1、Leading the Transformation.September 26th,2022German Debt Investor Update with HSBCThe 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

2、 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 goin

3、g 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 Gr

4、oups 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 signi

5、ficant 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 additi

6、on,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 emer

7、ge 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not update forward-looking statements retrospectively.Such statements are valid on the date of publication and can be superseded.This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.Discla

8、imer2Leading the Transformation.Sales Review YTD 2022Volkswagen Group Deliveries to Customers by Brands 14January August 2021January August 20221Excl.Ducatithd.veh.NutzfahrzeugeVolkswagenJanuary to August 2022 vs.20226886,3251,0522,9045,3013,4331,246-16.2%-15.4%-26.0

9、%-26.6%-21.4%-15.6%+9.0%+2.8%-0.7%+10.1%Volume-18.1%Premium-15.3%Sport&Luxury-0.7%Truck&Bus+10.1%Leading the Transformation.Key Financials H1 2022m vehicles bn bn Margin%Solid figures despite lower sales are testimony to our robust business modelJanuary to June 2019 vs.2021 vs.20226H12021H12022H1201

10、9129.7125.2132.3+6%5.3394.6604.006H1 2019H1 2021H1 2022-25%8.8%10.0%H12019H1202110.0H1202211.413.28.0%Vehicle SalesSales Revenue+0.1+1.2+0.9Thereof fair value of derivatives outside hedge accounting:Operating Result and Margin11 before special items Passenger Cars 1,2Operating Result bn Margin%Comme

11、rcial Vehicles 3Operating Result bnMargin%Financial ServicesOperating Result bnMargin%Solid Margins in Passenger Cars and Financial Services DivisionJanuary to June 2019 vs.2021 vs.20227Automotive DivisionFinancial Services DivisionH1 2019H1 20218.5H1 20227.79.31.0H12019H12021H120220.30.6H12022H1201

12、92.5H120211.43.111.1%13.4%7.4%2.5%3.5%7.2%9.3%10.4%8.4%1 Before special items 2 Passenger Cars=Automotive Division./.Commercial Vehicles,Power Engineering 3 TRATON Operations excluding Financial ServicesAutomotive Net Cash in H1 impacted by Changes in Working Capital in preparation for higher sales

13、in H2;Automotive Net Liquidity remains solid8Reported Net Cash Flow 1 bnClean Net Cash Flow 1,2 bnNet Liquidity 1 bn10.2H12019H12022H120215.62.312.3H1 20196.9H1 2021H1 20225.835.0H12019H1202115.9H1202228.2January to June 2019 vs.2021 vs.20221 Automotive Division 2 Reported net cash flow before M&A a

14、nd Diesel payments bnAutomotive Net Liquidity remains solid9OperatingBusiness31.12.20210.5Dividend of chinese JVs-0.9Dividend toVW AGShareholder-3.8Other30.06.2022Hybrid Capital5.3M&A-2.6DieselOutflow26.728.21.91.1thereof dividends from Financial Services Division 2.0bnthereof -4.7bn increase in inv

15、entoriesClean NetCash flow(5.8bn)Reported Net Cash flow(2.3bn)1 All figures shown are rounded,minor discrepancies may arise from addition of these amounts.Leading the Transformation.Financing the TransformationIncrease in R&D especially for Software compensated by CAPEX Discipline11Reducing complexi

16、ty/variancesMulti brand production in MQB plantsInvestment in softwareFocus on synergiesR&D/Capex Absolute and Ratio(Automotive Division)%,3.7%(4.1 bn)8.5%(9.3 bn)5.1%(10.5 bn)6.6%(14.0 bn)6.7%(14.3 bn)202120197.6%(15.6 bn)H1 20225%8%12022e 13.3%(28.3 bn)12.7%(26.1 bn)12.2%(13.4 bn)13%1CAPEXR&D1 Bef

17、ore 12.5%for total,7.0%for R&D and 5.5%for capexCARIAD business model Software is the key differentiator for the future,scale is keyE 1.1SOFTWARE STACK Group-wide roll-outID.familyE 1.2PPE platform(Audi,Porsche)E 2.0TrinityArtemisE 1.1I N C O M E P H A S ET H R O U G H L I C E N S E SB R E A K-E V E

18、 NA F T E R 2 0 2 5-1.5-2.6Cash Flows in bnSchematic overview3.0 1ExpectedQ1 2022:Employees:4,900 Revenues:0.110 bnR&D:-0.996 bnOp.Profit:-0.416 bnI N V E S T M E N T P H A S E2 0 2 02 0 2 12 0 2 22 0 2 31 IP transfer included in brand groups since Q1 2022 12Automotive new car revenue pools are expe

19、cted to shift fundamentally due to new technologiesSchematic overview based on internal and external analysis13ICE revenuesEV revenuesSoftware-enabledrevenuesTotal325Values in trillionToday2030E2025EPR 70 Focus on the future Investments in R&D and Capex PR 6827(18%)4(3%)8(5%)12(9%)32(21%)

20、PR 6714(10%)33(23%)11(7%)89(56%)35(24%)PR 6930(19%)59(40%)8(5%)52(33%)PR 70Software/Digital technology44(30%)Hybrid powertrainsBEVs/Electrification73(50%)EUR billionsRobust business caseKey financial targets2019Actual2020Actual2021Actual2023Interim Strategic Targets2025/26StrategicTargetsOperating r

21、eturn on salesbefore Special Items7.64.88.07-98-9Return on investmentAutomotive Division before Special Items12.67.110.81415Capex ratioAutomotive Division6.66.15.165R&D cost ratioAutomotive Division6.78.07.66.56CashAutomotive Divisiona)Clean Net CashflowAutomotive Divisionw/o Diesel and M&A13.510.01

22、5.513-1515b)Net Liquidity21.326.826.710%of Group sales revenuePercent15EUR billionsLeading the Transformation.Funding171819Leading the Transformation.Outlook 2022Automotive Net Liquidity bnAutomotive Reported Net Cash flow bnAutomotive Clean Net Cash flow bnOperating return on sales 2%Sales revenue

23、bnDeliveries to customersm vehiclesVolkswagen Group Outlook for 2022:Core KPIs confirmed121Outlook5%to 10%up on the previous year8%to 13%higher than the prior-year figureIn the range of 7.0%to 8.5%In the range of 13 15 bn Same level as in the previous year 3Up to 15%higher than prior-year figureActu

24、al202020212022 19.38.9222.9250.24.88.026.726.86.48.615.510.01 It The Russia-Ukraine conflict has created considerable uncertainty,particularly with regard to the potential impact of the actions of the political players,primarily where the duration,intensity and allocation of energy supplies and thei

25、r impact on the supply chain are concerned.Particularly,the supply of energy,other raw materials and parts for the production process could result in greater constraints,especially in Europe,where a gas shortage is possible.Higher energy and commodity prices plus greater volatility could add to the

26、strain.Furthermore,inflation rates could reduce purchasing power,adversely affect consumer behavior and put a damper on demand for our products.Moreover,the need might arise to recognize further impairment losses on assets and additional risk provisions.2 Before special items 3 Including any cash ou

27、tflows in connection with the EU antitrust proceedings against ScaniaLeading the Transformation.New Auto StrategyBattery&ChargingSteering MatrixWe shift the Focus towards Brand Groups and Value Drivers 23Value driversStrong brandsPremiumVolumeSportsTrucksCustomers,brand positioning,performance progr

28、ams,synergies,deliveryTech.ComponentsGroup Services/Financial ServicesBEV HardwareSoftwareMobilitySolutionsProof points as of H1 2022:BEV sales significantly upvs prior yearFord cooperationextended;MoU signedwith MahindraCariad:Improved E1.1performance;Chinalocalization initiatedPowerCo established;

29、ground-breaking SalzGigafactorySiemens enters ElectrifyAmerica together withVolkswagen at$2.45bnpost-money valuationEuropcar transactionsuccessfully settled+SCHEMATICVariants are reducing complexity along the converging path towards a Group mechatronics platform SSP(Scalable Systems Platform)24flexi

30、ble ICE mechatronics platformMQBplatform principleMSBMLB3xMEBE 1.1E 1.1flexible BEVmechatronics platformGroup mechatronics platform2xKey enabler for future technologies e.g.ADPPEE 1.2E 1.21xGroup mechatronics platform SSPE32.0Volkswagen Groups ambition keeping the relative scale with MQB25Declining

31、demand for ICETightening emissions regulations(e.g.EU7)Taxdisadvantages20302021-60%(models,EU)ICE MarginICE complexity reduction2025/2025/20302030Product substance MQB2ndhardware life cycle minimal additional structural fundingFactory utilization to bundle production of multi-brand ICEsMQBMQB-scaleM

32、QBOperating Margin Parity in Western Europe between BEV and ICE progressing26I C E M a r g i nB E V M a r g i nMargin parity might be reached earlierIncreasing economies of scaleLower R&D thanks to shared platform and Group synergiesBattery costsavings TodayLower factory costs thanks to multi-brand

33、factoriesVolkswagen Tiguan TSI OPF 180 kW(245 PS):Fuel consumption combined:7.2 l/100km(NEDC),CO2emissions combined:164 g/km,CO2efficiency class:CVolkswagen ID.4:Power consumption combined:16.3-15.6 kWh/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+NEW AUTO strategy:From a classic OE

34、M to a vertically integratedmobility company27Mobility&ServicesSoftwareMechatronicsBattery&ChargingVolumePremiumSportSSPValueNew Auto Market capitalizationMarket capitalization86 bn1)Levers for value creation:Execution of transformation 28Performance KPI drivenshort/mid-termTransformation to Mobilit

35、y Tech Company longer term1Status 09/05/2022 Strong brands in regions Margin management Cost reduction Economies of scale Investment efficiencies/synergies Complexity reduction Pricing power Cash generation Working capitalmanagement Strong technological platforms New business models New profit pools

36、Increasing the footprint in North AmericaAmbitionraise Groups overall market share in the US to 10%by 2030 and grow sustainable and profitableElectrification as an opportunity to enter also new segments 25 new BEV models by 2030(US)the iconic US brand Scout will be electrifiedstart of production in

37、2026 targeted 1Vehicles sold outside Germany.296618243,60227620203,0262022E2021China Joint Ventures Proportionate Operating Profit30 mDriversContinued impacts from semi supply bottlenecks and COVID related production disruptions towards the end of the 1stquarterContinued strong premium performance,p

38、erformance of SAIC Volkswagen improved YoYSAIC Audi started production,thereby strengthening the local footprintProduction catch-up program initiatedFYQ1Das Bild kann nicht angezeigt werden.Enable NEV growth plan with ambitious ramp-up of battery and production capacity31Continuous supplier qualific

39、ation accordingly to Volkswagen standardsNEV production capacity is expected to be ramped up to 1.0 mn by 2025Continuously growing battery cell demand Partnering with Gotion High-TechOngoing cooperation with local suppliersStaggered approach to build up partnershipsin thousandsFAW-VWSAIC VWVW AnhuiA

40、udi FAW NEV(PPE)Changchun(600)Hefei(300)Shanghai(300)Foshan(300)Leading the Transformation.Strategy Software-enabled car companyLeading the Transformation.BEV Strategy and ChargingBEV sales expected to significantly rise in H233BEV Share%;BEV Deliveries 000 unitsQ12.5%Q2Q36.0%Q45.2%4.4%6.2%8.3%7-8%5

41、.1%2022e20299111 3Quarterly developmentOutlookID.Buzz:Vehicle is a near-production concept carPorsche Taycan GTS Sport Turismo:Power consumption combined:23.9-19.6 kWh/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+ID.5 Pro:Power consumption combined:15.9-14.6 kW

42、h/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+koda Enyaq iV Coup:Power consumption combined:13.6 kWh/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+2030e2026e2022e20212023e50%20%2025e25%5.1%7-8%11%x2x2x2Targeting BEV Podium Position by 2025BEV Share of Total Vehicle

43、Sales in%BEV+34ID.5ID.4(US)ID.BUZZQ5 e-tron(China)Q6 e-trone-MacanEuropeNARRoWChinaThereof:Europe:68.5%China:20.5%USA:8.2%Volkswagen ID.Buzz/ID.5:Vehicles are near-production concept carsVolkswagen ID.4:Power consumption combined:16.3-15.6 kWh/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency cl

44、ass:A+Audi Q5 e-tron:Vehicle sold outside GermanyGlobal Roll out of BEV production as of H1 2022Ramp up of re-tooled MEB plants Emden,Hanover and Chattanooga will support scale35Cupra Born:Power consumption combined:17.6 kWh/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+Skoda Enyaq:P

45、ower consumption combined:13.6 kWh/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+Porsche Taycan:Power consumption combined:23.9-19.6 kWh/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+Volkswagen ID.3:Power consumption combined:14.0-13.7 kWh/100km(NEDC),CO2emissions com

46、bined:0g/km,CO2efficiency class:A+Volkswagen ID.4:Power consumption combined:16.3-15.6 kWh/100km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+Audi Q4 e-tron:Power consumption combined:18.3-15.2 kWh/100 km(NEDC),CO2emissions combined:0g/km,CO2efficiency class:A+Volkswagen ID.Buzz:Power con

47、sumption combined:18.9 kWh/100km(NEDC),CO2 emissions combined:0g/km,CO2 efficiency class:A+ID.5 Pro:Power consumption combined:15.9-14.6 kWh/100km(NEDC),CO2 emissions combined:0g/km,CO2 efficiency class:A+ZwickauEmdenHanoverBrusselsZuffenhausenMladaBoleslavUSAEuropeChinaChattanoogaAntingFoshanVW ID.

48、4VW ID.3VWID.4(NAR)VWID.4 X/CROZZVWID.3VWID.6 X/CROZZAUQ4e-tronCU BornVWID.BUZZSkoda EnyaqVW ID.5 ProPOTaycanAUQ4 e-tronAUQ5 e-tron2Principle of Closed Loop Battery Materials36Open market3456101897classification of battery health status(to extend lifecycle in car use)Remanufacturing/2ndLife(in mobil

49、e power-banks)Mechanical RecyclingHydrometal.Recycling (chemistry involved)Secondary MaterialPrimary raw Material(chemistry part)Cathode-material(reusable for new cell production)Cell-production (cell modules)Systemproduction (battery system)1stLifeReturn(of battery)We are striving for high recovery

50、 rates of Raw Material(Nickel,Cobalt,Manganese,Lithium)For this reason,a pilot plant for battery recycling is currently being set up at the Salzgitter factory,Germany.Volkswagen Groups Unified Cell:The intelligence is inside 37One formatEvery state of the art chemistryVolkswagen demand Europe:240 GW

51、h means 6 Gigafactories by 2030DECIDED LOCATIONSVALENCIASpainSalzgitterGermanySwedenSkellefteaNorthvolt plantOpen locations45638PowerCo established to bundle Group-wide battery activities and set up cell factories(Groundbreaking July 2022)39Salzgitter cell Factory to be blueprint and starting pointf

52、or global battery offensiveTargeted start of production of Salzgitter plant in 2025Standard Factory concept,consisting of scalablestandardized modules with a production capacity of40 GWh per yearStandard Factory and unified cell enable rapid globalrollout240 GWh targeted by 2030Three European locati

53、ons already decided3D VisualizationKey TakeawaysBenefits of the Standard Factory conceptEuropean StandardStandardized European factory to minimize planning effortsFlexible production footprintAdaptable to different cell chemistries and formatsLean line designFactory design follows value stream conce

54、pt from mixing to final inspectionBuilding up competences upstream the value chain to expand the profit margin and exploit new revenue streamTier 4Tier 3Tier 2Tier 1OEMTier 5Raw materialBattery cellBattery moduleBattery integrationVehicleEquipmentVertical integration 1.0Vertical integration 2.0Verti

55、cal integration 3.0Automotive industry 5.0Traditional automotiveVW and Umicore supply cathode and precursor materialDec 2021Q4 2022Joint venture for European battery equipm.manufact.Power DayTechnology roadmap and charging by 2030Mar 20214010.000HPC points18.000HPC points17.000HPC points45.000HPC po

56、ints worldwideVolkswagen Groups High Performance Charging Boost Program is covering the most important e-mobility markets41Leading the Transformation.Mobility PartnershipsPROJECTS IN AUTONOMOUS DRIVING WITH43Volkswagen and Ford:Alliance delivers significant strategic and economic benefits VEHICLEDEV

57、ELOPMENT&PRODUCTIONPICKUP,CITY VAN,ONE-TON VANVW TO SUPPLY MEB PLATFORM TO FORD(MODULAR ELECTRIC TOOLKIT)Production of up to 8m units of thethree commercial vehicles targeted;SOP of the first project sinceFebruary 2022Through the cooperation,synergiesin investments,purchasing andcapacity utilization

58、1.2m MEB platforms andassociated components(batterysystems)delivered by VWstarting 2023$20bn deal valueCollaboration with Argo AI aims forindustry leading autonomousvehicle technology for Mobility andTransport as a Service solutions.New customers,new businessfields in AD transportation marketCollabo

59、ration Projects Europcar deal provides compelling opportunity to create a leading mobility platform44Consortium ofGreen Mobility HoldingInteraction at“arms length”0.50 per share Leading market position Advanced fleetmanagement capabilities Broad network of stationsOffer price will increase to 0.51if

60、 acceptance of 90%reached(2ndtender offer from June 16 to 29,2022)Customers increasingly demand new andinnovative on-demand mobility solutions,suchas subscription and sharing modelsBuilding a leading mobility platform is a keypriority of NEW AUTO strategy through 2030Leveraging the strong transforma

61、tioncapabilities of Attestor as well as theinternational mobility services and customerexperience of PonDevelop and transform Europcars businessand selectively add further services fromVolkswagen Group brandsAccelerated delivery of mobility services targetsLeading the Transformation.ESG,Integrity&Co

62、mplianceDecarbonization,Circular Economy,Responsibility in Supply Chain&Business,Diversity,People&Transformation and Integrity are our ESG focus areas.46DecarbonizationCircular EconomyResponsibility in Supply Chain&BusinessDiversity&InclusionPeople in the TransformationOrientationReputationValue-Dri

63、verTransformationIntegrityIMPROVE ESG Performance Investor Update Volkswagen Financial ServicesWe are the Key to MobilityHSBC German Investor Update September 26th,2022DisclaimerThe following presentations as well as remarks/comments and explanations in this context contain forward-looking statement

64、s 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 bas

65、is 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

66、specific effects of the latest developments in the Russia-Ukraine conflict on the Volkswagen Groups 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

67、 year 2022.Any changes in significant parameters relating to our key sales markets,or any significant shifts in exchange rates or commodities relevant to the Volkswagen Group or the supply with parts,or deviations in the actual effects of the Covid-19 pandemic from thescenario presented will have a

68、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 expecti

69、ng,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 exch

70、ange or sell or an offer to exchange or buy any securities.Under the brand“Volkswagen Financial Services the key to mobility“the subsidiaries of Volkswagen Financial Services AG as well as its sister company Volkswagen Bank GmbH render various services under the joint brand Volkswagen Financial Serv

71、ices.Such services are banking services(through Volkswagen Bank GmbH),leasing services(through Volkswagen Leasing GmbH),insurance services(through Volkswagen Versicherung AG,Volkswagen Autoversicherung AG)as well as mobility services(inter alia through Volkswagen Leasing GmbH).In addition,insurance

72、products of other providers are offered.2S P O R TV O L U M EP R E M I U MD E C A R B O N I Z A T I O NM E C H AT R O N I C SS O F T W A R EB AT T E R Y&C H A R G I N GM O B I L I T YS O L U T I O N SVolkswagen Group is changing and has defined Mobility Solutions as a core element of its NEW AUTO st

73、rategy 34Volkswagen Financial Services will offer the platform for mobility solutionsVolkswagen Financial ServicesFINANCIAL SERVICES DIVISIONThe changed business environment calls for a new strategyCustomerGroupCompetition5V I S I O NWe are the Key to Mobility.M I S S I O NWe offer sustainable mobil

74、ity solutions to match our customers mobility needs along all vehicle cycles.Consumers and mobility providers do have two core requirements/needs eachConsumerMobility providerMobility-platformWe are searchingfor our next car(or our nextmobility-flatrate)I want to getnow/soon fromA to B “We are aimin

75、g tooptimize theutilization of our fleet“We are aiming tooptimize the Vehicle-Lifetime-Value“789Mobility Platform offering our core products and asset lifetimemanagementFinancingLeasingVehicle on DemandMaaS1RemarketingInsurance/Service2nd1st3rd4thSingle BrandGroup Mob.Br.Multi-Br.user interface(incl

76、.brand integration),CRM&Pricing and asset lifetimemanagementWe will be the platform for all Volkswagen Groups mobility solutions10 user interface(incl.brand integration),CRM&Pricing 1Mobility-as-a-ServiceWe aim to be owner“of every second vehicle of the whole Group-Car-Parc with the VehicleLivetime

77、Concept“Penetration04 Jahre57 Years810 YearsVehicle lifecycleSegmentISegmentIISegmentIIITodayPotential04 Years11We have determined five strategic dimensions to drive MOBILITY2030 forward 1213141516Sustainability1718Financial Performance as of 30.06.2022Total assets 127.6 bnOperating profit 1.744 bnC

78、ontracts(units)16.0 mnTotal assets 64.1 bnCustomer deposits 26.9 bnOperating profit 334 mn Contracts(units)3.3 mnVolkswagen Financial Services AGVolkswagen Bank GmbHVolkswagen Financial Services*Volkswagen Financial Services are a business segment of the Volkswagen AG group and comprise Volkswagen F

79、inancial Services AG along with its associated companies,Volkswagen Bank GmbH,Porsche Financial Services,and the financial services companies in the USA and Canada.3.0 bnOperating Profit22 mnContracts238 bnTotal Assets19Operating income207578401,1373341,2231,2102,9871,7442,9602,8035,6722,9835,00001.

80、0002.0003.0004.0005.0006.000201920202021H1 20222022VW Bank GmbHVW FS AGVolkswagen Financial Services mOutlookKapiteltrennfolie zweite ZeileRisk ManagementCredit risk management at VolkswagenFinancial Services Proven crisis resilience.No significant influence of Covid-19 pandemic oncredit risk until

81、now.Credit losses currently and historically on a verylow level(0.27%as of 30.06.2022).Credit risks appropriately covered by provisions.Forecast:Credit risk situation will remain challenging:-ongoing Corona pandemic-crisis situation in the Ukraine-expected increasing interest rates.Provision-vs.Loss

82、 Ratio22 Positive trend in the development of used car prices related to an increased demand in the used car market.We assume the shortage of components to improve as the year progresses.We assume used car transaction prices to decline,but will remain on a higher level as before.We adapt this in our

83、 Residual Value prognosis for new business on model level.Forecast:Even in 2022 the still high used car prices will have a positive effect on our operating profit but this will be lower than in 2021.Residual value risk management atVolkswagen Financial ServicesRe-marketing situation used carsResidua

84、l Valueprojectionprojection2324FundingFunding allocation of segment Volkswagen Financial Services as of 30.06.202225 180.3 bnStrategic Funding MixVolkswagen Financial ServicesVolkswagen Financial Services organisational structure and guarantee schemeGuarantee1)Credit Ratings from Standard&Poors/Mood

85、ys as per 09 September 2022;(n)Outlook negative,(s)Outlook stable,(RfD)Under Review for DowngradeVolkswagen Financial Services AGRating:BBB+(s)/A3(s)1EUR 50,000,000,000 Debt Issuance ProgrammeVolkswagen Bank GmbHRating:BBB+(s)/A1(s)1EUR 10,000,000,000 Debt Issuance ProgrammeRating:BBB+(s)/A3(s)1100%

86、ShareholderControl and Profit&Loss Transfer AgreementVolkswagen Financial Services AustraliaVolkswagen Financial Services JapanVolkswagen Financial Services N.V.Volkswagen Leasing GmbH26VW FS JapanJPY 60 bn ECP ProgramVW Finance(China)Domestic RMB Bond IssuancesVW Leasing MexicoMXN 20 bn Dual CP+MTN

87、 ProgramVW Bank MexicoMXN 7 bn Debt Issuance ProgramVW FS IndiaDomesticINR CP+Bond IssuancesVW FS KoreaDomestic KRW Bond IssuancesVW FS Australia AUD 5 bn Debt Issuance ProgramVW Financial Services PolskaPLN 5 bn Debt InstrumentIssuance ProgramVW Bank Rus/VW FS RusDomestic RUB Bond IssuancesVDF/VDFF

88、ilo TurkeyDomestic TRY Bond IssuancesBanco VW Brazil DomesticLetra Financeira VW FS AG Group 7,5 bn CP Program 50 bn Debt Issuance ProgramVW Bank Group 2.5 bn CP Program 10 bn Debt Issuance ProgramWorldwide DCM activities of Volkswagen Financial Services27Worldwide ABS activities of Volkswagen Finan

89、cial Services28VW Leasing/DutchLeaseVCL MasterBanco VW Brazil Driver Brasil programVW FS AustraliaDriver Australia programDriver Australia MasterVW FS JapanDriver Japan program VW Finance ChinaDriver China programVW LeasingVCL programVCL MasterMAN Financial ServicesTrucknologyVW FS UKDriver UK progr

90、amDriver UK MasterVW Finans SverigeAutofinance S.A.VDF TurkeyDriver Turkey Master 28Annual new car sales and an increasing VWFS share of VW car parc will increase VWFS refinancing demand202220232024202520262027202820292030Share of Car Parc50%Balance sheet growth due toincreased assetsNew Car FS PenetrationBEV:80%ICE:50%Green in the sense of CO2-neutral use of the car,e.g.BEV29Thank you!Volkswagen Financial Services AGInvestor RelationsGifhorner Str.5738112 B