大众中国业务更新-2026年4月投资者报告-China Investor Update Beijing,23 April 2026

BeijingBeijing,23April2026DisclaimerThefollowingpresentationsaswellasremarks/commentsandexplanationsinthiscontextcontainforward-lookingstatementsonthebusinessdevelopmentoftheVolkswagenGroup.Thesestatementsarebasedonassumptionsrelatingtothedevelopmentoftheeconomic,politicalandlegalenvironmentinindividualcountries,economicregionsandmarkets,andinparticularfortheautomotiveindustry,whichwehavemadeonthebasisoftheinformationavailabletousandwhichweconsidertoberealisticatthetimeofgoingtopress.Theestimatesgivenentailadegreeofrisk,andactualdevelopmentsmaydifferfromthoseforecast.Allfiguresarerounded,sominordiscrepanciesmayarisefromadditionoftheseamounts.Anychangesinsignificantparametersrelatingtoourkeysalesmarkets,oranysignificantshiftsinexchangerates,energyandothercommoditiesorthesupplywithpartsrelevanttotheVolkswagenGroupwillhaveacorrespondingeffectonthedevelopmentofourbusiness.lnaddition,theremayalsobedeparturesfromourexpectedbusinessdevelopmentiftheassessmentsofthefactorsinfluencingsustainablevalueenhancementandofrisksandopportunitiespresenteddevelopinawayotherthanwearecurrentlyexpecting,orifadditionalrisksandopportunitiesorotherfactorsemergethataffectthedevelopmentofourbusiness.Wedonotupdateforward-lookingstatementsretrospectively.Suchstatementsarevalidonthedateofpublicationandcanbesuperseded.Thisinformationdoesnotconstituteanoffertoexchangeorselloranoffertoexchangeorbuyanysecurities.2RalfBrandstätterMemberoftheBoardofManagement,VolkswagenGroup大众汽车集团（中国）董事长兼首席执行官ChinaInvestorUpdateMarketandStrategyUpdate45ChinahasreachedNEVinflectionpointin2025:Electrificationisnolongeratrend,itisthebaseline12.812.811.02024202553%NEVSalesinmn.vehiclesNEVSalesinmn.vehicles(2024vs.2025)202420252.93.9202420252025NEVPenetration8%129%1Pricereductionhasstabilizedbutthereisnosignofpricerecovery,marginrecoveryshallcomefromcostefficiencyJan2024–04/2024GovernmentNEV-16%202320242025onwards1|incl.A/Bsegmentnotchback,A/BsegmentSUV;ICEtransactionpriceiscustomerpaidpriceincl.pricetaxexemption.6Despitethechallengingmarket,weremainedNo.1lnternationalOEMinChinain2025andreachedbusinesstargets2.7mnε2.7mnε1bn(No.1International(No.1InternationalOEM)7InQ1,totalmarketdeclinedYoYbutVWGrouprankedNo.1OEMinChina[inmn.vehicles][insurancemarketshare]-18%4.32026Q1-18%4.32026Q1212%39%49%56%2025Q1…2025Q1InQ1NEVstimulusreducedleadingtohigherICEshareTotalmarket[inmn.vehicles]202620>200-8202620>200-8126100Subsidy/vehicle-14&2025-218150502025FullYear2026Q11|Scrappageandtrade-insubsidyreductionofTransactionPrice<100kRMB.policytracking.9policytracking.9TheIranconflictledtohigherfuelprices,shiftingcustomerpreferenceandacceleratingfurtherNEVtransformationENERGYCOSTPER100kminChina0.8~30.8~3€2Remainsaffordable&stableWithpotentialtofurtherraise€11|VolumeweightedWLTCfuelconsumption:6.68L/100km;Gasonlineprice=8.9RMB/L(92#inBeijingasof07.04.2026);2|VolumeweightedWLTCfuel/elec.consumption12.31KWh/100km;10ElectricityPrice:0.54RMB/KWh(Residential);2RMB/KWh(CommercialDC).WeexpecthigherNEVpenetrationin2026thusareattherightmomentwithourNEVproductoffensive2026TotalMarketOutlook[inmn.vehicles]2025Actual2026ForecastChinashiftsto‘quality-drivendevelopment’andprioritizationofintelligenttransformationin15thin15th5-YearPlangoalachieve4.5-5%downfrom5%in2025››Chinagovernmentsetsto90%Remark:1|Intelligentterminalsincl.intelligentrobots,intelligentconnectedvehiclesandothersmartterminals.12Marketgrowthisexpected,withlowerspeedandstrongerNEVgrowth[inmn.vehicles]2025Actual2025Actual2624Agenciesconsensus25.5(CATARC)26.5(S&PGlobal,SIC)2030Forecast2030Forecast28CMD202413Tocounterdomesticpressure,ChineseOEMsareacceleratingtheirglobalexpansion,settingnewmarketstandards[inmn.units]1CNBrandsPVexportsharebyregion2025[%}220%+exportgrowth6.05.020%+exportgrowth6.05.0,WesternMiddleEast/16%14%10%Japan/12%202420252024Remark:PV=PassengerVehicle.1|Source:CAAM;Marklineinsights.2|Source:S&PGlobalChineseBrandsglobalsalesdatabase(notincl.localproduct14lnternationalOEMsareracingtoestablishChina-basedcapabilities–validatingthestrategywesetin2024lnternationalOEMsareracingtoestablishChina-basedcapabilities–validatingthestrategywesetin2024EXEMPLARY15RecapChinaCapitalMarketsDay2024162yearsago,wewerethefirstwithour‘InChina,forChina’strategyUtilizeFullyfledged#1international17TodaywehaveestablisheduniquestrategicadvantageamonginternationalOEMswithlocalR&Dandin-housetechstacks‘INCHINA,FORCHINA’PlatformADASVolkswagenChinaTechnologyCo.(VCTC)isfully18operationalwithindependentreleaseresponsibilitiesBattery/Vehicle/WholeVehicleBattery/Vehicle/WholeVehicle(2027)19WithourlocallydevelopedzonalelectronicarchitectureCEAallourplatforms19WithourlocallydevelopedzonalelectronicarchitectureCEAallourplatformswillhaveunifiedtechstacks2027onwardPlatformapproach&fullin-housestackOwnedSoftwarestack,modularsystemOTAupdateable,~20morefunctionsTechadvanceBasedonCEAfoundation,weareonfasttrackto20202620272029L3/L4within-HouseL3/L4within-HouseSoCProactivesmartcabinCrossDomainAIAgentAI-acceleratedevolvementOurnewlocalplatformsenableustoretain21NEVdrivetrainflexibilityAsegmentA+andhighersegments121202620262027DeepDeep-divein“ChinaProductStrategy”break-outWehaveimprovedourproductcostofCMPplatform,22andwearecontinuingtodosotostaycompetitive(A-notchbackBEVentry-lineasexample)ApproxApprox.-10%WellontrackApprox.-40%Furtherreduction2027Target20252026202323WiththedecisionmadetorolloutCEAtoourMQBplatform,futurecompetitivenessofourICEsfurtherstrengthenedOTAUpdateableAICockpitL2++DrivingOTAUpdateableAICockpitMaterialcostreductionin%ApproxApprox.-20%1)B-notchbackasexample.24Inparallel,wehavealsostreamlinedourworkforceandproductionplantcapacitiesNonexhaustiveintsd.ofactiveNonexhaustive-20KPlantAnting1-5KPlantAnting1-5K90Plant2 PlantUrumqi3Plant3PlantNangjing PlantUrumqi3Plant3PlantNangjingPlantEOP/integratedPlantoptimizationinprogressEnginePlantLoutangPlant1706520192025Ambition2030Remark1|Activeemployeeexcl.AUDICN,CARIADCN,excl.contractor,studentvolunteerorapprentice,incl.VCICandVGIC;2|Plantcapacitiesincl.SVWandFAW-VWsince2023;3|Soldin2024.25Wearekick-startingthelargest-everNEVproductoffensiveinChinathisyear>20NEVModelsfromDeep-divein“ChinaProductStrategy”break-out26Moreover,weexpandourstrategicambitiontobetter27supportVolkswagenGroup’sglobalbusinessEXEMPLARYEXEMPLARYOurgrouphasestablishedstrategicadvantageswithourfootprintinChina‘InChina,2929(Illustrative)MEBrazilWearereadytocontributetobetterfulfilltheneedsofglobalsouthmarketswithourcompetitiveCEAandlocalplatforms&SupportGlobal’Strategicpriorities|Wefocuson4keyactionfieldsto30supportdeliveringonourfinancialtargets01020304VolkswagenGroupinChina:OperatinginJointVenturestructurescombinedwithfullyconsolidatedentitiesAccountedatfairvalue2Earningsaccountedat-equity(Groupfinancialresult)RevenuesandearningsfullyconsolidatedRevenuesandearningsfullyconsolidatedAccountedatfairvalue2Earningsaccountedat-equity(Groupfinancialresult)RevenuesandearningsfullyconsolidatedRevenuesandearningsfullyconsolidatedJVsaccountedforat“at-equity”infinancialresultJVsaccountedforat“at-equity”infinancialresultprofitasfinancialmetric31Remark1|IncludesVolkswagen(China)InvestmentCompanyLimited.(VCIC),Volkswagen(Anhui)AutomotiveCompanyLimited,VolkswagenGroup(China)TechnologyCompany(VCTC),VolkswagenGroupChina’sDigitalSalesandServicesCompany(DSSO),VolkswagenAutomaticTransmission(Dalian)(ATD),VolkswagenAutomaticTransmission(Tianjin)(ATJ),VolkswagenGroupImportCompany(VGIC);2|Atcostonlyforsmallershareholdingsduetomaterialityreasons;GotionHighTechaccountedatequity31VolkswagenGroupChinaearningsambitiononlike-for-likebasis,VGCmarginrangesinupperhalfofpeercorridor[Operatingprofitmargin,in%]MaximumMaximum4-6%WeightedTopMinimum3.24-6%13-5%3.94.04.520243.24-6%13-5%3.94.04.520242025202620272028202920306-8%1SimplifiedpresentationoffinancialtargetandambitioninaProportionateoperatingprofittargetandambitiontranslateinreturnonsalesof3-5%in2027and4-6%in2030forregionalresultsMarginrangesarein-linewithweightedaverageoflocalAddinglicensepaymentsandimport/exportbusiness,margintargetsrangeintheupper1|ReturnonSalesadjustedforlicensepaymentstoVolkswagenandAudibrandsaswellasimport/exportofvehiclesNote:Top8peergroupincludingBYD,SAICMotor,GreatWallMotor,ChongqingChangan,ZhejiangLeapMotor,LiAuto,XPeng,Geely;Source:VisibleAlpha32Overviewofmajorassumptions202420252027E2030EAMBITION23.424.1~25~262.92.7~3.0~3.2~40%~70%2(0.8~1.2)(1.6~2.0)1|AcctoS&PGlobalfromMarch2026;2|IncludingVWAnhui.010203Despitethechallengingmarket,weremainedNo.1WithVWGroup’sstrategicadvantagesbuilt‘InChina,forChina’Global’tocontributetoGroup’ssuccessinglobalsouthmarketstargetsDrivenby‘InChina,forChina’implementation,improvedearningsperformanceexpectedwithclearwayforwardtotargets3436Range/consumptions/emissionsVW37Range/consumptions/emissionsVW7.3–7.1l/100kmn/a167-162g/kmn/an/a20.5-21.7kWh/100kmn/a420–461kmn/a21.6–20.5kWh/100kmn/a402–423kmn/a21.2–19.5kWh/100kmn/a487kmThevehicleisnotyetofferedforsaleandisthereforenotsubjecttoDirective1999/94/EC.andnewVWAtlasConsumptionandemissiondataunderreview.7.9–7.2l/100kmn/a207–188g/kmThevehiclesarenotofferedforsaleinEurope.0.4–0.8l/100km17.2–23.9kWh/100km9–18g/kmn/a6.0–5.5l/100kmn/a137–125g/kmn/a38Range/consumptions/emissionsThevehicleisnotyetofferedforsaleandisthereforenotsubjecttoDirective1999/94/EC.Consumptionandemissiondataunderreview.n/a15.7-20.3kWh/100kmn/a565–589kmn/a15.8–16.6kWh/100kmn/a410–428kmn/a15.2–16.6kWh/100kmn/a540–580kmThevehicleisnotyetofferedforsaleandisthereforenotsubjecttoDirective1999/94/EC.Consumptionandemissiondataunderreview.10.7–10.2l/100kmn/a242–230g/kmn/a10.7–10.1l/100kmn/a244–230g/kmn/a13.8–13.7l/100kmn/a312–310g/kmn/a39Range/consumptions/emissions10.3l/100km28.1kWh/100km29g/kmn/a14.7l/100kmn/a335g/kmn/a11.9l/100kmn/a276g/kmn/a11.2l/100km4.3kWh/100Km272g/kmn/a14.1l/100kmn/a320g/kmn/a2.9l/100km39.5kWh/100Km51g/kmn/an/a14.9–16.7kWh/100kmn/aupto