大眾集團(tuán)：2022-2026大眾汽車集團(tuán)5年規(guī)劃

5-YearPlanningRound2022-2026

FiresideChatwithBernstein

Dr.ArnoAntlitz,CFOVolkswagenAG

December10,2021

2

Disclaimer

Thefollowingpresentationsaswellasremarks/commentsandexplanationsinthiscontextcontainforward-lookingstatementsonthebusinessdevelopmentoftheVolkswagenGroup.Thesestatementsarebasedonassumptionsrelatingtothedevelopmentoftheeconomic,politicalandlegalenvironmentinindividualcountries,economicregionsandmarkets,andinparticularfortheautomotiveindustry,whichwehavemadeonthebasisoftheinformationavailabletousandwhichweconsidertoberealisticatthetimeofgoingtopress.Theestimatesgivenentailadegreeofrisk,andactualdevelopmentsmaydifferfromthoseforecastAnychangesinsignificantparametersrelatingtoourkeysalesmarkets,oranysignificantshiftsinexchangeratesorcommoditiesorthesupplywithpartsrelevanttotheVolkswagenGroupordeviationsintheactualeffectsoftheCovid-19pandemicfromthescenariopresentedwillhaveacorrespondingeffectonthedevelopmentofourbusiness.Inaddition,theremaybedeparturesfromourexpectedbusinessdevelopmentiftheassessmentsofthefactorsinfluencingsustainablevalueenhancementandofrisksandopportunitiespresenteddevelopinawayotherthanwearecurrentlyexpecting,orifadditionalrisksandopportunitiesorotherfactorsemergethataffectthedevelopmentofourbusiness

Wedonotupdateforward-lookingstatementsretrospectively.Suchstatementsarevalidonthedateofpublicationandcanbesuperseded

Thisinformationdoesnotconstituteanoffertoexchangeorselloranoffertoexchangeorbuyanysecurities

PR70–Investment

plan

for2022-2026

ArnoAntlitz

ChiefFinancialOfficer

VolkswagenAG

RolfWoller

HeadofGroupTreasuryand

InvestorRelations

3

4

WesternEurope

World

+6%

+3%

+4%

20.420.320.6

17.218.018.4

+5%

14.413.213.3

10.910.911.9

2.93.03.43.8

3.32.8

+5%

South

America1(incl.LCV)

88.1

81.6

80.0

73.2

68.0

70.0

26.8

21.219.819.620.823.8

4.4

3.2

201920202021202220232026

201920202021202220232026201920202021202220232026

Recoverytopre-Covidlevelsinmostmarketsexpectedin2023bymarketanalysts

PassengerCarTotalMarketsbyRegion

[millionunits]

CAGR

CentralandEasternEurope

NorthAmerica(incl.LCV)

China

+6%

3.43.54.04.6

1SouthAmericaincludesBrazil,Argentina,ChileandVenezuela

Source:IHSMarkitAutomotive,MarketInsightNewRegistrationdata,11/2021

5

x2

e

TargetingBEVLeadershipby2025

BEVShareofTotalVehicleSalesin%

Q6e-tron

BEV

ID.BUZZ

ID.5

-Macan

+…

≈50%

Q5e-tron(China)

ID.4(US)

RoWNARChinaEurope

x2

≈25%

≈20%

x2

≈11%

5-6%

2021e2023e2025e2026e2030e

6

Software/

Digitaltechnology

Hybridpowertrains

BEV’s/Electrification

PR70Focusonthefuture–InvestmentsinR&DandCapex2022-2026

Investmentinelectrificationensures3.5mBEVunitscapacityby2026

EURbillions

~89

(56%)

~30

(19%)

~8(5%)

~52

(33%)

~73

(50%)

~27

(18%)

~11

(7%)

~35

(24%)

~44

(30%)

~8(5%)

~4(3%)

~32

(21%)

~59

(40%)

~14

(10%)

~12

(9%)

~33

(23%)

PR67PR68PR69PR70

7

~-8%

~30

bn€

~28

bn€

Financingthetransformation:Fixedcostprogramremainsaheadofschedule

YTDSeptember2021

PlantProgram

(Productivity&Overhead)

WorkingCapitalManagement/CashflowOrientation

PurchasingProgram

FixedCost

(w/oR&D,Capex)

Pricing&othersalescosts

optimization

GroupwideOverheadCostProgram(withoutR&D/Capex)

EURbn

~-10%

Q4

Q1-Q3

Target2023

FY2019

Base2020

FY

2021

Q4Q1-Q3

8

2021

Outlook

2023

InterimStrategicTargets

2025/26

StrategicTargets

2019

Actual

2020

Actual

Keyfinancialtargets

6.0-7.5

OperatingreturnonsalesBeforeSpecialItems

8-9

4.8

7-9

7.6

Returnoninvestment

AutomotiveDivision

beforeSpecialItems

>9

11.2

6.5

~14

>15

Percent

~5

Capexratio

AutomotiveDivision

6.6

6.1

~6

~5

R&Dcostratio

AutomotiveDivision

6.78.0

~7

~6.5

~6

a)CleanNetCashflow

AutomotiveDivision

w/oDieselandM&A

b)NetLiquidity

Cash

Automotive

Division

13.5

10.0

13-15

~15

>15

EUR

billions

~10%ofGroupsalesrevenue

~251

26.8

21.3

Robustbusinesscase

1IncludingM&A

9

TargetsbyBrandsPlanningRound70–selectedbrands

2022-2026,Percent

Brandtargets–RoS

2023

2025/2026

Volkswagen

6

>6

Audi

9-11

9-11

Porsche

>15

>15

VolkswagenGroup

7-9

8-9

VolkswagenFinancialServices(RoE)1

20

20

1.RoEonnormalizedEquityof8%

10

Volume

Premium

Strongpositioning

ofourChinaJV`sas

uniqueassets

Valuedrivers

BEVHardware

Focusontechnology/softwareroadmapandmobilityservices

Software

Battery&Charging

MobilitySolutions

Tech.Components

GroupServices/FinancialServices

Step-by-stepwewillShifttheFocustowardsBrandGroupsandValueDrivers

Schematic

Sports

InbrandP&L/books

Customers,brandpositioning,performanceprograms,

synergies,delivery

11

KeyElements–ChangesinFinancialSteering(asof01.01.2022)

Keyelementsofimprovedfinancialsteering

Additional

informationonBEV

performance

Reportingofbrand

groups(Volume,

Premium)1

(financialreporting,

targetsetting,etc)

Platforms–

EstablishmentofCARIADasaseparatereportingentity

SeparatereportingofTech/Componentsdivisions

ReportingofTRATONGroup(only)

1.WhilekeepingtransparencyonbrandlevelforVolumeGroup

12

InvestmentPlanfor2022-2026–Summary

Wehaveambiti