Volkswagen Group China Strategy and BEV Outlook

Automotive Net Cash impacted by working capital build-up Rep. Net Cash Flow [CCR] 1 [€ bn, CCR in %] Net Liquidity 1 'Clean' Net Cash Flow 1,2 [€ bn] [€ bn] VOLKSWAGEN GROUP 2.3 24% +8% Jan-Jun 2022 2.5 27% 5.8 -40% 3.4 43.0 -22% Jan-Jun Jan-Jun Jan-Jun 2023 2022 2023 31 Dec 2022 1. Automotive Division 1 2. Reported net cash flow before M&A and Diesel payments 33.6 30 Jun 2023 16

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