2016 06 01 Factbook 2016 TOP COPY · 2020-06-03 · Total market segmentation March 2016 Tiguan...

1

12fascinating brands

153countries

9.93 milliondeliveries in 2015

610,076employees worldwide

Factbook 2016

2

ContentVolkswagen at a Glance 3

The Emissions Issue 9

Our Brands & Products 14

Markets & Sales 30

Financials & Outlook 41

Strategy 2025 50

Excellence in Production 60

Focus on R&D 64

Shareholder Information 73

Investor Relations Team 79

Markets & Sales

Excellence in Production Focus on R&D

Financials & Outlook Shareholder InformationStrategy2025

Volkswagen at a Glance

Our Brands & Products Investor Relations TeamThe Emissions Issue

3

Volkswagen at a glance

with its headquarters in Wolfsburg is one of the

world‘s leading automobile manufacturers and the

largest carmaker in Europe.

The Group operates 119 production plants. Every

weekday, more than 610,076 employees worldwide

produce 42,000 vehicles, and work in vehicle-

related services or other fields of business.

The Volkswagen Group sells its vehicles in

153 countries.

Due to difficult market conditions in 2015, the number

of Group vehicles delivered to customers dropped to

9.93 million (2014:10.137 million).

The Group´s market share of the world passenger car

market was 12.3 percent (12.9 percent).

610,076 employees

119 production plants worldwide

Profit after tax:€ -1.36 billion

9.93 m deliveries to customers

Active in 153 countries

Around 337 models42,000 vehicles a day

Dec. 1945: start of series production

Headquarters Wolfsburg

12 brands from 7 European countries

The Volkswagen Group

As of April 28, 2016.

Markets & Sales





4

The idea of a “people’s car” is born in the early 20th century. Ferdinand Porsche is finally commissioned to build the „Volkswagen“

Start of construction of the Volkswagen plant in Wolfsburg

Forced labor and production of armaments during the Second World War

The British military government takes over trusteeship. Their quality policy, customer service, sales network and export orientation lay the foundation for the company’s success

Series production of the Beetle begins with 55 vehicles

Volkswagen goes international with the first exported car in 1947 and the opening of the first abroad sales company in Canada and the first production plant in Brazil

The one millionth Volkswagen is produced

Automation of Production

Volkswagen listed at stock exchange and issues shares for the first time in 1961

Introduction of the new models Passat, Golf and Polo leads Volkswagen out of critical situation after oil crisis and recession

Establishment of Chinese joint ventures creates basis for future success: Shanghai Volkswagen (1985) and FAW-Volkswagen (1991)

Volkswagen changes its name to “Volkswagen AG“

Acquisition of the brands SEAT (1985), ŠKODA (1991), Bugatti, Bentley, Lamborghini (1998) and Scania (2008)

Foundation of “Volkswagen Financial Services AG“ and Volkswagen Commercial Vehicles brand

Integration of Porsche (2012) and MAN (2013) as well as the takeover of Ducati; successful offer for all outstanding Scania shares (2014)

The „Auto-Union GmbH“ (later Audi) is transferred into the ownership of Volkswagen

1904 –1934

1938

1939

1945 –1949

1945

1947 –1953

1954

1955

1960 –1961

1965

1970 –1975

1985 –1991

1985

1986 –2008

1994 –1995

2012 –2014

Internationalization & mass production Stock company & new models The globalized automobile groupThe beginnings

2014

Volkswagen achieves more than ten million deliveries in one year for the first time

Volkswagen history: from national leader to global champion

Markets & Sales





5

Automotive Division Financial Services Division

The Volkswagen Group consists of two divisions: the

Automotive Division, including the Passenger Cars and

Commercial Vehicles / Power Engineering Business Areas,

and the Financial Services Division.

The Passenger Cars Business Area is centered on the

development of vehicles and engines as well as the production

and sale of passenger cars.

The Commercial Vehicles / Power Engineering Business

Area deals with the production and sale of trucks and busses,

and business comprising genuine parts, large-bore diesel

engines, turbomachinery, special gear units, propulsion

components and testing systems.

The Financial Services Division’s portfolio of services

combines dealer and customer financing, leasing, banking and

insurance activities and fleet management.

Volkswagen Group – leveraging the power of three strong pillars

Scania Financial Services

Porsche Holding Financial Services

Porsche Financial Services

Europe / Asia-Pacific / North and South America

Financial ServicesUSA / Canada / Spain / Argentina

Remaining companies

Commercial Vehicles / Power Engineering Volkswagen Financial ServicesPassenger Cars

Markets & Sales





6

The board of management of Volkswagen Aktiengesellschaft

Andreas RenschlerFunctional Responsibility 'Commercial Vehicles'

Dr. Herbert DiessChairman of the Board of Management of the Volkswagen Passenger Cars brand

Matthias MüllerChairman of the Board of Management of Volkswagen AG

Dr. rer. pol. h. c. Francisco Javier Garcia SanzFunctional responsibility 'Procurement'

Prof. Dr. rer. pol. Dr.-Ing. E. h. Jochem HeizmannFunctional responsibility ‘China'

Dr. Karlheinz BlessingFunctional Responsibility 'Human Resources and Organization''

Prof. Rupert StadlerChairman of the Board of Management of Audi AG

Frank WitterFunctional Responsibility 'Finance and Controlling'

Dr. Christine Hohmann-DennhardtFunctional Responsibility 'Integrity and Legal Affairs'

Markets & Sales





7

Volkswagen Tiguan

Markets & Sales





8




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales



Our Brands & Products Investor Relations TeamThe Emissions IssueVolkswagen at a Glance

9

The Emissions Issue: What happened?

Markets & Sales





• On September 18, 2015, the U.S. Environmental Protection Agency (EPA) publicly announced in a “Notice of Violation” that irregularities in relation to nitrogen oxide (NOx)emissions had been discovered in emissions tests on certain vehicles with Volkswagen Group diesel engines.

• Volkswagen publicly admitted to irregularities on September 22, 2015.

• Martin Winterkorn took over the responsibility and resigned as Volkswagen CEO on September 23, 2015.

• Matthias Müller has been appointed CEO of Volkswagen AG on September 25, 2015.

• On November 2nd, 2015, the EPA issued another “Notice of Violation” alleging that irregularities had also been discovered in the software installed in vehicles with type V6 3.0 l diesel engines.

• Volkswagen’s reaction has been comprehensive and the Company is working intensively to clarify the irregularities. To this end, Volkswagen ordered both internal inquiries and external investigations.

• The Supervisory Board of Volkswagen AG formed a special committee that coordinates all activities relating to the emissions issue for the Supervisory Board.

• In late October 2015, the Group Board of Management announced a five-point plan to realign the Group.

• Volkswagen is cooperating with all the responsible authorities to clarify the emissions issue completely and transparently. Jones Day is supporting Volkswagen AG in its cooperation with the judicial authorities.

“Volkswagen does not tolerate any infringements of rules or laws. The irregularities that occurred contradict everything Volkswagen stands for. The trust of our customers and the public is, and will remain, our most important asset. We are sincerely sorry that we have disappointed our stakeholders. We will do everything within

our power to prevent incidents of these kinds from reoccurring and commit ourselves fully to winning back all of the trust.”

10

Our 5 priorities: Focus on crisis management and realignment

Markets & Sales





Customer solutions

Investigation

Structure

Mindset

Destination

Implementation of technical solutions launched in Germany Schedule for further refits in Europe to be adapted in consultation with authorities Agreement in principle reached with U.S. authorities

Process audit by Group Audit already completed at 2015 year-end,proposed measures being rapidly implemented

Detailed investigation of facts by Jones Day ongoing

New management team in place Intensive work on new structures and leaner processes

Numerous individual changes made to renew corporate and leadership culture

Structured change process initiated

Development of “Strategy 2025" proceeding to plan Priorities and objectives to be presented before summer break as announced

11

How the NOx issue will be solved in the USA

Markets & Sales





EA189 2.0 l (Gen 1):

~ 0.4m units

EA288 2.0 l (Gen 3):

~ 0.1m units

EA189 2.0 l (Gen 2):

~ 0.1m units

Currently coordinating viable solution concepts and time lines with the responsible

authorities EPA and CARB

• Agreement in principle with US authorities:• Dept. of Justice (Environmental Division)• Environmental Protection Agency (EPA)• California Air Resources Board (CARB)• Federal Trade Commission (FTC)

• Publication of Settlement by 21st June 2016• Finalization of Settlement 26th July 2016

Diesel Status

12

How the NOx issue will be solved in Europe

Markets & Sales





• Software fix only• Working time ca 30 min.

EA189 2.0 l (EU5): ~ 5.2m units

• Soft- and Hardware fix required• Working time < 1h

EA189 1.6 l (EU5): ~ 3m units

• Software fix only• Working time ca 30 min.

EA189 1.2 l (EU5): ~ 0.3m units

Diesel Status Europe (approved by KBA)• Modifications started and effective

13




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales




14

Volkswagen is the one of the most successful

multibrand groups in the automotive industry.

The Group consists of twelve brands from

seven European countries: Volkswagen

Passenger Cars, Audi, SEAT, ŠKODA,

Bentley, Bugatti, Lamborghini, Porsche,

Ducati, Volkswagen Commercial Vehicles,

Scania and MAN.

Each brand has its own character and

operates as an independent entity in the

market to better satisfy the specific needs of

different segments and countries.

Our brands and products – a success story

Markets & Sales




15

Our huge product range satisfies all major customer groups

World 2015

E

D

C

B

A

A0

A00

Hatchback Sedan Estate MPV Coupé Roadster City Van / TransporterConvertibleSUV Pick-Up

Segments > 1m cars New product launch 2016

Markets & Sales




16

Volkswagen

KEY FIGURES

Dr. Herbert DiessCEO

MOST PRODUCED IN 2015

Jetta/Sagitar

844,907

Golf

1,095,553

Polo

754,546

DELIVERIES BY MARKETS 2015

The Volkswagen Passenger Cars brand is one of the world’s

most successful volume carmakers. The Group’s core brand

maintains facilities in 14 countries, producing vehicles for

customers in more than 150 nations.

2007

2008

2009

2010

2011

2012

2013

2014

2015

Europe/Remaining markets 33.2%

North America 10.2%

South America 7.9%

Asia-Pacific 48.7%

5.8m

3.7m

Markets & Sales




17

Audi – Vorsprung durch Technik

KEY FIGURES

Rupert StadlerCEO


A4

318,788

A3

370,144

A6

293,960

DELIVERIES BY MARKETS 2015Audi is one of the world’s leading manufacturers of premium

cars and has been part of the Volkswagen Group since

1965. Today, the company makes vehicles ranging from

compact to top-of-the range models.

Audi is “Vorsprung durch Technik”. Lightweight construction,

efficient drivetrains, connectivity and innovative assistance

systems - Audi clothes its progressive technologies in clear

lines and sporty design.

2007

2008

2009

2010

2011

2012

2013

2014

2015


North America 13.5%

South America 1.5%

Asia-Pacific 37.5%

1.8m

0.96m

Markets & Sales




18

ŠKODA – simply clever

KEY FIGURES

Bernhard MaierCEO


Rapid

228,175

Octavia

425,629

Fabia

195,349


ŠKODA is one of the world’s longest-standing carmakers.

It became a member of the Volkswagen Group in 1991.

Clever solutions for everyday car journeys – that is ŠKODA’s

aspiration. The traditional Czech brand combines

functionality and everyday practicality with high quality and

timeless design.

2007

2008

2009

2010

2011

2012

2013

2014

2015


North America 0.0%

South America 0.1%

Asia-Pacific 29.0%

1.06m

0.63m

Markets & Sales




19

SEAT – technology to enjoy

KEY FIGURES

Luca de MeoCEO


Ibiza

160,451

Leon

169,455

Altea/Toledo

32,729

DELIVERIES BY MARKETS 2015SEAT looks back on a history spanning over 60 years.

A member of the Volkswagen Group since 1986, the

Spanish carmaker today designs, develops and

manufactures cars and components at its production sites in

Barcelona, Martorell and Prat.

SEAT combines temperament and precision. The Spanish

brand’s vehicles radiate sheer enjoyment and impress with

their technological perfection.

2007

2008

2009

2010

2011

2012

2013

2014

2015


North America 6.0%

South America 0.2%

Asia-Pacific 0.0%

0.4m

0.43m

Markets & Sales




20

Bentley

KEY FIGURES

Wolfgang DürheimerCEO


Continental GT Coupé

3,997

Continental GT Convertible

2,216


The brand is part of the Group since 1998. For more than 75

years, Bentley’s headquarters have been based in Crewe,

where the luxury cars are designed and manufactured.

Individual luxury, handcrafted perfection and powerful

performance – the Bentley experience, every time. Built in

Crewe and driven across the world.

2007

2008

2009

2010

2011

2012

2013

2014

2015


North America 28.3%

South America 0.1%

Asia-Pacific 28.2%

10,100Flying Spur

3,660

10,014

Markets & Sales




21

Porsche

KEY FIGURES

Dr. Oliver BlumeCEO


911 Coupé/Convertible

31,373

DELIVERIES BY MARKETS 2015Dr. Ing. h.c. F. Porsche AG is one of the most successful

sports car manufacturers in the world and has been part of

the Volkswagen Group since 2012. Today, Porsche

maintains production sites in Stuttgart-Zuffenhausen and

Leipzig.

Porsche’s mission is to build sports cars that go full throttle

on the circuit but also hold their own on everyday journeys.

German engineering brilliance creates the most efficient

sports cars in the world.

2010

2011

2012

2013

2014

2015


North America 26.4%

South America 1.2%

Asia-Pacific 35.0%

0.23m

0.1m

Cayenne

79,700

Macan

86,016

Markets & Sales




22

Volkswagen Commercial Vehicles

KEY FIGURES

Dr. Eckard ScholzCEO


Transporter

82,509

Caravelle/Multivan, Kombi

96,341

Amarok

81,019

DELIVERIES BY MARKETS 2015The brand produces commercial vehicles at its four plants in

Hanover, Poznań, Anchieta and Pacheco.

Volkswagen Commercial Vehicles – from the California

camper van to the Caddy urban delivery van and the Crafter

delivery van – the brand’s light commercial vehicles offer

highly flexible and cost-effective performance for everyday

driving.

2007

2008

2009

2010

2011

2012

2013

2014

2015


North America 1.6%

South America 8.6%

Asia-Pacific 5.0%

0.43m

0.43m

Markets & Sales




23

Scania

KEY FIGURES

Per HallbergPresident and CEO

PRODUCTION IN 2015

Buses

6,964

Trucks

72,382

DELIVERIES BY MARKETS 2015Scania was one of the first companies to make commercial

vehicles and has been a member of the Volkswagen Group

since 2008. The Swedish brand builds its products at nine

production sites in six countries.

Scania trucks, buses and engines offer maximum efficiency

and absolute reliability. The premium brand in the

commercial vehicle segment stands for high cost

effectiveness and comprehensive service.

2007

2008

2009

2010

2011

2012

2013

2014

2015


North America 0.9%

South America 12.5%

Asia-Pacific 8.6%

77k

76k

Markets & Sales




24

MAN

KEY FIGURES

Joachim DreesCEO

PRODUCTION IN 2015

Buses

10,244

Trucks

90,581

DELIVERIES BY MARKETS 2015The MAN Group is one of Europe’s leading industrial players

in transport-related engineering and a supplier of trucks,

buses, diesel engines, turbomachinery, and special gear

units.

Technological expertise in transportation and energy is a

characteristic of all MAN products, from trucks to buses, from

large-bore engines to turbomachinery.

2012

2013

2014

2015


North America 1.5%

South America 21.9%

Asia-Pacific 4.9%

102,474

121,767

Markets & Sales




25

Lamborghini BugattiStefanoDomenicaliCEO

AVENTADOR

Lamborghini stands for extreme and uncompromising super sports cars of the best

Italian tradition.

Lamborghini redefined the future of its super sports cars and decided to focus more

on weight reduction than on top-speed. Extensive use of carbon fibre, even at a

structural level, allows Lamborghini to be at the forefront of development techniques.

The successor of the Gallardo, the new Lamborghini Huracán LP 610-4, made its

global debut at the Geneva Motor Show 2014 and is currently receiving overwhelming

reactions from markets and customers all over the world.

An uncompromisingly sporty identity, extreme design, ultimate performance –

Lamborghini continually rewrites automotive history with super sports cars such as the

new Huracán.

LAMBORGHINI BUGATTI

Bugatti has always been the epitome of exclusivity, luxury, elegance, style and

extraordinary design, driven by a great passion for automobiles.

Unique visions, the strong legacy of legendary sports cars that date back to the year

1901, and high-precision engineering in development, construction, and manufacture

distinguish this outstanding automotive brand.

Bugatti confirmed its unique position by launching the Veyron Grand Sport Vitesse,

the fastest roadster of all time with a top speed of 431 km/h.

Bugatti is more than just a brand – Bugatti is a legend. Its super sports cars epitomize

its quest for the perfect synthesis of art and technology.

Chiron

Wolfgang DürheimerCEO

Markets & Sales




26

Lars Henner SantelmannnCEO

Total Portfolio 13,230

Volkswagen Financial Services offers tailor-made products and

services spanning all vehicle segments and representing the key

to mobility for many of the Group’s customers worldwide.

It is the largest automotive financial services provider in Europe

presently employing more than 13,329 employees worldwide, of

which 6,167 work in Germany.

Volkswagen Financial Services offers financial services for more

than 60 years in close cooperation with the Volkswagen Group

brands in 51 countries worldwide.

The portfolio includes dealer and customer financing, leasing,

banking and insurance activities, fleet management and mobility

solutions.

Volkswagen Financial Services – the key to mobility1)

3,097 3,163 3,567 3,712 3,930 4,551 4,946 5,5601,336 1,505 1,508 1,524 1,623 1,808 1,983 2,2742,169 1,964 2,148 2,246

2,691 3,2813,796 4,549

Financing Leasing Insurance / Services 1) All shown figures show VW Financial Services as of 31 December 2015, excluding financial service activities of Scania, Porsche AG and Porsche Holding Salzburg

KEY FIGURES

1,702

Receivables

Direct Banking Deposits

Equity

Operating profit

93,679

23,774

15,184

2015 2014 %

+8.2

+7.0

+22.5

+12.9

Total Assets 137,438 +14.9

(in € million)

CONTINUOUS PORTFOLIO GROWTH (CONTRACTS ´000)

1,921

101,327

25,450

18,607

157,855

Markets & Sales




27

Volkswagen Group brands product firework1) across the world

... to follow2015

Touran LamandoLavida

Q7

R8

A4

A6L

Fabia Combi Superb

Ibiza Alhambra

911

A+ SUV

A6L e-tron

Boxster Panamera Cayman

Q5

Entry SUV

1) Schematic overview – does not show all models

Passat GTE

2016

TiguanPhideon

up!

Audi Q2

Ateca Ibiza Cupra

911 Carrera 4

Octavia

A 3 A 5

Rapid

B-SUV

A-SUV

Leon

Markets & Sales




28

Audi Q2

Markets & Sales




29




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales




30

10,159,93

9,848,53

7,766,64

4,744,58

2,972,88

2,802,25

1,541,30

1,181,07

1,021,01

ToyotaVolkswagen Group

GMRenault-Nissan

Hyundai-KiaFord

Fiat-ChryslerHonda

PSASuzuki

DaimlerBMW

MazdaChangan

BAICMitsubishi

TataGeely

1) incl. SAIC-GM-Wuling (1,928,000 units) 2) incl. Lada (305,000 units) 3) Honda: Change. Q2-Q415 vs. Q2-Q4/14, Q1/14 not compareable 4) excl. foreign JV partner brands Source: IHS

-0.8%-2.0%

0.2%

0.7%

0.2%4.9%0.2%

6.5%

1.2%

-0.1%10.4%

6.1%

11.4%

13.7%

3.6%-0.6%5.5%

14.6%

Change vs. 2014

1)

2)

3)

3)

4)

4)

Deliveries (million units)

Markets & sales - in 2015 the Volkswagen Group delivered more than 9 million vehicles, ranking 2nd world wide

Markets & Sales




31

Our brands once again proved their attraction to customers

1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); -1.8% excl. Volkswagen Commercial Vehicles, Scania and MAN. 2) MAN incl. MAN Latin America Trucks and Busses GVW > 5t

10.137

6.119

1.7411.037

391 190

9.931

5.823

1.8031.056

400 2250

2.000

4.000

6.000

8.000

10.000

12.000‘000 units

1)

- 2.0%

Volkswagen

Passenger Cars

Group

January – December 2014January – December 2015

- 4.8%

+2.4%+1.8%

+3.6%

+18.6%

Markets & Sales




32

1.014

447

120 80

993

430

102 77

0

200

400

600

800

1.000

1.200

VolkswagenGroup

10,000

8,000

400

200

0

12,000

600

-4.0%-14.7%

-3.5%

-2.0%1)

3)

2)

January – December 2014January – December 2015

1) Incl. Volkswagen Commercial Vehicles, Scania and MAN; 4.9% excl. Volkswagen Commercial Vehicles, Scania and MAN.2) The Saveiro model, previously Volkswagen Commercial Vehicles, is reported in the Volkswagen Passenger Cars brand retrospectively as of January 1, 2013. 3) MAN incl. MAN Latin America Trucks and Buses GVW > 5t

Commercial Vehicles

Volkswagen Group – commercial vehicles deliveries Deliveries to customers in´000 units

Markets & Sales




33

With its brands, the Volkswagen Group has a presence in all relevant

automotive markets around the world.

Western Europe, China, Brazil, the USA, Russia and Mexico are currently the key

sales markets for the Group.

Due to difficult market conditions in 2015, the number of Group vehicles

delivered to customers dropped to 9,931 million (2014: 10,137 million). The

share of the world passenger car market was 12.3 percent.

The Group operates 119 production plants in 20 European countries and a

further 11 countries in the Americas, Asia and Africa. Every weekday, approx.

610,100 employees worldwide produce nearly 42,000 vehicles, and work in

vehicle-related services or other fields of business. The Volkswagen Group

sells its vehicles in 153 countries.

Worldwide Deliveries of the Group’s most successful models in 2015 (‘000 units)

Key Markets

Golf

JettaPolo

Passat

TiguanLavida

SKODA Octavia

Audi A3

1,095

929

739

738497

477

389

328

Global Presence

Overview – world car markets and Volkswagen Group

Markets & Sales




34

Deep roots and strong market position combined with furthergrowth potential continues robust performance in China

Investor Relations Team

Localization of New Electric Vehicles

Strong operational & financial track recordDeliveries to customers – strong Jan-March 2016

0,40,8

1,92,6

3,74,3

5,2 5,2

0,3 0,40,8

1,22,0

2,8 3,0

4,5

2008 2009 2010 2011 2012 2013 2014 2015

ProportionateOperating Profit

Dividends paid toVolkswagen AG

(in € bn)

Significant extension of SUV portfolio until 2020

2013 2016import local production

> 15 models

…

881 933 906 955

3,675

898898 845 835 969

3,549

956

Q1 Q2 Q3 Q4 FY Jan-Mar

70%30%

Market SegmentationLocally produced SUVs

2015 mid-term

4 >10

(thousand units) 2014

2015

2015

2016

+ 6.4%

Markets & Sales




35

Segment Market shareMarch'16 (%)

∆ March '16 vs '15(%)

Sedan 33 -2Hatchback 5 -18

Coupe 3 -5Wagon 1 -8

Cabrio/Roadster 1 -16SUV 36 +10

Pick-Up 15 +7MPV 4 +23

Transporter 3 +20City Van 0 +177

Volkswagen Group’s recently launched and upcoming models…

Golf Alltrack Midsize SUVQ7 R8

Total market segmentation March 2016

Tiguan

Sedan Hatchback Coupe Wagon

Cabrio/Roadster SUV Pick-Up MPV

Transporter City Van

Q5A4

US Market segmentation and trends offer potential asVolkswagen Group’s model portfolio will be renewed and extended

Markets & Sales




36

Prof

itabi

lity

Time

Refresh existing product portfolio and extend range of drivetrain technologies

Restructure business, streamline cost position and intensify export

Introduce new range of vehicles incl. A0/SUVs utilizing global sourcing and synergies in R&D and production

2

1

3

Volume under pressure in difficult environment

Intensified competitive environment

Export difficult due to high cost base & trade barriers

2012 2013 2014 2015Volkswagen Group Deliveries to Customers[Brazil, Passenger Cars and LCVs]

-14% -16%-36% Jan-March

2016: -36%

Product innovation and cost reduction are the key pillars of Volkswagen’s strategy to cope with challenges in emerging markets

Unstable political situation

Markets & Sales




37

1) Includes Cyprus and Malta 2) Includes Central America and CaribbeanSource: IHS Automotive (data status: October 2015), roundedNote: Market = Cars and LCVs

bf

19,6 20,8 21,3

2014 2015 2016

5,2 4,3 3,6

2014 2015 2016

12,113,2 13,6

2014 2015 2016

30,4 31,9 33,4

2014 2015 2016

3,6 2,8 2.8

2014 2015 2016

4,7 4,7 4,6

2014 2015 2016

75,6 77,4 79,2

2014 2015 2016

Rest of WorldAsia-Pacific

World

South America 1)

North America 1) Western Europe Eastern Europe

Source: IHS Economics as of April 20161) Passenger cars and Light Commercial Vehicles

Passenger car market forecast 2016 – overall growth expected(in million units)

Markets & Sales




38

Markets & Sales

Excellence in Production

Focus on R&D

Financials & Outlook

Shareholder Information

Strategy 2018


Our Brands & Products


bf

Source: IHS Automotive, IHS Economics as of July 20151) Includes Central America and Caribbean, excluding Mexico

Passengercar & LCV

market(2016 growth)

GDP(growth p.a.)

Western Europe USA China South

AmericaEasternEurope

2015a 2016e

+1.7%+1.7%

2015a 2016e

+2.1%+2.4%

2015a 2016e

+6.4%+6.9%

2015a 2016e

-1.5%-1.2%

2015a 2016e

+1.4%+0.4%

World

2015a 2016e

+2.6%+2.6%

1)

Stable development of the global passenger car market in 2016 with adverse developments in individual regions is expected

Markets & Sales




39

ŠKODA Superb Combi SportLine

Markets & Sales




40




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales




41

2)

Financial Highlights – Volkswagen Group*(January to December 2014 vs. 2015)

2014 2015

€ million

2014

Sales revenue

€ million

Operating profit

€ million

Profit before tax

€ million

Profit after tax

7.3%

- 1,301 - 1,361

11,068

2015

213,292(+ 5.4%)

2015

202,458 12,824(+ 1.0%)12,697

14,794

-0.7%

6.0%6.3%

2015

-1.9%

2015 20142014

- 4,069

*Calculation of the Percentage: Operating profit / profit before tax in % of sales revenue1) After Special itmes2) Before Special itmes

1)

Markets & Sales




42

Change in Operating Profit

2014 Volume/Mix/Prices

Exchangerates

Productcosts

Fixedcosts

FinancialServicesDivision

2015CommercialVehicles/

PowerEngineeringPassenger Cars

- 4.1

Specialitems

Operatingresultbefore

special items

12.7

+ 2.6 - 2.6

+ 0.3- 1.1 + 1.0

€ billion

12.8

- 4.1

- 16.90.0

Markets & Sales




43

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts 2) Incl. financial services 3) The sales revenue and the operating result of the joint venture companies in China are not included in the figures for the Group. The Chinese companies are accounted for using the equity method and recorded a proportionate operating result of €5,214 (5,182) million. 4) Mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation for Scania, Porsche Holding Salzburg, MAN and Porsche. 5) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions

Vehicle sales Sales revenue Operating profitthousand vehicles/ € million 2014 2015 2014 2015 2014 2015Volkswagen Passenger Cars 4,583 4,424 99,764 106,240 2,476 2,102Audi 1,444 1,529 53,787 58,420 5,150 5,134ŠKODA 796 800 11,758 12,486 817 915SEAT 501 544 6,874 8,572 -127 -10Bentley 11 11 1,746 1,936 170 110Porsche2) 187 219 17,205 21,533 2,718 3,404Volkswagen Commercial Vehicles 442 456 9,577 10,341 504 382Scania2) 80 78 10,381 10,479 955 1,027MAN 120 102 14,286 13,702 384 277VW China3) 3,506 3,456 - - - -Other -1,454 -1,608 -45,885 -56,318 -2,052 -2,437Volkswagen Financial Services - - 22,139 25,901 1,702 1,921Volkswagen Group before special Items - - - - 12,697 12,824Special itmes - - - - - -16,893Volkswagen Group 10,217 10,010 202,458 213,292 12,697 -4,069

Automotive Division5) 10,217 10,010 177,538 183,936 10,780 -6,305of which: Passenger Cars 9,575 9,374 143,601 149,716 9,835 -7,013of which: Commercial Vehicles, Power Engineering 642 636 33,937 34,220 945 709

Financial Services Division - - 24,920 29,357 1,917 2,236

4) 4)

Strong performance across our business lines1)

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44

€ billion

0,0

4,0

8,0

12,0

16,0

20,0

24,0

28,0

23.8

6.5 8.9

-12.7(6.9%3))

2.40.5-5.0

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Including allocation of consolidation adjustments between Automotive and Financial Services divisions 3) Capital expenditure for property, plant and equipment in % of Automotive sales revenue.

Automotive Division – strong cash generation1) 2)

2014 21.6 -11.5 (6.5%3)) -4.6 0.4 5.9 0.2 6.1

Cash flow from operating

activities

Capex Capitalized development costs

Net cash flow before disposal

of equityinvestments

Acquisition and disposal

of equity investments

Net cash flowOther

Markets & Sales




45

Volkswagen Group – Generating cash and robust financial positionAutomotive Division - Net Liquidity Funding programs as of 31 December 2015

16,9 17,6

24,5

0

5

10

15

20

25

30

2013 2014 2015

Commercial Papers Medium Term Notes / Bondsthereof: Hybrid BondsABS1)

UtilizationMoney and Capital Markets

BorrowingsCommitted LinesUncommitted LinesSupranationals, development banks, government, otherDirect Banking DepositsTotal Amount

6.29.8

11.923.5

141.4

4.658.9

7.529.4

(in € bn) (in € bn)

Bridge facility up to €20 bn

target liquidity

1) All Including Porsche, MAN

Markets & Sales




46

2015 - 2019

Investments in property, plant and equipment

€64.3 bn

Ø per year 2016

~€13 bn

max €12 bn

Prior planning as of November 2014 New planning as of November 2015

Prioritization and focus on digitalization and e-mobility

Not jeopardizing our future: spending on digitalization and alternative drive train technologies will be increased further

Cancellation or delay of all projects that are not absolutely necessary

Focus on new products, continuing rollout and enhancement of toolkits, completion of ongoing capacity expansion

Uncertainty requires prioritization of investments

Volkswagen Group reduces level of capex and resets priorities

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47

Volkswagen Group – Outlook for 2016

9,93110,137Deliveries to customers(‘000 vehicles)

- 2.0 %

Sales revenue(€ billion)

+ 5.4%

Full Year2014

6.06.3Operating return on sales

(before special items)(%)

2015

202.5 213.3

We are operating in an exceedingly challenging environment in which global demand for new vehicles is declining, exchange rates and interest rates remain highly volatile and competition in many of our markets is intensifying

The extensive clarification of the emission issue will also be a dominant feature for the Volkswagen Group

Volkswagen Group sales revenue down as much as 5% on 2015

Group operating result between 5% and 6%

Financial Services Division, sales revenue and operating profit at the prior-year level

Disciplined cost and investment management and the continuous optimization of our processes are integral elements of the Volkswagen Group’s strategy

- 4.8%

Markets & Sales




48

SEAT Ateca

Markets & Sales




49




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales




50

… Market / consumer trends… CO₂ and EU6 regulations

Source: based on ICCT

Digitalization

E-mobility

Automated driving

Shift in priorities

Shorter lifecycles

SUV trend

Challenging emission regulations, trends and business transformation opportunities

Status and forecast of CO₂-regulations

EU baseline: 142

EU 2020: 95

US baseline: 219

US 2025:107

China baseline: 185

China 2015: 167

90

110

130

150

170

190

210

230

250

270

2000 2005 2010 2015 2020 2025

Gra

ms

CO

2pe

r kilo

met

er, n

orm

aliz

ed to

NED

C

EU US-LDV China(PC+LDT)

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51

More efficient and faster: New series organization –Example: Volkswagen brand

Nurtures big-picture entrepreneurial visionand results focus

Makes for significantly faster & leaner decision-making processes

Promotes teamwork and open mindedness

Improves overall process, especially at interfaces

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52

NEW VOLKSWAGEN

• Volkswagen brand to develop to a mobility provider

• Electric, fully networked car as part of a complete ecosystem

POSITIONING

• Checking brand positioning in major markets and adapt product range

EFFICIENCY

• Strong focus in order to strengthen competitiveness

• e.g. large-scale launch of fast and fault free processes

STRATEGY HOUSE

• Successor of mach18 strategy

• Strategic planning strengthened (staff and organization)

REGIONAL STEERING

• Strengthen regional management and increase responsibility

• Regions will be given scope to make decisions

CORPORATE CULTURE

• Board, management, staff to create modern corporate culture

• More responsibility, creativity and open exchange

MARKETS OF OPPORTUNITY

• Special teams take care of better access in markets such as Asia, South America and Africa

COMMUNICATION

• Brand is establishing it’s own communication

• Important to strengthen trust of customers, authorities and media

STRUCTURES

• Corporate responsibility strengthened

• New structures created

PROCESSES

• Accelerate decision making of management

• Reduce committees and bureaucracy, eradicate duplicate tasks

EXCELLENT LEADERSHIP

• Revamp management style

• New clearer mission statement focused on transparency, authenticity and openness

COSTS

• Scrutinize all costs and standards

• Thriftiness is imperative

12 focus areas for a stronger Volkswagen Brand

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53

Volkswagen passenger cars: Efficiency actions allow for financial flexibility

Sales

Regional Business ModelsFixed Costs

R&D

ProductionPurchasing

• Critical review of infrastructure investments

• Prioritization of IT-projects

• Reduction of bureaucracy as well as more efficient

committees

• Process optimization in specific departments

• Optimization of product portfolio with focus on models

providing sustainable profitability

• Adaption of product cycles to regional main competitors

€ 5 bn.

Markets & Sales




54

e-Mobility

Define lifecycles

Polo

e-up!

Passat

Competencies bundled into four model series

Small

Compact

Mid-/Fullsize

Coordinate1 2

Golf

Strategy division

Pooling responsibilities - entrepreneurial approach

Core of “new Volkswagen” initiative

End of life-cycle

• Clear structures and responsibilities• More time for workforce to focus on

core tasks• Strengthen personal responsibility,

initiative and team spirit• Stronger focus on profitability• Acceleration of development

Concept

One person responsible for• Technology• Quality• Profitability• Deadlines

Volkswagen brand vehicle development: bundling of competencies intofour model series and pooling of responsibilities

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55

Core challenges in commercial vehicle industry

Platooning and partly-autonomous driving as transition solutions

Data management for customers and traffic of broad interest

Europe with aggressive regulations, focus shifting to diesel lock-outs

BRIC trailing behind, but with ambitious roadmap

Local OEMs dominating in BRIC markets

Improving infrastructure, stronger regulations open opportunities for Volkswagen

Strong correlation to GDP in developed world

Not all regions hit by economic downturns at the same time

After sales increasingly important as alternative source of revenues

New business models (e.g. enhanced telematics) can stabilize revenues

Further globalization

Connectivity & digitalization

Emission regulations

Cyclical markets

After sales and new business opportunities

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Close Corporation between Volkswagen truck brands

Further globalization

Connectivity & digitalization

Emission regulations

Cyclical markets

After sales and new business opportunities

Close cooperation going forward

Combined R&D know-how for competitive product development

Additional value through customer services

Global market reach to ensure sufficient volume in local up- & downturns

Reduced fixed costs through modularization and shared components

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57

• New function reporting to Group CEO

• Group-wide initiative• Digital Future Labs• Industry / Business 4.0

• 20 additional e-models by 2020

• Focus on battery technology

• Innovative conventional drive trains

• New function in Board of Management

• Firmly anchored in structures and processes

Future TracksStrategy 2018

Strategy 2025(to be

presented mid-2016)

Foundation

New focus areas Digitalization Sustainability Integrity/Compliance

Strategy 2025 is being developed to prepare the Volkswagen Group for the new challenges of the automotive industry

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58

Bentley Bentayga

Markets & Sales




59




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales




60

Volkswagen is represented in each

important region with at least one plant.

Local production allows us to offer model

variations that answer the different needs

of our regional customers from China to

North America, India and Europe.

Our flexible engineering architecture

allows this to be achieved in a cost

effective and timely manner.

The transfer of the toolkit principle to

production is in process. Our factories are

highly flexible and can produce a wide

range of models and brands on the same

production line.6

Brazil

3 Argentina

4 South Africa

3Mexico

20China

1USA

71 Europe

Production locations

As of April, 2016.1) New counting method used

5Asean

Excellence in production - 119 Locations worldwide provide the capacity to meet local demand1)

6India

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61

Key Environmental Indicators in the Volkskwagen Group

Environmentally efficient production

• The Volkswagen Group has set itself the goal ofreducing the levels of the five keyenvironmental indicators of energy and waterconsumption, waste for disposal and CO2and VOC emissions in production by 25% foreach vehicle produced – starting from 2010levels – by 2018.

1) Production of Passenger cars and light commercial vehicles. Prior-year figures adjusted 2) InclChange 2015 as against 2010 3) Volatile organic compounds (VOCs) Source: Annual Report 2015 Volkswagen AG

1)

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62

Lamborghini Huracán LP 610-4 Spyder

Markets & Sales




63




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales




64

2008 2009 2010 2011 2012 2013 2014 2015

5.0

37%

The Automotive Division’s total research and development costs were up 3.8% in 2015.Along with new models, the main focus was on the electrification of our vehicle portfolio, amore efficient range of engines, lightweight construction, digitalization and the developmentof toolkits. The capitalization ratio rose to 36.9 (35.1)%. Research and development costsrecognized in the income statement in accordance with IFRSs increased to €11.9 (11.5)billion. This meant that their ratio to sales revenue in the Automotive Division amountedto 6.4 (6.5)%.

As of the end of 2015, the Research and Development function – including the equity-accounted Chinese joint ventures – employed 48,731 people Group-wide (+6.5%),corresponding to 8.0% of the total headcount, to ensure the Volkswagen Group isprepared for the future oppertunities of a digital, connected automotive world.

LamborghiniItaldesign

Bentley

Bugatti Porsche

SEAT

ŠKODAVolkswagen

Commercial VehiclesVolkswagen SCANIA

VW Group RUSVWGoA Chattanooga

operations

VW deMexico

VolkswagenArgentina

VW do Brasil

SCANIA LAMVW of

South Africa

VW IndiaShanghai VW

VTT

FAW-VW

VTBAudi

ERL MAN

R&D Employees Volkswagen Group

(‘000 employees)

2008 2009 2010 2011 2012 2013 2014 2015

48.742.134.727.425.622.843.6

5,1 5,4 6,9 7,2 8,910,2 11,5 11,9

2008 2009 2010 2011 2012 2013 2014 2015

6.4%

(€ billion) % of automotive sales

of which capitalized development cost:

2.64.0

Capitalization ratio in %(€ billion)

2.2 1.9 1.7

37% 34% 27%

1.7

23% 28% 34%

5.0% 5.8% 6.1% 5.1% 5.1% 5.8%

45.7

6.5%

4.6

35%

Volkswagen Group R&D Footprint R&D Expenses Volkswagen Group

Volkswagen: R&D activities are our core

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65

• 91% of accidents caused by human error reduce number of accidents

• People spend more than 4 years of their life in the car on average make that time usable for the driver

• Huge potential for trucks significantly higher productivity• Car parked most of the day customer achieves best return

on investment by fully utilizing the car• Infrastructure limited has to be used more efficiently

21st Century: Self-driving system is the

core of the automobile

Volkswagen Group Future Centers Autonomous driving

bf

• Three new Volkswagen Group Future Centers in Europe, USA and Asia

• Approach: designers and digitalization experts work hand in hand to create the car of the future

• Goal: best in class customer experience, interface design and user friendliness, new interior concepts, integration of infotainment and entertainment systems

Individual urban

mobility

Commercial vehicles

Premium cars

Public transport-

ation

Top fields of use

20th Century: Engine is the core of the

automobile

Group is building on strong knowledge base – initiative started to get to market ahead of competitors

Volkswagen is making digital transformation a top priority with focus on digitalization and autonomous driving

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66

Modular Toolkit – Brand Responsibilities

ModularTransverse

Toolkit

ModularLongitudinal

Toolkit

ModularStandard

DrivetrainToolkit

ModularLight

Commercial Vehicle Toolkit

MLB Evo MSB MNBMQB MMB

Modular Mid-engine

Toolkit

Commercial Vehicles

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Modular Toolkit – Brand Responsibilities

A C D EA0Vehicle classes

Continuous Roll-out of Toolkit Strategy across Segments, Regions & Brands

VehiclePrice

B

MQB MNB

MSB: Modular Standard Drivetrain ToolkitMLB: Modular Longitudinal ToolkitMQB: Modular Transverse ToolkitMNB: Modular Commercial Vehicles ToolkitMMB: Modular Mid-engine-Toolkit MMB MSB

MLB

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HERE – cloud-based real-time maps and mobility services as the basis of the mobility of tomorrow

Markets & Sales




• The independent open platform provides cloud-based real-time maps and mobility services.

• The joint acquisition of HERE by the Audi Group and two other Premium-OEM´s ensures the platform´s independence and the security of user data.

• The higher the data density, the better the platform’s response to individual users needs and to traffic requirements.

• The HERE acquisition is an important strategic investment for the AUDI Group in order to develop solutions for future mobility and to generate new business models:

basis for new infotainment, connectivity and assistant systems

key to enhance the lead of the AUDI Group in the field of piloted driving, to improve road safety and develop new mobility services

Source: AUDI AG

69

Volkswagen Sensors already integrated Direct and back-end communication

Emergency Assist

Traffic Jam Assist

Front Assist withPedestrian Monitoring

Trailer Assist

Emergency Assist with lane

change

Work Zone Lane Assist

Traffic Jam Assist withhands-off Automated

driving Automatedparking

Sensors and Car-to-Car Communication enables autonomous driving

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70

piloteddriving

environmentally-friendly driving

enhancement of safety increasing customer comfort

effective use of infrastructure

Leverage Group Synergies – Technology for fully autonomous driving is led by Audi

Markets & Sales




71

Bugatti Chiron

Markets & Sales




72




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales




73

In 1961, Volkswagen first issued ordinary shares on the Frankfurt

stock exchange with a nominal value of DM100 issued at a price of 350

percent. Two stock splits were performed in the course of time.

Presently, the majority of the ordinary shares are held by the Group’s

three biggest shareholders guaranteeing a stabile shareholder

structure.

In 1986, Volkswagen introduced its preferred shares as an alternative

investment vehicle. In December 2009 the ordinary shares were

replaced through the preferred shares in the German DAX stock index.

Volkswagen is globally represented with a market capitalization of

around €69.6 billion as of December 31, 2015. The shares are listed

on different exchanges worldwide, among others in Frankfurt, Zurich

and Luxembourg. In the U.S., Volkswagen has one sponsored ADR

program, representing the preference and ordinary shares. It is

sponsored by J.P. Morgan and trade in the US on the over-the-counter

(OTC) market.

Securities Identification Codes

Ordinary Share:ISIN: DE0007664005WKN: 766400Bloomberg: VOW Reuters: VOWG.DE

Preferred share:ISIN: DE0007664039WKN: 766403Bloomberg: VOW3 Reuters: VOWG_p.DE

Exchanges Berlin, Düsseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Xetra, Luxembourg, New York1), SIX Swiss Exchange

Major market indices

DAX, CDAX, Prime All Share, Euro STOXX, Euro STOXX Automobile & Parts, S&P Global 100 Index, Euro STOXX 50, MSCI Euro.

Preferred shares2)

Unlike ordinary shares, preferred shares do not carry voting rights. Dividends are paid to stockholders in proportion to their share of the capital stock eligible for dividend in such a manner that the preferred shares shall be eligible for a dividend which is higher than that for the ordinary shares by 6 Cents per preferred share.

American Depositary Receipt (ADR)

An ADR is a U.S. dollar denominated form of equity ownership in a non-U.S. company. It represents the foreign shares of the company held on deposit by a custodian bank in the company's home country and carries the corporate and economic rights of the foreign shares, subject to the terms specified on the ADR certificate.

KEY FACTS & FIGURES (as of December 31, 2015)

1) Traded as sponsored unlisted American Depositary Receipts (ADR). Five ADR certificates correspond to one underlying Volkswagen Ordinary or Preferred share. 2) Definition excludes specific exemptions. For more details see Articles of Association of Volkswagen AG.

Shareholder information – key facts & figures about the Volkswagen share

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52.2% Porsche Automobil Holding SE, Stuttgart

20.0% State of Lower Saxony, Hanover

17.0% Qatar Holding LLC

10.8%Others

30.8% Porsche Automobil Holding SE, Stuttgart

11.8% State of Lower Saxony, Hanover

14.6% Qatar Holding LLC

19.4%Private shareholders/ Others

21.1%Foreign institutional investors

2.3%German institutional investors

The subscribed capital of Volkswagen AG, which amounted to €1,283,315,873.28 at the end of 2015, is composed of 295,089,818 no-par value ordinary shares and 206,205,000

no-par value preferred shares. As well as ordinary shares, there are preferred shares that entitle the bearer to a €0.06 higher dividend than ordinary shares, but do not carry voting

rights. 1) All figures shown are rounded an Porsche Automobil Holding SE increased their shares

SHARE IN TOTAL SUBSCRIBED CAPITAL (as of Dec. 31, 2015) SHARE IN VOTING RIGHTS (as of Dec. 31, 2015)

Volkswagen Aktiengesellschaft – shareholder structure1)

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75

HISTORICAL DEVELOPMENT ORDINARY AND PREFERRED SHARE (€, monthly closing prices, as at March 2016)

0

100

200

300

400

500

Volkswagen Ordinary Share

1969 Stocksplit 1:2

1998 Stocksplit

1:10

Volkswagen Preferred Share

0

50

100

150

200

250

Volkswagen shares – historical prices

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76

Events 2015/2016

28. April 2016 Volkswagen AG Annual Media Conference and Investor and Analyst Conference 2016

31. May 2016 Volkswagen AG Interim Report January – March 2016Wolfsburg

22. June 2016 Volkswagen AG Annual General Meeting 2016Hannover

28. July 2016 Volkswagen AG Interim Report January – June 2016Wolfsburg

27. October 2016 Volkswagen AG Interim Report January – September 2016Wolfsburg

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77

Porsche Mission E Concept

Markets & Sales




78




Markets & Sales 30


Strategy 2025 50


Focus on R&D 64



Markets & Sales




79

Oliver Larkin (Wolfsburg / London office)Head of Investor RelationsE-Mail: [email protected] Telephone: +49 5361 9 49840

Helen Beckermann (Wolfsburg office) Senior Investor Relations ManagerE-Mail: [email protected]: +49 5361 9 49015

Alexander Hunger (Wolfsburg office) Senior Investor Relations OfficerE-Mail: [email protected] Telephone: +49 5361 9 47420

Andreas Buchta (US office) General Manager Investor Relations AmericaE-Mail: [email protected] Telephone: +1 703 364 7220

Lennart Schmidt (China office) Investor Relations ManagerE-Mail: [email protected]: + 86 10 6531 4732

Ulrich Hauswaldt (Wolfsburg office) Investor Relations OfficerE-Mail: [email protected]: +49 5361 9 42224


Andreas Kowalczyk (Wolfsburg office) Investor Relations OfficerE-Mail: [email protected]: +49 5361 9 23183

Alasdair Stewart (London office) Senior Investor Relations ManagerE-Mail: [email protected]: + 44 203705 2046

Markets & Sales




80

Volkswagen Budd-e

Markets & Sales




81

Porsche 911 Turbo S Cabrio Porsche 911 Turbo S

Markets & Sales




82

ŠKODA VisionS

Markets & Sales




83

Volkswagen Multivan

Markets & Sales




84

MAN TGX D38

Markets & Sales




85

Scania R 730 6x4 Streamline

Markets & Sales




86

This presentation contains forward-looking statements and information on the business development of the Volkswagen Group. These statements may be spoken or written and can be recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words with similar meaning. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular of 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 involve a degree of risk, and the actual developments may differ from those forecast.

Consequently, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates relative to the US dollar, sterling, yen, Brazilian real, Chinese rinminbi and Czech koruna.

If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such statements.

We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superceded.

This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.

Disclaimer

Markets & Sales




87

12fascinating brands

153countries

9.93 milliondeliveries in 2015

610,076employees worldwide

Factbook 2016

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