks

SCANIA

NAVISTAR

Truck Bus

Financial targets – Brand Group Trucks

Key PerformanceIndicator	Last Reported2022	Mid-term	Strategic Target
	Last Reported2022	Mid-term	Strategic Target
Sales Revenue1	~€40bn

Return on Sales²	4.0 %	~9%3	~9 %³
Cash Conversion Rate4.5
	n/a	~70 %	~70 %

UNLEASHED BRANDS: Key takeaways

Four efficient & entrepreneurial brand groups

Achieve 6.5% RoS for VW brand in 2026

Realize full potential of Audi in electrified era

Continue to exploit #1 position in luxury

Further execution on TRATON’s strategic & financial trajectory

4

REGIONAL LEADERSHIP

Winning globally with tailored regional strategies

Global & regional powerhouse

Extend leading position in Europe

1 international OEM in China

Double-down efforts for NAR profit pools

Strategic priorities

#1 international OEM & among TOP 3 in Chinese market

团（中国）VOLKSWAGENUP CHI

Tailored,
superior ICV
product offerings

Target proportionate OP mid-term >€2.5bn1

Strategic priorities

Sustain #1 in home market

Align invest with profit pool

Adjust production capacity

Digitize dealer network

Scout to complement the product portfolio Expected US market profit pools in 2030

Bodystyle

Pickup

SUV

Sedan

Hatch

Most promising future profit pools

Dedicated SUV & pick-up portfolio

Addressed by Volkswagen Group
Addressed by Scout
Unaddressed

Segment

Revival of iconic Scout brand

Strategic priorities

Production plant Local hub

Seattle (Cloud Computing)

Silicon Valley (CARIAD)

Ontario (Battery)

Chattanooga

Herndon (NAR HQ)

South Carolina

Mexico

Tailored product portfolio

New regional governance

Localization of value chain

New plant in South Carolina

REGIONAL LEADERSHIP: Key takeaways4

Leading global scale & regionally tailored strategies

China: #1 international OEM – today & tomorrow

Europe: #1 in home market & reduced asset intensity

North America: Address untapped market potential

Overseas: Seeking additional profit pools worldwide

NEW STEERING MODEL Fostering entrepreneurship & faster decision-making

Fostering entrepreneurship & faster decision-making

Legacy paradigm

"Outgrow fixed costs"

Clear focus on profitability, fixed costs cash flow

Capital efficiency & disciplined investments

Focused

approach to equity investments

New steering model “Value over volume”

Aligned
management
incentivi
zation

Based on Integrity & corporate values

Platforms fostering group-wide cooperation

Core

Progressive

Sport Luxury

Trucks

Architecture

Software

Battery, Charging & Energy

Volkswagen Group Mobility

Group sets frame for interplay

Platforms provide leading technology at competitive terms

re-designed

re-aligned

expanded

developed

Brand groups to offer superior products & deliver scale benefits

New Core KPI-Set to unleash entrepreneurial spirit

Principles

Value over volume

Profitability focus & cost discipline

Cash flow focus

Capital efficiency

Sales revenue growth (in % p.a.)

Operating result1 (in €bn)

Net cash flow2(in €bn)

Investment ratio3 (in %)

Core KPI-Set

Return on Sales1 (in %)

Cash Conversion Rate4 (in %)

ROI2 (in %)

Steering towards benchmark profitability & CCR Return on Sales1 & Cash Conversion Rate2 (FY2022)

VW Peers CCR2%

ICLUSTRATIVE

Benchmark as minimum ambition

Group-wide

performance programs

Functional structural dimension

All brands started ambitious performance programs

RoS targets

Core

Progressive

6.5% Accelerate forward

Trucks1

SKODA
10%
Next Level
Efficiency+

Sport Luxury

Commerclal Whtleb 6% GRIP 2030

CUPRR
10%
Go
to 10%

14% Road to 14

0000

25%

13%

BENTLEY

20%

14%

20%

20% Road to 20

SCANIA 12% Efficiency initiatives

NAVISTAR

9% Efficiency initiatives

8% Efficiency initiatives

Truck
Bua
8%

Efficiency initiatives

Structural measures to optimize capacity utilization in Europe

ICLUSTRATIVE

Aligned with realistic volume assumptions

Realignment towards permanent workforces

Reduce factory capacity by net \~10%1

Clear capital allocation strategy across functions & brands

ICLUSTRATIVE

Capex & R&D combined for the Automotive Division as % of Automotive revenue; cum. over the mid-term1

Σ \~12% (€180bn)

Temporary additional investments

Continuous baseline

\~1%

\~9%

Competitive top-down capital allocation

Focus on core brands & competitiveness

Group strategic topics (e.g. Growth NAR)

Batteries

Competitiveness

Base

Batteries & strategic Group topics temporarily ‘on top’

Tangible levers for margin parity on selected projects

ICE margin

Declining demand for ICE

Tightening Emissions Regulations / Euro 7

ICE complexity reduction

Efficiencies from multi-brand factories

Tax Disadvantages

MQB substance & scale

ICLUSTRATIVE

Ambition1:

Closing the margin gap in

2026

BEV margin

Lower R&D with platform synergies

Battery cost savings

Scale & lower factory costs

Active equity investment management approach for NCS1

\~ €15bn 250

Book value

Non-controlled shareholdings on Group level

Clusters of strategic financial investments

Best-owner principle as guiding element

Clear reporting lines for each asset cluster

5 NEW STEERING MODEL: Key takeaways

Leadership principles translated into financial framework

Brand groups target benchmark profitability & cash flow

Capital allocation with clear orientation on profit pools

Active equity investments management approach

Incentivization aligned to brand & brand group performance

6 FINANCIALS

Cash flow, profitability & capital efficiency at centre stage

Profitability track record & very stable balance sheet

Delivery of financial targets plus active approach to NCS

Strong start into 2023

Focus on attractive shareholder returns

Volkswagen Group financial targets

Group revenue (in % p.a. – CAGR from anchor year)

Group Operating Profit1

Group Return on Sales1

Automotive Investment ratio2,5

Automotive CCR3,4,5

Automotive Net cash flow5

Last disclosure 2022

€279.2bn

€22.5bn

8.1%

13.7%

28.9%

Guidance as anchor 2023

7.5-8.5%

€4.8bn

€307-321bn

\~14.5%

Mid-term 2027

Strategic Target 2030

\~35%

8-10%

5-7%

In-line with industry

€6-8bn

9-11%

<11%

\~9%

\~60%

60%

Tangible levers to improve cash flow generation

Cash Conversion Rate3,4

Automotive Investment 2,4

13.7%

\~14.5%

<11%

ICLUSTRATIVE

Group 一 Return on Sales1

\~9%

8.1%

2022A

7.5-8.5%

8-10%

2023E

Mid-Term

9-11%

Strategic Target

Brand specific margin targets

Group RoS

expansion

Focused investment strategy

Strict working cap. management

Supported by targets on individual brand group level

Brand groups

Core

Mid- Strategic term Target

Progressive

Mid- Strategic term Target

Sport Luxury1

Mid- Strategic term Target

Trucks1

Mid- Strategic term Target

Return on Sales2

Cash Conversion Rate3

9%6

75%

60%5

70%7

BEV Share8

[%]

40%

50%9 80%9

Tailored targets for PowerCo & CARIAD

Technology Platforms

CARIAD

Strategic Target

Sales Revenues1

€20bn

€4bn

Operating Result2

10%

OP break-even

2029

2027

Cash flow break-even

2030

2028

Shareholders to participate in Group success Dividend per preferred share (in €) 1 & payout ratio (as % of Group net income)

FINANCIALS: Key takeaways

Active management of transformation from position of strength

Clear commitment to achieving financial targets

Disciplined spending & deliver attractive shareholder returns

Ambition of minimum dividend payout of 30%

NEWTEAM

Entrepreneurial spirit with c sustainabilitycommitment

TECHNOLOGY ATSCALE Speedagility&once

UNLEASHED BRANDS Unrivalled portfolio with focus on entrepreneurship

REGIONALLEADERSHIP

Winning globally with tailored regional strategies

NEWSTEERINGMODEL Fostering entrepreneurship& fasterdecision-making

FINANCIALS

Cashflow,profitability&capital efficiencyatcentrestage

FIVE REASONS Why the Volkswagen Group story is already compelling

Unique brand portfolio with a large global customer base

Credible concept for a successful transformation

Cost advantages through economies of scale in technology fields3

Attractive financial outlook for cash flow, profit & margins

New steering model: focus on entrepreneurship & capital market5

VOlKSWAGEN GROUP

Porsche Experience Center Hockenheimring 21 June 2023

Model VW brand VW Golf (p. 44)	Fuel consumption combined (WLTP)	Electrical consumption combined (WLTP)	CO2 emissions combined (WLTP)	Electric range combined (WLTP)
	6.3-4.3 l/100km	n/a 17.7-16.6 kWh/100 km 0 g/km	143-106 g/km n/a	361-531 km
VW ID.4 (p. 29)	n/a
Volkswagen ID.72 (p. 32,43,)	n/a	n/a	n/a	n/a

Range / consumptions / emissions

Model

Fuel consumption combined (WLTP)

CO2 emissions combined (WLTP)

Electric range combined (WLTP)

Skoda

Electrical consumption combined (WLTP)

Skoda Enyaq Coupé RS iV n/a (p. 29, 40)

17.5–16.9 kWh/100 km 0 g/km

502-517 km

Range / consumptions / emissions

Model

Fuel consumption combined (WLTP)

Cupra

Cupra Born 77 (p. 59, 68, 93)

Electrical consumption combined (WLTP)

CO emissions combined (WLTP)

Electric range combined (WLTP)

17.5-15.7 kWh/100 km 0 g/km

496-552 km

Range / consumptions / emissions

Model

Fuel consumption combined (WLTP)

VW Commercial Vehicles

Electric range combined (WLTP)

ID. Buzz Pro n/a

(p. 1, 29, 40, 69)

Electrical consumption combined (WLTP)

CO emissions combined (WLTP)

21.8-20.6 kWh/100 km 0 g/km

402-423 km

Range / consumptions / emissions

Model

Audi

Fuel consumption combined (WLTP)

Audi e-tron GT (p. 1, 69) n/a

Audi Q8 e-tron (p. 29, 40) n/a

Electrical consumption combined (WLTP)

CO2 emissions combined (WLTP)

21.6-19.6 kWh/100 km 0 g/km

Electric range combined (WLTP)

24.4-20.1 kWh/100 km 0 g/km

458-502 km

Up to 582 km

Range / consumptions / emissions

Model

Fuel consumption combined (WLTP)

Porsche

Model Range Taycan n/a (p. 1, 69)

Model Range Panamera 3.0-2.0 l/100 km E-Hybrid (p. 29, 40)

Electrical consumption combined (WLTP)

CO2 emissions combined (WLTP)

24.1-19.6 kWh/100 km 0 g/km

Electric range combined (WLTP)

24.9-22.6 kWh/100 km 69-45 g/km

370-512 km

49-54 km

Range / consumptions / emissions

Weitere Informationen zum offiziellen Kraftstoffverbrauch und den offiziellen spezifischen CO₂-Emissionen neuer Personenkraftwagen können dem "Leitfaden über den Kraftstoffverbrauch, die CO₂-Emissionen und den Stromverbrauch neuer Personenkraftwagen" entnommen werden, der an allen Verkaufsstellen und bei DAT (Deutsche Automobil Treuhand GmbH, Hellmuth-Hirth-Str. 1, 73760 Ostfildern, https://www.dat.de/co2/) unentgeltlich erhältlich ist.

A guide on fuel economy, CO2 emissions and electric power consumption which contains data for all new passenger car models is available at any point of sale free of charge and from DAT (Deutsche Automobil Treuhand GmbH, Hellmuth-Hirth Str. 1, 73760 Ostfildern-Scharnhausen, Germany, https://www.dat.de/co2/)

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Disclaimer

Today’s presenters

Macroeconomic backdrop & technology transformation

Today’s strengths

NEW TEAM

Entrepreneurial spirit with c sustainability commitment

Entrepreneurial spirit with clear sustainability commitment

New executive team to master the transformation

Dual roles to expand know-how from brands to Group level

Cornerstones of Volkswagen Group’s operating model

Systematic approach: TOP 10 Group program

Implementation of measures reflected in improved ESG ratings

TECHNOLOGY AT SCALE

Speed, agility & performance

Focus on speed, agility & performance

Four key technology areas centered around customer needs

Architecture

Battery

Software

Mobility solutions

Clear path to BEV competitiveness & one architecture

2 BEV architectures

3 “Pioneer” BEV architectures

4 ICE architectures

Advancements along our path to one architecture

More than 450 GWh Volkswagen Group demand in 2030

Key pillars of our battery strategy

Unified Cell: Powering up to 80% of all our BEVs in 2030

PowerCo: Competitive supplier for NAR & Europe

PowerCo

Vertical integration: Balanced approach to secure supply

Instruments

Already secured until 20301

CARIAD: Plan for comprehensive re-alignment

Partners: Global & regional partnerships

3

UNLEASHED BRANDS

Unrivalled portfolio with focus on entrepreneurship

Brand Group Core

SKODA SEAT CUPRA

Financial targets – Brand Group Core

Brand Group Progressive

BENTLEY

Financial targets – Brand Group Progressive

Financial targets – Brand Group Sport Luxury

NAVISTAR

Financial targets – Brand Group Trucks

4

REGIONAL LEADERSHIP

Winning globally with tailored regional strategies

1 international OEM in China

Strategic priorities

#1 international OEM & among TOP 3 in Chinese market

Strategic priorities

Scout to complement the product portfolio Expected US market profit pools in 2030

Strategic priorities

Production plant Local hub

NEW STEERING MODEL Fostering entrepreneurship & faster decision-making

Fostering entrepreneurship & faster decision-making

New steering model “Value over volume”

Platforms fostering group-wide cooperation

New Core KPI-Set to unleash entrepreneurial spirit

Core KPI-Set

Steering towards benchmark profitability & CCR Return on Sales1 & Cash Conversion Rate2 (FY2022)

All brands started ambitious performance programs

Structural measures to optimize capacity utilization in Europe

Clear capital allocation strategy across functions & brands

ICLUSTRATIVE

Tangible levers for margin parity on selected projects

BEV margin

Active equity investment management approach for NCS1

\~ €15bn 250

Non-controlled shareholdings on Group level

6

FINANCIALS

Cash flow, profitability & capital efficiency at centre stage

Volkswagen Group financial targets

Tangible levers to improve cash flow generation

Supported by targets on individual brand group level

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Titel (Arial 32 pt plain, top-aligned)