2024年11月大眾集團投資者關(guān)系路演報告

VolkswagenGroup

InvestorRelationsRoadshowPresentation

November2024

2

Disclaimer

Thefollowingpresentationsaswellasremarks/commentsandexplanationsinthiscontextcontainforward-lookingstatementsonthebusinessdevelopmentoftheVolkswagenGroup.Thesestatementsarebasedonassumptionsrelatingtothedevelopmentoftheeconomic,politicalandlegalenvironmentinindividualcountries,economicregionsandmarkets,andinparticularfortheautomotiveindustry,whichwehavemadeonthebasisoftheinformationavailabletousandwhichweconsidertoberealisticatthetimeofgoingtopress.Theestimatesgivenentailadegreeofrisk,andactualdevelopmentsmaydifferfromthoseforecast.Allfiguresarerounded,sominordiscrepanciesmayarisefromadditionoftheseamounts.

Atthetimeofpreparingthesepresentations,itisnotyetpossibletoconclusivelyassessthespecificeffectsofthelatestdevelopmentsintheRussia-UkraineconflictontheVolkswagenGroup’sbusiness,norisitpossibletopredictwithsufficientcertaintytowhatextentfurtherescalationoftheRussia-Ukraineconflictwillimpactontheglobaleconomyandgrowthintheindustryinfiscalyear2024.

Anychangesinsignificantparametersrelatingtoourkeysalesmarkets,oranysignificantshiftsinexchangerates,energyandothercommoditiesorthesupplywithpartsrelevanttotheVolkswagenGroupwillhaveacorrespondingeffectonthedevelopmentofourbusiness.Inaddition,theremayalsobedeparturesfromourexpectedbusinessdevelopmentiftheassessmentsofthefactorsinfluencingsustainablevalueenhancementandofrisksandopportunitiespresenteddevelopinawayotherthanwearecurrentlyexpecting,orifadditionalrisksandopportunitiesorotherfactorsemergethataffectthedevelopmentofourbusiness.

Wedonotupdateforward-lookingstatementsretrospectively.Suchstatementsarevalidonthedateofpublicationandcanbesuperseded.

Thisinformationdoesnotconstituteanoffertoexchangeorselloranoffertoexchangeorbuyanysecurities.

1

VolkswagenGroup

Introduction

Volkswagen-MobilityforGenerationstoCome

114productionfacilities

in19Europeanand10

countriesintheAmericas,Asia

andAfrica

€322.3bn

SalesRevenues

684,000employees

150countries

9.2million

deliveriesin2023

9car&4truckbrandsUpto250,000cars

producedperweek

All-serviceprovider

FinancialServices,

MobilitySolutionsandBattery

4

FullYear2023figures;Delivery,productionfacilitiesandemployeefiguresincludeChineseJointVentures,whilesalesrevenuereferstotheVolkswagenGroupexcludingChineseJointVentures

WhyVolkswagenisanattractiveinvestment

2

3

1

Ambitious2027Grouptargets1:

Globalreach,highlysynergetic

?5-7%revenueCAGR

?8-10%returnonsales

Automotive:

?<11%investmentratio

?~60%cashconversion

Managementincentivationalignedtowardstargets

brandgroupswithshared

platformsofferingdrivetrain

flexibility,localizedR&Dand

product/technologiescenteredaroundmarketneeds,providing

attractiveprofitopportunities

Uniqueportfolioof:

?Volume,premium&luxurypassengercarbrands

?Leadingtruckbrands

?FinancialServicesand

Mobilityofferingattractivesolutionsforourcustomers

?Extensiverenewalofmodelportfolioin2024/25

4

Strongbalancesheetandrobust

automotivenetliquidityposition.

Commitmenttoattractiveshareholderreturns:

?≥30%mid-termpayoutratiostrategictarget

FullcommitmenttotheParisClimateAgreementandthedecarbonizationoffuturemobility

1.BaseforCAGR:FY202214.03.20245

Unrivalledportfolio:leadingmarketpositions

SegmentMarketpositionVolkswagenGroupbrands

ModernLuxury11st

Luxury

1st鼎

Premium

Top3

Volume

Top4

TrucksTop2

Source:S&PGlobal,MarketInsights|1.NotfollowingS&PGlobaldefinition

6

7

Unrivalledportfoliowithsignificantupsidepotential

LUXURY

FOCUS

VALUE

FunctionalModernPostmodernORIENTATION

FY2023:Diversifiedbygeography,brandgroupsandsegments

DeliveriesSalesRevenueOperatingResult1

Others

WesternEurope

35%

9.2m

China

36%

10%

5%

North

America

SouthAmerica

15%

1%

39%

13%

€322bn

11%

20%

13%

26%

13%

€22.6bn

22%

24%

1%

BrandGroupCoreBrandGroupTrucks

BrandGroupProgressiveMANEnergySolutions

BrandGroupSportLuxuryVWFinancialServices

1.Excluding“Others”€-2,445m8

Leadingglobalpresence

Marketshare,FY2023(in%)1

NorthAmericaEurope

~5%~23%

SouthAmerica

~13%

China

~14%

1.ReferstoFY2023.BasedonIHSLightVehiclesalesforsegmentsA-FCY2023Easof2023.Passengercarsonly.9

10

FY2023Financialperformanceofbrandgroups

Trucks

Core

Progressive

4,826

137,770

7,273

(5.3%)5,625

334

37,349

6,938

(18.6%)2,732

339

45,731

3,715

(8.1%)2,732

VehicleSales

(inmunits)

SalesRevenue

(inεmn)

OperatingProfit(inεmn)(RoSin%)

NetCashFlow

(inεmn)

1,282

69,865

6,280

(9.0%)4,740

SportLuxury

11

FY2023Financialperformance

Cariad

Battery

Mobility

Consolidation

incl.PowerCo

1,078

-2,392(n/m)

-2,988

-24,350

-2,445(n/m)

-

50,765

3,253

6.4%

-

SalesRevenue

(inεmn)

OperatingProfit(inεmn)(RoSin%)

NetCashFlow

(inεmn)

0,031

-417(n/m)

-0,830

2

Strategy

VolkswagenGroupSteeringMatrix

Fourtechnologyplatformsfostercooperationamongbrandgroups

A

D

B

Progressive

Trucks

Core

CSportLuxury

1

Architecture-SSPassinglefuturebackbone

2

Software-Platformscale&speedthroughsmartpartnerships

3

Battery-Unifiedcellwithtailoredregionalapproach

4

VolkswagenGroupMobility-Oneplatformforallmobilityneeds

13

13

1Technologyplatform:Architecture-SSPassinglefuturebackbone

ClearpathtoBEVcompetitiveness&onearchitecture

OneBEV

architecture

SSP

MEB+

2BEVarchitectures1

PPE

e-tron

3“Pioneer”BEVarchitectures

MEB

J1

MQB

MSB

NSF

MLB

4ICEarchitectures

200720192024/25

BEVcompetitivenesswithMEB+&PPE

Future:SSPas

singlebackbone

Today:Complexityduetomultipleplatforms

14

lu:sMl:llaife(aio,Ed:lpiuenlllrgi,nSo:a’a‘bInleyitaeli’rrategy

2Technologyplatform:Software-Platformscale&speedthroughsmartpartnerships

Clearlydefinedsoftwarestrategytailoredtoregionalneeds

Harman/Kardon

ADASConnectivity&

Infotainment

SemiconductorsApps

ADAS

CARIADwithkeyroleinADAS,infotainment,

Globalsharingofbestpracticeviaknowledgetransfer

E/Earchitectures&vehiclesoftware

createdwithpartnersconnectivity&back-end

15

2Technologyplatform:Software-Platformscale&speedthroughsmartpartnerships

Rivian|VWGroupTechnologiesJVaimsforsoftwareadaptionforMEB/PPE

modelsandallowsforearlyconvergenceofsoftwarestack

ArchitecturesToday20302035

MEB/MEB+

CMP

CEA2

PPE

First-genE/Earchitecture3

Next-genSDV3,4

SSP

E31.11

E31.21

Fittingseamlesslyintoglobalsoftwarestrategy

FirstMEBvehiclewithJVtechplannedfor2027

Earlierconvergence&highercostefficiency

16

1.SoftwarestackbyCARIAD|2.CEA=ChinaElectricalArchitecturetobedevelopedunderVolkswagenGroup’s‘InChinaforChina’strategy|3.TobejointlydevelopedbyRivianandVWGroupTechnologiesJointVenture

4.SoftwareDefinedVehicle

17

3Technologyplatform:Battery-Unifiedcellwithtailoredregionalapproach

UnifiedcellapproachandPowerCoforsuperiorbatteries

Superiorandflexibleunifiedcell

Lowcomplexity

Highstandardization

AdaptablecellchemistryUnlockingcostadvantage

Regionallytailored

makeandbuymix

Developmentfrom2025to2030

PowerCo3rdpartysupply

Increaseindependency

Reflectregulations

NARIRAcompliance

StrongcompetitioninCN

PowerCo&VWGroup:Amplifyingstrength

Productionramp-up

2025

2026/27

SOPSalzgitter

SOPValencia

2027SOPSt.Thomas

Strategictechpartner

Localizingfootprint

Flexiblestage-gatedramp-

up

Verticalintegration

anddiversification

Controlledcostdrivers>80%ofrawmatssecuredCathode:JVwithUmicoreDiversified:Energystorage

3Technologyplatform:Battery-Unifiedcellwithtailoredregionalapproach

VerticalIntegration:Balancedapproachtocommoditiessecuritization

Instruments

》》

》》

》》

FinancialHedging

Long-termsupplycontracts

Investments&Partnerships

Secureduntil20291

Upto~30%

forcritical

BEV-commodities(Cobalt,nickel,lithium)

18

1.AsperCMDpresentationon21June2023basedonowncalculationforcobalt,nickelandlithiumasanaverageofthehedgedvolumesacrossvariousinstruments.

19

4Technologyplatform:Mobility-Oneplatformforallmobilityneeds

Onemobilityplatform

viaVolkswagenGroupviaEMG

via3rdparty

ONEFLEET1

…toyears

Providingmobilityfromminutes…

Hail/Pool/Robotaxi

ShareRentSubscribeLeaseFinance

Micro

Brandsasfacetothecustomer

Integratedmobilityplatformasbackbone

ONEFLEET1operatedbyEuropcarMobilityGroup

BrandGroupCore

A

BrandGroupCore

Mostloved,bold,inspiringbrandsinvolumesegment

Focuson

costs&capital

Scalebenefits

inentrylevelBEVsegment

Clear

differentiationacrossbrands

LeadinginEuropewith

efficiency

globalgrowthpotential

20

BrandGroupProgressive

B

BrandGroupProgressive

Progressivepremiumwithtechnologicaledge

Enhancedfocuson

China&North

America

Significantportfoliorenewalin2024&2025

Outstandingproductsandtechnologies

NewICEgenerationenablingflexibleBEVtransition

21

BrandGroupSportLuxury

C

BrandGroupSportLuxury

Thebrandforthosewhofollowtheirdreams

Iconicbrandandheritagewith

personalproduct

Structuralgrowthin

exclusivesegment

Sustainableluxury

withscalebenefits

Resilient

Performance

22

BrandGroupTrucks

D

BrandGroupTrucks

Atransportationpowerhouse

Leverage

TRATON

WidenBEVoffering

anddriveICE

Increasedservices,

solutionsandTargetof9-11%RoS

ModularSystemtransitionregionalcoveragein2029

23

24

Supportedbytargetsonindividualbrandgrouplevel

Progressive

SportLuxury1

Core

TRATONGroup1

StrategicTarget

Mid-term

Mid-term

Mid-term

2029

StrategicTarget

9-11%6

80%7

19%420%460%5

8%

12%14%

ReturnonSales2

60%

75%

CashConversionRate3

BEVShare8[%]35%50%40%75%50%980%9

1.NotthesametimehorizonasfortheGroup,becauseseparatelistedentitieshavetheirowncapitalmarketguidanceinplace|2.Beforespecialitems|3.ReportedNetCashFlowdividedbyOperatingResultafterspecialitemsoftheAutomotiveDivision|4.BasedonPorscheGroupoperatingprofit(incl.FinancialServicessegment)|5.BasedonPorscheAutomotiveonly,correspondstoPorscheNetCashFlowMarginambitionof12.5-14%asMid-termtarget|6.TRATONGroupincludingfinancialservices7.BasedonTRATONOperationsNetCashFlowandoperatingprofit|8.ChinaevaluateddifferentlybetweenBrandgroups|9.IncludingPHEVandincludingdeliveriesinChinaincludedintheconsolidatedfigures

StrategicPrioritiesforChina:“InChina,forChina”

Attractiveproduct

offeringleveraging

smartpartnerships

LeverageCMPtoincrease

costcompetitivenessinA-

Mainsegment

LocalizedR&DandonecentralzonalE/E

architecture(CEA)

By2030:4mvehicles,~15%marketshare,~€3bnproportionateOP1

25

1.)IncludingAudiFAWNevCo.contribution,Volkswagen(Anhui)AutomotiveCompanyLimitedfullyconsolidated

Strategic

priorities

forEurope

Sustain#1

inhomemarket

Aligninvestwithprofitpool

RightsizeICE

productioncapacity

Digitize

dealernetwork

26

StrategicprioritiesforNorthAmerica

ProductionplantLocalhub

Ontario(Battery)

Seattle(CloudComputing)

Herndon(NARHQ)

Chattanooga

SiliconValley(RIVIAN/CARIAD)

Mexico

SouthCarolina(NewScoutPlant)

Tailoredproductportfolio

Newregionalgovernance

LocalizationofUniqueopportunity

valuechainwithScout

27

Significantpotentialbeyondcoreregions:SouthAmerica

Productionplant

Taubate

AnchietaCuritiba

BuenosAires

Longhistory

&highdegreeof

localization

Successful

restructuringover

lastyears

Financialturnaround

in2021

PortfolioshifttoattractiveSUV&CUVsegments

28

Significantpotentialbeyondcoreregions:India

VehiclemarketsalesinIndia,in#munits1

6.4

5.4

4.6

202220272030

Asset-light

growthopportunity

1.Basedonvehiclesalesin“IndianSubcontinent”basedonS&PGlobalMobilityLightVehicleForecast(May2023)

Opt-infor

Grouptechnology

AgreedtermsheetwithMahindra

29

30

VolkswagenGroupfinancialtargets

Mid-term2027

Actual2023

Guidance2024

StrategicTarget2030

€320bn

€322.3bn

€22.5bn

7.0%

13.5%

57%

5-7%

In-linewithindustry

~

GroupSalesRevenue

€18bn

~

GroupOperatingProfit1

5.6%

8-10%

<11%

~60%

9-11%

~9%

>60%

~

GroupReturnonSales1

13.5%to14.5%

AutomotiveInvestmentratio2,5

AutomotiveCashConversionRate3,4,5

€10.7bn

€40.3bn

€2bn6

~

AutomotiveNetcashflow5

€36to€37bn

AutomotiveNetLiquidity

1.Beforespecialitems|2.Capex&R&DcombinedforAutomotiveDivisionas%ofAutomotiverevenueI3.ReportedNetCashFlowdividedbyOperatingResultafterspecialitemsoftheAutomotiveDivision|4.Calculatedagainstmid-pointofGuidance|5.AutomotiveDivisionincludesthePassengercar&commercialvehicles(incl.PowerEngineering)business6.Includingexpensesofaround€3.5bnforM&A,ofwhichapproximately€2bnisattributabletoexpensesinconnectionwiththeplannedjointventurewithRivian.

3

CapitalAllocation

Clearcapitalallocationstrategyacrossfunctions&brands

Capex&R&DcombinedfortheAutomotiveDivisionas%ofAutomotiverevenue;cum.overthemid-term1

Σ~12%(€180bn)

Groupstrategictopics

Temporary additionalinvestments

Continuousbaseline

(e.g.GrowthNAR)

Batteries

~9%

CompetitivenessBase

Competitivetop-downcapitalallocation

1.Basedon2024-28

Focusoncorebrands&competitiveness

Batteries&strategicGrouptopicstemporarily‘ontop’

32

33

1.Capex&R&DcombinedfortheAutomotiveDivisionas%ofAutomotiverevenue

Investmentstodecreaseaftersuccessfultransition

<11%

~9%

Investmentratio1,in%

~13.5%

ICErelated

Electrification&digitalization

Reported

Parallelinvestments

inICEfadingout

Mid-term

Shifttoelectrification&digitalizationinvestments

StrategicTarget

Decreaseinvestmentsas%ofautorevenues

Regulardividendperpreferredshare[€]

Payoutratio[as%ofGroupnetincomeattributabletoVolkswagenAGshareholders]

29%

29%

12111098765432 10

Commitmenttoattractiveshareholderreturns

25%

29%

9,06

8,76

20%

18%

7,56

4,864,864,86

2018

2019

2020

2021

2023

20221

1.For2022€8.76plus€19.06specialdividend

Σ

0

Dividendspaidforperiod2021-2023totaling

Σ€22bn

upfrom

€18bnfor2011-2020period

Committedtostrategictarget

≥30%

payoutratioon

reportednetincome

34

Balancesheetstrengthimprovedoverthecycle

Automotivenetliquidity(in€bn1/as%ofGrouprevenue)Targetlevel

>10%

5%

9%

13%

15%

12%

11%

13%2

13%

8%

40

43

27

27

21

19

19

18

11

72

37

35

201020122014201620182020202120222023

StrongresilientBalance

sheetStableI-Gradecreditrating

SolidAutomotive

liquidity

1.Roundedyearendvalues2.TotalNetLiquidityof€43bnincluding€16.1bnPorscheIPOproceedsofwhichPorscheIPOspecialdividendof€6.5bn(net);payoutinJanuary2023

SolidFinancialFoundationofAutomotiveDivision

Resiliencefurtherenhanced

BalanceSheetAutomotiveDivision

[€bn/in%]

Otherliabilities

ProvisionsforpensionsEquity(andequityratio)

31December2021

31December20221

31December2023

301306

350

131

29

146(48%)

272

138

27

122

41

300

250

200

150

136(45%)

109(40%)

100

50

0

Goodwill1[€bn]262626

EBITDA1[€bn,LTM2]

32

37

37

Netliquidity1,3[€bn]27

Note:Previousyearadjusted(IFRS17)

1.AutomotiveDivisiononlyI2.LTMmeanslasttwelvemonths3.Asreportedinthecashflowstatement(AutomotiveDivision)

36

4340

4

9M/2024Results

38

VolkswagenGroupHighlightsQ32024

ID.7GTX–Newperformancemodelwithall-wheeldrive;ProSwithrangetestof794km

?kodaElroqexpandsBEVportfoliowithfirstfullyelectriccompactSUVat~€33,000

VWTransporter:morespaceandpayloadaswellasimprovedtowingcapacity&economy

AudiA6e-tronrepresentingAudi’stransformationtoleadingBEVprovider

ID.UNYXmarksthestartofanewproductlinewithmoremodelstocomeinChinaforChina

Porsche911–Uniqueanniversarymodel,the911Turbo50Years/newGT3onsale

JVwithRivian-NextkeymilestonesachievedsinceannouncementinJune

2024

20242025E2026E2027E

$1.0bn

viamandatoryconvertiblenote1

$1.0bn

viadirectequityaftercompletionoffinancialmilestone

$0.5bn

viadirectequityuponSOPoffirstVWGroupvehicle3

$1.0bn

viadirectequity

aftercompletionof

technologicalmilestones

$1.0bn

vialoanagreement2

$1.3bn

viadirectequity,

IPconsiderationsandSWdevelopment

ofcertainMEBmodels

Intentiontoinvest

upto$5.8bnuntil2027

FirstVWGroupvehiclewithJVtechplannedfor2027

Additionalinvest4tobeoffsetbylowercostinJV

39

1.LiquidityimpactinQ22024;conversionintoRivianshareswilltakeplaceon01-Dec-2024|2.VolkswagenGrouptolendcapitaltojointventure,whichwillimmediatelylendittoRivian,backedbyRivian’sequitystakeinJV|3.PayableatearlieroffirstVolkswagenGroupvehicleSOP(startofproduction)or03-Jan-2028|4.Comparedtoannouncementon25-Jun-2024ofupto$5bn

40

WorldPremiereofScoutMotors

Scoutrevealeditsfirsttwovehicles:TravelerSUV&TerraPickup

Highlyprofitablesegments:

Pickups&RuggedSUVs

StrengtheningVWGrouppositioninNorthAmericainthelongterm

Introductionofagasoline

rangeextenderoption

41

VolkswagenGroupDeliveries

900

800

700

600

500

400

Deliveriestocustomersafter9M~3%belowprioryear;Q3:~7%belowprioryear

Deliveries[‘000units/permonth]

20232024

010203040506070809101112

Globaldeliveriesafter9Mat6.5mvehicles

9MBEVdeliveriesat507kunits

(-5%YoY),BEVshareat~8%

Worldwidemarketshareat~11%

VolkswagenGroupDeliveriesbyRegions

ContinuedgrowthinNorth&SouthAmerica,ChinaandEuropelowerYoY

NorthAmerica

+7%

9M20239M2024

Europe

-1%

9M20239M2024

China

-10%

9M20239M2024

SouthAmerica

+15%

9M20239M2024

42

43

BEVDeliveriesYear-to-date

SoftermarketdemandforBEVsinEurope&USpartiallycompensatedbygrowthinChina

TopBEVModels9M2024QuarterlyDevelopment

ID.4/5

135k

Enyaq

51k

ID.3106k

Born30k

Q4e-tron

79k

ID.7

22k

BEVDeliveries[‘000units]BEVshare[%]2024

BEVshare[%]2023

9-11%

9%

7%

8%

9%

10%

7%

8%

189

181

136

122

60

Q1Q2Q3Q42024e

2021202220232024

FinancialOverview

OperatingresultimpactedbyBrandGroupCoreperformanceandsignificantrestructuring

VehicleSalesSalesRevenueOperatingResultandMargin

Fairvalueofderivativesoutsidehedgeaccounting1

[€bn]Margin[%]

+1%

[mvehicles][€bn]

6.9%

5.4%

237.3

235.1

-21%

16.2

12.9

-4%

6.86.5

2.2

18.7(8.0%)

1.9

4.6

-1%

4.6

exChinaJVs

12.9(5.5%)

0.0

-2.5

Jan-Sep2023

Jan-Sep2024

Jan-Sep2023

Jan-Sep2024

Jan-Sep2023

Jan-Sep2024

44

1.IncludingfairvalueeffectsintheAutomotiveDivision.Fairvaluesofderivativesoutsidehedgeaccountingtotaled-€30min9M2024(Q1:-€405m;Q2:€379m;Q3-€4m).

FinancialOverview

Pre-taxearningsaswellasnetincomeimpactedbyloweroperatingandfinancialresult

ProfitbeforeTax

[€bn]

-29%

17,7

12,5

Jan-Sep2023

Jan-Sep2024

ProfitafterTax

[€bn]

Earningsperpreferredshare

[€]

-31%

12,9

8,9

Jan-Sep2023

Jan-Sep2024

-33%

22,7

15,2

Jan-Sep2023

Jan-Sep2024

45

Note:Previousyearadjusted(IFRS17)

ReconciliationfromReportedtoUnderlyingOperatingResult

ReportedOperatingResultheldbackbynon-operatingfactorsof€2.5bn/110bpsin9M

OperatingResult&Margin

15.4

[€bn]Margin[%]

6.5%

12.95.4%

9M2024

underlying1

9M2024

asreported

4.0

5.2%

2.93.6%

Q32024

underlying1

Q32024

asreported

Non-OperatingFactorsImpactingResults

-€1.2bnrestructuringexpenses(thevastmajorityatBGP)

-€2.2bnrestructuringexpenses(mainlyBGCandBGP)

-€0.2bndeconsolidationVWBankRus(FinancialServices)

-€0.1bnMANEnergySolutions(partsofgasturbinebusiness)

46

1.Excludingfairvalueofderivativesoutsidehedgeaccounting(only-€30mnasof9Mand-€4mnperQ3)andnon-operatingfactorsimpactingresults.

AutomotiveNetCashFlowandNetLiquidity

SolidQ3NetCashFlowof€3.4bnsupportedbyreductioninworkingcapital

Rep.NetCashFlow[CCR]1,2

[€bn,in%]

-34%

4.9

37%

31%

3.3

'Clean'NetCashFlow1,3

[€bn]

-30%

6.0

4.2

NetLiquidity1

[€bn]

-15%

40.3

34.4

Jan-Sep2023

Jan-Sep2024

Jan-Sep2023

Jan-Sep2024

31Dec2023

30Sep2024

1.AutomotiveDivisionI2.CashConversionRatio,calculatedasreportedNetCashFlowdividedbyAutomotiveOperatingResult

3.ReportednetcashflowbeforeM&AandDiesel

47

payments.

AutomotiveNetLiquidity

Financialpositionatsolidlevel

ReportedNetCashFlow(€3.3bn)1

CleanNCF(€4.2bn)1

+1.7-0.4-0.55.2

+2.5mm—--i

40.3

-1.3

34.4

-2.7

thereof~€7.0bnoutflowsfrom

inventorybuild-up

thereof-€0.9bn

Rivianand-€0.5bnFSreorganization

31Dec

Operating

Dividendof

Diesel

M&ADividendsto

Hybrid

Other

30Sep

2023

Business

ChineseJVs

Outflow

Shareholders

Capital

2024

48

1.AutomotiveDivision

49

OperatingResultPassengerCars

Resultsaffectedbyhigherfixedcosts,including€2.2bnrestructuring;pricingstabilizedinQ3

OperatingResult

OperatingResult[€bn]Margin[%]

3.8

-0.1

-5.8

10,3-0.7

7.3

6.5%

Thereof:

Restructuring:-2.2

4.7%

Thereof:

Volume&other:+1.4

Mix:-1.2

Price:-0.9

Jan-Sep2023

Volume&other/Mix/Price

ExchangeRates/Derivatives

ProductCostsFixedCosts/

OtherCosts

Jan-Sep2024

Overview9M2024BrandGroups

ResultsheldbackbyrestructuringatBGCandBGP,supplychainshortages&higherfixedcosts

SportLuxury

Core

Progressive

46.3(-8%)

2.1(-55%)

3.8underlying

SalesRevenue[€bn]101.5(flat)25.9(-7%)

4.5(-10%)5.2underlying

OperatingResult[€bn]

3.8(-28%)

~

4.4(-0.5ppts)5.2underlying2

OperatingMargin[%]

14.6(-4.3ppts)

4.5(-4.6ppts)

8underlying3

~

|

1.2|

|

CCR1[€bn,%]

NetCashFlow

64%

33