Leading the Transformation

Investor, Analyst and Media Call H1 2022

July 28, 2022

Investor, Analyst and Media Call H1 2022

Arno Antlitz

Rolf Woller

Nicole Mommsen

Chief Financial

Head of

Head of

Officer

Group Treasury

Group Communications

Volkswagen AG

and

Volkswagen AG

Investor Relations

Volkswagen AG

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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.

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 2022.

Any changes in significant parameters relating to our key sales markets, or any significant shifts in exchange rates, energy and other commodities or commodities relevant to the Volkswagen Group or the supply with parts, or deviations in the actual effects of the Covid-19 pandemic from the scenario presented will have a corresponding effect on the development of our business. In addition, there may 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 Such statements are valid on the date of publication and can be superseded.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.

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Key Highlights H1 2022

ID. Buzz

A6 Avant e-tron

Enyaq iV Coupé

Taycan GTS

ID.5 Pro

Sport Turismo

  • Continued robustness demonstrated despite ongoing semiconductor shortage, the Ukraine war and Covid-19 impacts
    • Revenues almost stable (adj. for first time consolidation of Navistar totaling € 4.7bn) despite decline in unit sales (-654K)
    • Operating profit at € 13bn / 10% operating margin
    • Overhead costs fully in our sight while keeping investments in transformation high and stay disciplined on capex spending
    • Premium/Sport continued to deliver strong results, volume brand group with solid performance
  • Launch of the new battery company PowerCo and start of construction for the Group's first cell factory in Salzgitter
  • Europcar transaction successfully closed
  • Start of production in Emden, Hanover and Chattanooga (US) to accelerate BEV volumes in second half
  • Solid balance sheet structure and comfortable level of liquidity maintained despite investments and dividend payment

ID.5 Pro: Power consumption combined: 15.9-14.6 kWh/100km (NEDC), CO2 emissions combined: 0g/km, CO2 efficiency class: A+++

Škoda Enyaq iV Coupé: Power consumption combined: 13.6 kWh/100km (NEDC), CO2 emissions combined: 0g/km, CO2 efficiency class: A+++

Porsche Taycan GTS Sport Turismo: Power consumption combined: 23.9 - 19.6 /100km (NEDC), CO2 emissions combined: 0g/km, CO2 efficiency class: A+++

Audi A6 Avant e-tron: Concept car

ID.Buzz: Vehicle is a near-production concept car

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Deliveries in 2022 improving towards end of Q2

Deliveries Volkswagen Group

Key Takeaways

['000 units / per month]

2022

•

Semiconductor shortage, Covid-19 and Ukraine-Russia

2021

conflict impactsH1 deliveries

1,100

•

BEVshare is slightly increasing

1,000

•

Demand for well-equippedcars continues

900

800

•

End ofQ2 is showing decent improvement already,

700

especiallydriven by Western Europe and significant

600

increaseof deliveries in China in June

500

400

J

F

M

A

M

J

J

A

S

O

N

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Volkswagen AG published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 05:57:09 UTC.