大眾汽車業(yè)務(wù)與規(guī)劃（技術(shù)、品牌、戰(zhàn)略等）

Porsche

Experience

Center

Hockenheimring21June2023?INTERNALDisclaimerThe

following

presentations

as

well

as

remarks/comments

and

explanations

in

this

context

contain

forward-lookingstatements

on

the

business

development

of

the

Volkswagen

Group.

These

statements

are

based

on

assumptions

relating

tothe

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

whichwe

consider

to

be

realistic

at

the

time

of

going

to

press.

The

estimates

given

entail

a

degree

of

risk,

and

actual

developmentsmaydifferfromthose

forecast.

Allfigures

arerounded,so

minordiscrepancies

mayarisefromaddition

ofthese

amounts.At

the

time

of

preparing

these

presentations,

it

is

not

yet

possible

to

conclusively

assess

the

specific

effects

of

the

latestdevelopments

in

the

Russia-Ukraine

conflict

on

the

Volkswagen

Group’s

business,

nor

is

it

possible

to

predict

with

sufficientcertainty

to

what

extent

further

escalation

of

the

Russia-Ukraine

conflict

will

impact

on

the

global

economy

and

growth

inthe

industry

in

fiscal

year2023.Any

changes

in

significant

parameters

relating

to

our

key

sales

markets,

or

any

significant

shifts

in

exchange

rates,

energyand

other

commodities

or

the

supply

with

parts

relevant

to

the

Volkswagen

Group

will

have

a

corresponding

effect

on

thedevelopment

of

our

business.

In

addition,

there

may

also

be

departures

from

our

expected

business

development

if

theassessments

of

the

factors

influencing

sustainable

value

enhancement

and

of

risks

and

opportunities

presented

develop

in

away

other

than

we

are

currently

expecting,

or

if

additional

risks

and

opportunities

or

other

factors

emerge

that

affect

thedevelopmentofourbusiness.We

do

not

update

forward-looking

statements

retrospectively.

Such

statements

are

valid

on

the

date

of

publication

and

canbesuperseded.This

information

doesnot

constitute

an

offertoexchange

orselloran

offertoexchange

orbuyanysecurities.Note:The

figuresforfuelconsumption,electricrange,energyconsumption

andCO2

emissions

areincludedin

the

glossary.2?INTERNALToday’spresentersOliverBlumeArnoAntlitzVolkswagenGroupCEOVolkswagenGroupCOOsince

09/2022since

09/2022PorscheCEOVolkswagenGroupCFOsince

10/2015since

04/20213?INTERNALMacroeconomic

backdrop

&

technology

transformationEconomicuncertaintyFrom

global-to

BEV

&

digitalization

Newentrants®ionalization

reshaping

industry

competitors4?INTERNALStatusquo

assessmentToday’s

strengthsToday’schallengesPortfolio

of

exciting

&complementary

brandsTransitioningtechnology

baseLeading

scale&global

presenceGroupcomplexityEntrepreneurial

teamready

to

executeFixedcosts&capital

intensity5?INTERNALOur

promiseNewteam:

Entrepreneurial

spirit

withclear

sustainability

commitment12

Technologyatscale:

Speed,agility

&performance3

Unleashed

brands:Unrivalled

portfoliowithfocus

on

entrepreneurship4

Regional

leadership:

Winning

globallywithtailored

regionalstrategies5

Newsteering

model:Fostering

entrepreneurship

&

faster

decision-making6

Financials:

Cashflow,

profitability

&

capitalefficiency

atcentre

stage6?INTERNAL1NEW

TEAMEntrepreneurial

spiritwith

clearsustainability

commitment7?INTERNAL1New

Team23456Entrepreneurialspiritwithclearsustainability

commitmentNewNewmanagement

team

leadership

principlesNewFirst

strategicstepssteering

framework

successfully

executed8?INTERNAL1New

Team23456Newexecutive

teamtomaster

thetransformationGunnarMarkusArnoAntlitzGroupCFO

&COOHaukeManfredKilianDuesmannStarsD?ssGroupHR,Brand

GroupGroupITGroupIntegrity&Legal

AffairsBrand

GroupTrucks

Progressive

&CEOAudiThomasRalfOliverBlumeThomasSch?ferSchmall-von

Brandst?tterWesterholtGroupTechnologyGroup

ChinaGroupCEO&Brand

Brand

GroupCoreGroupSport

Luxury

&CEO

VWbrand9?INTERNAL1New

Team23456Dual

rolestoexpandknow-how

from

brandstoGroup

levelChristianVollmerProductionHildegardWortmannSalesMichaelSteinerDevelopmentSebastianRudolphCommunicationDirkGro?e-LoheideProcurementMichaelNeumayerQualityMichaelMauerDesignNew

leadershipprinciples‘Dual

role’Enhancedcoordination‘Best

owner’approach10concept?INTERNAL1New

Team23456Cornerstonesof

Volkswagen

Group’soperatingmodelBrandidentityGroup

scaleDifferentiated

designsAppealing

products

&UXCommitment

to

qualityCombined

technologyStandardizationCustomercentricityCostleadershipSpeed,agility

&

performance11?INTERNAL1New

Team23456Systematicapproach:

TOP10

Group

program01020304NAR0905Planning

round

ProductsChina08CARIAD100607Platform

/TechnologyBattery&

ChargingMobilitySolutionsSustainability

Capital

Market12?INTERNAL1New

Team23456Implementationof

measures

reflectedinimprovedESG

ratingsTarget2025Agencies20202023StatusMSCICCCBBBB<22Sustainalytics1

4126ISS

ESGCC+C+~10%

BEVdeliveriestarget

share230%

emissionreduction

by

2030ontrack‘PAI‘3ScorecardpublishedIndependentXinjiangauditplanned1.Copyright?2023

Morningstar

Sustainalytics.

Allrightsreserved.This

slidecontains

informationdeveloped

by

Sustainalytics

().

Such

informationanddataareproprietaryofSustainalytics

and/or

itsthirdpartysuppliers

(Third

Party

Data)

andareprovided

forinformationalpurposesonly.

Theydonotconstituteanendorsementofanyproductor

project,noraninvestmentadviceandarenotwarranted

tobecomplete,

timely,accurateorsuitable

for

aparticular

purpose.Their

useis

subjectto

conditions

available

at/legal-disclaimers

|2.Outlook

2023|3.Principle

Adverse

ImpactsINTERNAL13?1New

Team234561NEW

TEAM:

KeytakeawaysNewmanagement

teamwithanewspiritEntrepreneurship,

accountability

&execution

focusNewoperating

modelcombining

brand

identity

&GroupscaleAccelerateddecisionmaking

–many

critical

topics

addressedSustainability:

implementation

infullswing…andthereismoretocome!14?INTERNAL2TECHNOLOGYATSCALESpeed,

agility

&

performance15?INTERNAL12Technology

atScale3456Speed,

agility&

performanceNewFocusonspeed,steering

principles

agility

&performanceScale

forcostcompetitivenessFourkey

technology

areas16?INTERNAL12Technology

atScale3456Four

keytechnology

areascentered

around

customerneedsArchitectureBatterySSPassinglefuture

backboneUnifiedcell

withtailoredregionalapproachSoftwareMobility

solutionsPlatform

scale

&

speedthroughsmart

partnershipsOne

platform

forall

mobilityneeds17?INTERNAL12Architecture3456Clearpathto

BEV

competitiveness&

one

architectureOneBEVarchitectureSSPSSPMEB+2

BEVarchitecturesPPEe-tronJ13

“Pioneer”BEVarchitecturesMEBMQBMLBMSBNSF4

ICE

architectures2024/252007

2019Today:

Complexity

duetomultiple

platformsBEV

competitivenesswith

MEB+

&

PPEFuture:

SSPassinglebackboneINTERNALText18?12Architecture3456Advancementsalong

our

pathto

one

architectureDimensionsMEBPPEMEB+SSPMainsegmentsA-BB-D140-700~21A0-B110-290~20A0-D120-1,300~12Engine

power,

kW

110-220Chargingtime,

min1ADAS~35Up

toL2+

L2++

&

more

Up

toL2++Some

Selective

SelectiveUp

toL4MostMarginparity2191.Minimum

charging

time10-80%SoC(StateofchargeforMEB/PPE/MEB+),5-80%forSSPdepending

on

specific

setoffactors(e.g.

batterysize,temperature)|2.Comparison

ofBEVandcorresponding

ICEmodel,parityalwaysdepending

onspecific

setoffactors(e.g.

rawmaterialpricefluctuation

&production

location)INTERNAL?12Battery3456Morethan

450

GWh

Volkswagen

Group

demandin

2030>450>150~100~50%20232025203020?INTERNAL12Battery3456Keypillars

of

our

battery

strategySuperior&

flexibleUnifiedCellRegionalsourcingstrategyTailoredmixofmake

&

buyPowerCo:CompetitivesupplierVerticalintegrationwithpartners21?INTERNAL12Battery3456Unified

Cell:

Powering

upto

80%

of

all

our

BEVs

in2030Cost

reduction

of

up

to50%1through

strategicinitiatives

(e.g.

dry

coating)1.

LFP

basedchemistryaspresentedatbatterystrategydayin

11/2021Adaptabletoall

leadingchemistriesTailoredtosegments

&architectures22?INTERNAL12Battery3456PowerCo:Competitivesupplierfor

NAR&

Europe-30

%

Capex

per

GWhvs.state-of-the-art3

factories

totallingOptionality

forstage-gatedramp-up~200

GWh23?INTERNAL12Battery3456Verticalintegration:

Balanced

approach

tosecure

supplyInstrumentsAlready

secureduntil

20301FinancialhedgingUp

to

~30%Long-termagreementsforall

criticalBEV

rawmaterialsInvestments&partnerships1.Mixcalculation

foreach

materialasaverageacrossdifferentinstrumentsforGroup

GWhdemand24?INTERNAL12Software3456CARIAD:

Plan

for

comprehensivere-alignmentRestructuring

Accelerated&

stronger

ties

execution

of

focus

on

SDV1

technologytolead

brands

E31.2

platformStructuralIntensified

New

leadership&

collabo-ration

model25for

E32.0partnerships1.SoftwaredefinedvehicleINTERNAL?12Software3456E3:

Restructuringalong

softwareplatformsSDVSteeringBoardledbyOliverBlume

&

MichaelSteinerE3

1.1

E3

1.2E3

2.0newChief

SDVOfficerSDVLead&

SDVLead&Vehicle

Lead

Vehicle

LeadChief

LaunchOfficerStrong

partnersLifecycleLaunchNext-Gen

SDV

Architecture26?INTERNAL12Software3456Partners:Global

&

regional

partnershipsChinaGlobalAppsADASQ4/2019Q1/2022ADASConnectivity

&Q4/2022InfotainmentQ2/2023SemiconductorsADASQ2/2022Q2/202327?INTERNAL12Technology

atScale34562TECHNOLOGY

ATSCALE:

KeytakeawaysNewsteering

basedonbestowner

approach

&partnershipsSuperior

architecture

with

SSPas

singlefuturebackboneIndustry-leading

battery

strategywith

fulloptionalityResetof

softwarestrategy

todeliver

competitive

productsOnemobility

platformpositioned

to

capturefuture

upside28?INTERNAL3UNLEASHEDBRANDSUnrivalled

portfolio

withfocus

on

entrepreneurship29?INTERNAL123Unleashed

brands456Unrivalled

portfolio

with

focus

on

entrepreneurshipUnmatchedbrand

portfolioCoherentdesign

strategyMomentuminproductpipelineFourentrepreneurialbrand

groups30?INTERNAL123BG

Core456Brand

Group

Core31?INTERNAL123BG

Core456VWbrand:

ACCELERATE

FORWARD

|

Road

to6.5Product

positioning(mix,

content,

pricing)3.6%Return

on

Sales6.5%Return

on

Sales2026Cost

initiatives(material,

fixed,production,

sales,R&D

costs)2022Structural

synergies(overhead,distribution,

new

businessopportunities)Specificgoalsaimedatcost

&complexity

reduction~€10bnsustainableimprovementTo

bedevelopedwithemployee

repre-sentatives

involved32?INTERNAL123BG

Core456Financial

targets

–BrandGroup

CoreKey

PerformanceIndicatorLast

ReportedMid-term

StrategicTarget~€114bn3.6%SalesRevenue~8%~60%~35%>8%>60%>50%Returnon

Sales1Cash

ConversionRate2BEV

Penetration330%~8%331.Beforespecialitems|2.ReportedNetCash

Flow

divided

byOperatingResult

afterspecial

itemsoftheAutomotiveDivision

|3.Excluding

atequityaccountedcompaniesChina

notincluded

in

theconsolidated

figuresINTERNAL?123BG

Progressive456Brand

Group

Progressive34?INTERNAL123BG

Progressive456Financial

targets

–BrandGroup

ProgressiveKey

PerformanceIndicatorLast

ReportedMid-term

StrategicTarget~€62bnSalesRevenue12.3%~12%~75%~40%~14

%~75%~75%Returnon

Sales1Cash

ConversionRate3BEV

Penetration410.5%264%~11%351.Beforespecialitems|2.Excludes

~€1.1bn

offairvalue

effects

|3.ReportedNetCash

Flow

divided

byOperating

Result

afterspecial

itemsoftheAutomotiveDivision

|4.Chinaevaluated

separatelyINTERNAL?123BG

Sport

Luxury456Brand

Group

SportLuxury36?INTERNAL123BG

Sport

Luxury456Financial

targets

–BrandGroup

SportLuxuryKey

PerformanceIndicatorLast

ReportedMid-term

StrategicTarget~€35bnSalesRevenue118.0%

17-19

%

>20%Returnon

Sales2,360%>60%6n/a7Cash

ConversionRate4,5BEV

Penetration8~11%>50%>80%1.Basedon

PorscheAutomotiveonly|2.Beforespecialitems|3.Basedon

PorscheGroup

operatingprofit(incl.

Financial

Servicessegment)|4.ReportedNet

Cash

Flow

divided

byOperatingResultafter

special

itemsoftheAutomotiveDivision

|5.Basedon

AutomotiveNetCash

FlowandAutomotiveoperatingprofit(excl.Financial

Servicessegment)|6.Basedon

Porsche

Automotiveonly,

correspondsto

PorscheNetCash

Flow

Marginambition

of12.5-14%asMid-termtarget;

CCR

is

nokeyKPIforPorscheAG;

therespectivevaluesshownarederivedbyVolkswagen

AG

|7.PorscheAG

hascurrentlynotprovided

astrategicNet

Cash

flow

Marginambition

|8.

Mid-Termincludes

PHEVandrefers

to2025;

Strategic

targetrefersto

BEV

penetrationin

203037?INTERNALINTERNAL123BG

Trucks456Brand

Group

Trucks38?INTERNAL123BG

Trucks456Financial

targets

–BrandGroup

TrucksKey

PerformanceIndicatorLast

ReportedMid-term

StrategicTarget~€40bn4.0%n/aSalesRevenue1~9%3~9%3Returnon

Sales2~70%~70%Cash

ConversionRate4,51.Basedon

TRATON

Operationsonly|2.Beforespecial

items|3.Basedon

TRATON

Operationsonly,

correspondstoTRATON

Group

strategictargetof9%in

2024|4.

Reported

NetCash

Flow

divided

byOperating

Result

after

special

itemsoftheAutomotiveDivision

|5.Basedon

TRATON

OperationsNet

Cash

Flow

andoperatingprofitINTERNAL39?123Unleashed

brands4563UNLEASHED

BRANDS:

KeytakeawaysFour

efficient

&entrepreneurial

brand

groupsAchieve

6.5%

RoS

for

VW

brand

in2026Realizefullpotential

of

Audi

inelectrified

eraContinue

to

exploit#1

position

inluxuryFurther

executionon

TRATON’s

strategic

&financial

trajectory40?INTERNAL4REGIONAL

LEADERSHIPWinning

globally

withtailored

regional

strategies41?INTERNAL1234Regional

Leadership56Winning

globally

withtailoredregional

strategiesGlobal

®ional#1

internationalpowerhouseOEM

inChinaExtend

leadingpositioninEuropeDouble-downeffortsforNARprofitpools42?INTERNAL1234China56Strategic

priorities#1

international

OEM&

amongTOP

3inChinese

marketTailored,superiorICVproduct

offeringsTargetproportionate

OPmid-term

>€2.5bn1431.Proportionateoperatingresultaccountedatequitywithinfinancial

resultover

themid-term(until

2027)INTERNAL?1234Europe56Strategic

prioritiesSustain

#1inhome

marketAligninvestwith

profit

poolAdjust

productionDigitizedealer

network44capacity?INTERNAL1234NorthAmerica56Scout

to

complementtheproduct

portfolioExpectedUS

market

profit

poolsin

2030BodystylePickupSUVSedanHatchAddressed

by

VolkswagenGroupAddressed

by

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profit

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&pick-up

portfolioRevivalof

iconicScout

brand45?INTERNAL1234NorthAmerica56Strategic

prioritiesProduction

plantLocal

hubOntarioSeattle(Battery)(CloudComputing)HerndonSilicon

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productportfolioNew

regionalgovernanceLocalizationof

valuechainNew

plantinSouth

Carolina46?INTERNAL1234Regional

Leadership564REGIONAL

LEADERSHIP:

KeytakeawaysLeading

global

scale

®ionally

tailoredstrategiesChina:#1international

OEM

–today

&tomorrowEurope:#1inhome

market

&reduced

asset

intensityNorth

America:Address

untapped

market

potentialOverseas:

Seekingadditional

profit

poolsworldwide47?INTERNAL5NEW

STEERING

MODELFostering

entrepreneurship

&faster

decision-making48?INTERNAL12345New

Steering

Model6Fosteringentrepreneurship

&

fasterdecision-makingLegacy

paradigmNew

steering

model“Value

over

volume”Clearfocusonprofitability,fixed

costs

&

&

disciplinedcash

flowCapitalefficiencyFocusedapproachtoequityAlignedmanagementincentivi-zationBased

onIntegrity

&corporatevaluesinvestments

investments49?INTERNAL12345New

Steering

Model6Platforms

fostering

group-widecooperationCoreProgressiveSport

LuxuryTrucksArchitectureSoftwarere-designedre-alignedexpandeddevelopedBattery,

Charging&

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forinterplayPlatforms

provideleadingtechnologyatcompetitive

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groupsto

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products

&deliver

scale

benefits50?INTERNAL12345New

Steering

Model6NewCoreKPI-Settounleash

entrepreneurial

spiritPrinciplesCoreKPI-SetValue

overvolumeSalesrevenue

growth(in%p.a.)Profitability

focus&cost

disciplineOperating

result1Returnon

Sales1(in€bn)(in%)Cash

flowfocusCapitalefficiencyNet

cash

flow2Cash

Conversion

Rate4(in€bn)(in%)Investment

ratio3ROI2(in%)(in%)511.Beforespecialitems|2.fortheAutomotiveDivision

|3.Capex&R&D

combinedforAutomotiveDivision

as%ofAutomotiverevenueI4.ReportedNetCash

Flow

divided

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afterspecial

itemsoftheAutomotiveDivisionINTERNAL?12345New

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towardsbenchmark

profitability

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CCRReturnon

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%

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~55%64%

~55%10.5%~12%Progressive360%

>60%3n/a

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divided

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afterspecial

itemsoftheAutomotiveDivision

(for

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|3.Excludes

~€1.1bn

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|4.Basedon

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CCR

BasedonPorscheAutomotiveonly,correspondsto

PorscheNetCash

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Marginambition

of12.5-14%

asMid-termtarget;CCRis

nokeyKPI

forPorscheAG;

therespectivevaluesshownarederivedbyVolkswagenAGINTERNAL52?12345New

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Model6All

brandsstarted

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2024INTERNAL?12345New

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Model6Clearcapital

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acrossfunctions

&

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combined

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as%ofAutomotive

revenue;

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over

the

mid-term1Σ

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themargin

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costsavingsBEVmarginLower

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withplatform

synergies561.Comparison

ofBEVandcorrespondingICEmodel,

parityalwaysdepending

on

specificsetoffactors(e.g.

rawmaterialpricefluctuation

&production

location)INTERNAL?12345New

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Model6Activeequityinvestmentmanagementapproach

for

NCS1~

€15bn

>

250BookvalueNon-controlled

shareholdingson

Group

levelClusters

of

strategic&financialinvestments1.

Non-controlledshareholdingsBest-owner

principleasguiding

elementClear

reportinglinesforeachasset

cluster57?INTERNAL12345New

Steering

Model65NEW

STEERING

MODEL:

KeytakeawaysLeadership

principles

translatedinto

financial

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profitability

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flowCapital

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management

approachIncentivization

alignedto

brand

&

brandgroup

performance58?INTERNAL6FINANCIALSCash

flow,

profitability

&

capitalefficiency

at

centre

stage59?INTERNAL123456FinancialsCash

flow,

profitability

&

capital

efficiency

atcentrestageProfitability

trackrecord

&very

stable

balance

sheetStrong

startinto

2023Delivery

of

financial

targetsplusactive

approach

toNCSFocus

onattractiveshareholder

returns60?INTERNAL123456FinancialsVolkswagen

Group

financial

targetsLast

disclosure2022Guidance

asanchor

2023Mid-term2027StrategicTarget2030Grouprevenue(in%

p.a.–CAGR

fromanchor

year)€279.2bn€22.5bn8.1%€307-321bn5-7%In-linewith

industryGroupOperating

Profit1GroupReturn

onSales1Automotive

Investment

ratio2,5Automotive

CCR3,4,57.5-8.5%~14.5%~35%8-10%<11%~60%9-11%~9%13.7%28.9%>60%Automotive

Netcash

flow5€4.8bn€6-8bn1.Beforespecialitems|2.Capex&R&D

combinedforAutomotiveDivision

as%ofAutomotiverevenueI3.ReportedNetCash

Flowdivided

byOperating

Result

afterspecial

itemsoftheAutomotiveDivision

|4.

Calculated

againstmid-point

ofGuidance|5.

AutomotiveDivision

includes

thePassengercar&commercialvehicles(incl.

Power

Engineering)

businessINTERNAL61?123456FinancialsTangibleleverstoimprovecash

flow

generationCashConversionRate3,429%~35%~60%>60%15105~14.5%AutomotiveInvestmentratio2,413.7%<11%~9%GroupReturn

onSales18.1%7.5-8.5%8-10%9-11%02022A2023EMid-TermStrategicTargetBrandspecificmargintargetsGroupRoSexpansionFocusedStrict

workinginvestment

strategy

cap.

management621.Beforespecialitems|2.Capex&R&D

combinedforAutomotiveDivision

as%ofAutomotiverevenueI3.ReportedNetCash

Flowdivided

byOperating

Result

afterspecial

itemsoftheAutomotiveDivision

|4.

Automotive

Division

includes

thePassenger

car

&commercialvehicles

businessINTERNAL?123456FinancialsSupportedbytargets

on

individual

brand

grouplevelCoreProgressiveSportLuxury1Trucks1Mid-

Strategicterm

TargetMid-

Strategicterm

TargetMid-

Strategicterm

TargetMid-

Strategicterm

TargetReturn

onSales28%12%14%19%420%49%6Cash

Conversion

Rate360%75%60%570%7BEVShare8[%]35%50%40%75%50%980%91.NotthesametimehorizonasfortheGroup,becauseseparatelistedentities

havetheir

owncapital

marketguidance

in

place|2.Beforespecial

items|3.ReportedNetCash

Flow

divided

byOperatingResult

afterspecial

itemsoftheAutomotiveDivision

|4.Basedon

PorscheGroup

operatingprofit(incl.

Financial

Servicessegment)|5.Basedon

PorscheAutomotiveonly,correspondsto

PorscheNetCash

Flow

Marginambition

of12.5-14%

asMid-termtarget|6.Basedon

TRATON

Operationsonly,

correspondsto

TRATONGroup

strategictargetof

9%by2024|7.Basedon

TRATON

OperationsNet

Cash

Flow

andoperatingprofit|8.ChinaevaluateddifferentlybetweenBrandgroups|9.Including

PHEVandincluding

deliveries

in

China

included

in

theconsolidated

figures63?INTERNAL123456FinancialsTailoredtargets

for

PowerCo&

CARIADStrategicTargetStrategicTargetSalesRevenues1Operating

Result2OP

break-even>€20bn>10%2029>€4bn>10%20272028Cash

flowbreak-even2030641.Revenuetargetfor2030

ascommunicatedatSalzGiga