5-Year Planning Round: We are on track!

Live INVESTOR and ANALYST Audio Webcast and Conference CallNovember 16th, 2020

The following presentations contain 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, 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. These assumptions relate in particular to the development of the economic, political, and legal environment in individual countries and economic regions and the development of the automotive industry. Therefore the estimates given involve a degree of risk, and the actual developments may differ from those forecast. The Volkswagen Group currently faces additional risks and uncertainty related to pending claims and investigations in a number of jurisdictions in connection with findings of irregularities relating to exhaust emissions from diesel engines in certain Volkswagen Group vehicles. The degree to which the Volkswagen Group may be negatively affected by these ongoing claims and investigations remains uncertain.The outbreak of COVID-19 (commonly referred to as coronavirus) has negatively impacted economic and social conditions in primary markets of Volkswagen, including China and Europe, as public, private, and government entities have implemented containment measures. The continued spread of COVID-19 has caused shortages of necessary materials and parts from suppliers directly or indirectly affected by the outbreak and has caused operational disruptions and interruptions at Volkswagen's production facilities, which led to production downtimes. The COVID-19 pandemic and the respective containment measures might continue to have a negative impact in the future.A negative development relating to ongoing claims or investigations, the continuation of COVID-19, an 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, and trade disputes among major trading partners 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 in particular relative to the US dollar, sterling, yen, Brazilian real, Chinese renminbi 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 superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.

Disclaimer

2

Dr. Herbert Diess

Chairman of the Board of ManagementVolkswagen AG

5-Year Planning Round: Fully on Track

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Dr. Christian Dahlheim

Director Group SalesVolkswagen AG

Frank Witter

Chief Financial OfficerVolkswagen AG

Helen Beckermann

Head of Group Investor RelationsVolkswagen AG

Tightened emission regulations require speed up and execution of our transformation

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Dev

elop

men

tal p

rogr

ess o

f im

port

ant s

yste

m a

spec

ts

Future

Invest

Need for action Planning Round

Base load

(ICE technology)

Emission legislation

Motor Sport

ICE

Past

Transformation

Model complexity

BEV

Car.Software-Organisation/Autonomous driving and parking

China

Product portfolio

Fully on track towards electrification by entering the next phase of global ramp-up

EU CHNNAR

• Scaling up MEB und PPE – Base for volume ramp up

• Internationalization of BEVs starting with compact SUVs

• Development and tooling up of electrified platforms MEB and PPE

• Closed cycled start of productions

• Coverage of core markets and segments• Fully prepared for Green Deal • Connected car fleet

VOLUME

PREMIUM

3

Volume ramp-up andinternationalization

2

1 Start of Transformationelectro mobility

Capital Marktes Day 2019

5

The recovery path after the COVID-19 pandemic varies across markets depending on their economic situationPassenger Car Total Markets by Region – External Outlook

1) South America includes Brazil, Argentina, Chile and Venezuela.Source: IHS Markit Automotive, MarketInsight New Registration data, 11/2020

North America (incl. LCV) Western Europe Central and Eastern Europe

South America 1) (incl. LCV) World China

20.2

16.617.8

18.819.7

14

16

18

20

22

2019 2020 2021 2022 2025

14.410.9 12.3 13.0 13.3

0

5

10

15

20

2019 2020 2021 2022 2025

3.32.8

3.1 3.33.7

1

2

3

4

5

2019 2020 2021 2022 2025

77.2

64.971.1

75.282.3

50

60

70

80

90

2019 2020 2021 2022 2025

3.5

2.53.0 3.2

3.9

1

2

3

4

5

2019 2020 2021 2022 2025

21.019.3

20.9 22.0

25.4

16

20

24

28

32

2019 2020 2021 2022 2025

Growth YoY -1.5% -18.1% +7.1% +5.8% +4.7%

Vol. in mn Vol. in mn Vol. in mn

Vol. in mn Vol. in mn Vol. in mn

Growth YoY -5.9% -28.9% +20.3% +9.1% +20.5%

Growth YoY +0.6% -24.1% +12.2% +6.1% +1.8% Growth

YoY +2.3% -16.1% +12.7% +5.6% +12.9%

Growth YoY -3.3% -8.2% +8.5% +5.4% +15.1%Growth

YoY -2.9% -15.9% +9.6% +5.7% +9.5%

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Volkswagen Group – BEV volume by regions 2019 - 2030 | (BEV share of total Group deliveries in %)Significant increase in BEV deliveries will support our CO2 compliance

20242019 2020 20222021 20252023 2030

Europe China NAR RoW

≈ 1%

≈ 20%(up to 3 mn units)

≈ 6-8%≈ 3-4%

>30% 2)

BEV

1) Target 2) Green Deal need to be reflected.

ID. BUZZ

next generation Macan

Q4 e-tron

ID. CROZZel-Born

Enyaq iV Q5 e-tron

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1) 1)1) 1) 1) 1) 1)

Back to normalization in 2022/23 with upside potential

1) Excluding Diesel payments and M&A.Please note, Navistar not yet included. The transaction is targeted to close in mid 2021, and is subject to Navistar shareholder approval, customary closing conditions as well as regulatory approvals.

Key financial targets 2017Actual

2018Actual

2019Actual

2020Outlook

2022Interim

StrategicTargets

2025StrategicTargets

Operating return on salesBefore Special Items

7.4% 7.3% 7.6% positive 6.0-7.0% 7-8%

Return on investment Automotive Division before Special Items

14.4% 13.1% 11.2% positive 10-12% >14%

Capex ratioAutomotive Division

6.4% 6.6% 6.6% at previous year's level 6.0-6.5% 6%

R&D cost ratio Automotive Divison

6.7% 6.8% 6.7% will exceed2019 6.5-7.0% 6%

CashAutomotive Division

a) Net Cashflow1) € 10.3 bn € 5.6 bn €13.5 bn positive > € 10 bn > € 10 bn

b) Net Liquidity € 22.4bn € 19.4 bn € 21.3 bn at previous year's level > € 20 bn ~10% of Group

turnover

8

Proportion of “Future Technologies” rising within total investments

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~ 12(9%)

~ € 73 bn(~50%)

Electrification

~ 8(5%)~ 4

(3%)

Digital technology

~ 32(21%)

PR 68PR 67

~ 14(10%)

~ 33(23%)

~ 27(18%)

~ 11(7%)

~ 35(24%)

PR 69

Hybrid powertrains

~ € 44 bn(~30%)

~ € 60 bn(~40%)

in relation to customer demand Ramp-up e-mobility and staged phase-out of ICEs while remaining flexible with product offer

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2020 New BEV models

Phase-out of ICE models

2025 New BEV models

Phase-out of ICE models

2030

ICE BEV

BEV modelsx3

ICE models-35%

Brand specific programs and competence building – gathering momentum

11

Restructuring & efficiency programmes Building-up of IT know-how..at the same time…

Strategy Together 2025+

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StrategyRemains unchanged!

Consistent delivery, despite Covid!

Focus on execution & speed up!

KPI’s

Fully on track for Strategic Targets in 2025!