Volkswagen Group China Strategy and BEV Outlook

VOLKSWAGEN Accelerating our transformation efforts Final phase of ICE investments for product launches starting 2024 and battery invest R&D / Capex - Absolute and Ratio (Automotive Division) [€ bn] Reducing complexity/ variances ICAPEX R&D Σ 12.7% Σ 13.7% (€ 26.1bn) (€ 31.6bn) Σ 12.2% Σ 12.1% (€13.4bn) (€ 15.8bn) Σ~14.5% 6.0% 5.5% (€ 12.7bn) 3.7% (€ 4.1bn) 4.3% (€ 5.6bn) to 6.5% 1 Focus on synergies Multi brand production in MQB & MEB plants Investment in software 5.1% (€ 10.5bn) 7.6% (€ 15.6bn) 1. Thereof ~1% Capex for battery plants included 8.0% 8.5% 8.2% (€ 18.9bn) 7.8% (€ 9.3bn) (€ 10.2bn) to 8.5% # 2021 2022 2 H1 2022 H1 2023 2023e GROUP 28

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