Volkswagen Group is donating one million euros in emergency aid for people affected by the severe storms in Spain. The donation will be used directly for relief efforts in Valencia. The region has suffered numerous fatalities in recent days and the extent of the damage is considerable. The money is being donated to the German Red Cross (DRK). The aid organization will pass the donation on to the Spanish Red Cross, which is providing funds for the support of the victims and is working for the reconstruction on the ground.

The collective bargaining committees of Volkswagen AG and the Lower Saxony and Saxony-Anhalt branches of IG Metall today continued discussions in the 2024 collective bargaining round in Wolfsburg. Ahead of the negotiations, IG Metall had additionally demanded that the company reinstate the collective agreements terminated by Volkswagen AG effective December 31, 2024, without any modification of content. Due to the economic crisis in the automotive industry, Volkswagen is unable to meet this demand. Nor is it able to meet the union’s demand for a 7 percent pay rise. Rather, the company believes that reducing pay by 10 percent would give Volkswagen AG the means to make future investments so as to remain competitive and hence safeguard jobs.

The Volkswagen Group expects deliveries to customers to be around 9 million vehicles (2023: 9.24 million vehicles). The company expects Group sales revenue to be around 320 billion euros (2023: 322.3 billion euros).

At the International Suppliers Fair (IZB) in Wolfsburg, Germany, Volkswagen Group and Thyssenkrupp Steel signed a memorandum of understanding (MoU) for the planned supply to Volkswagen Group of low-carbon steel from Thyssenkrupp Steel’s future direct reduction plant. This agreement underscores the two companies’ joint commitment to sustainability and climate protection, marking a further milestone in their long-standing partnership.

Volkswagen’s new Sustainability Council will be presented for the first time at The Volkswagen Group Sustainability Forum. For one day, over 90 experts from science, civil society, industry and the Volkswagen Group will exchange ideas and discuss on sustainability topics together.

Volkswagen Group Charging GmbH (Elli) is launching its first smart charger in Europe. The Elli Charger 2 integrates via solar surplus charging with a home’s solar power system and can use price optimized charging to automatically charge when electricity market prices are lowest. Elli has now set new standards in integrating renewable energies and reducing charging costs to make the energy transition at home a reality. Furthermore, customers can now also purchase and install a solar power system from Otovo together with the smart charger. The partnership between Elli and Norwegian solar power marketplace Otovo will initially be rolled out in Germany at selected Volkswagen dealers (including in Hamburg, Ulm, and Augsburg) as a pilot project and is intended to be established across Europe in the long term.

The Volkswagen Group aims to further increase traffic safety for all road users. The Group brands plan to use sensor and, more recently, image data from customer vehicles in road traffic to continuously optimize driver assistance systems and automated driving functions. Customers will benefit from the improvements through software updates in the vehicle. The continuously improved driving functions enhance driving comfort and contribute positively to overall traffic safety. High-quality data from real traffic situations are central to this continuous optimization of powerful assistance systems. The basic prerequisite for their processing is customer consent, and all data protection regulations are observed. The Volkswagen Group aims to start this initiative in Germany from the fourth quarter of 2024, initially with models from the Volkswagen Passenger Cars and Audi brands. Other Group brands plan to gradually join the initiative and prepare their product portfolios accordingly.

The collective bargaining committees of Volkswagen AG and the Lower Saxony and Saxony-Anhalt branches of IG Metall today started discussions in the 2024 collective bargaining round in Hanover. The parties to the collective bargaining agreement had agreed previously to bring forward the start of the collective bargaining round originally planned for the end of October by one month.
Due to the current economic challenges, Volkswagen AG felt compelled to add matters other than the IG Metall pay demand to the negotiations in the collective bargaining round and, for the first time, to terminate collective agreements effective December 31, 2024. These include the safeguards for production sites and jobs, the hiring of trainees and dual students, the application of the Tarif Plus bracket and all collective agreements on the deployment of temporary workers.

In a year shaped by a persistently weak economic environment, more intense competition and political challenges, the Brand Group Core continues to focus on successful model ramp-ups and execution of the performance programs in the various brands. The Brand Group plans to boost profitability in the second half of the year through a clear focus on strict cost efficiency and the realization of synergies generated by cooperation, as well as through growth.

Outlook for 2024 Confirmed. The Volkswagen Group expects the sales revenue to exceed the previous year’s figure by up to 5% in 2024. The operating return on sales for the Volkswagen Group and the Passenger Cars Business Area is likely to be between 6.5% and 7%.

Volkswagen Group’s battery company PowerCo and QuantumScape (NYSE: QS) today announced they have entered into a groundbreaking agreement to industrialize QuantumScape’s next-generation solid-state lithium-metal battery technology. Upon satisfactory technical progress and certain royalty payments, QuantumScape will grant PowerCo the license to mass produce battery cells based on QuantumScape’s technology platform.

On July 2, 2024, Volkswagen AG honored its best suppliers with the Volkswagen Group Award 2024. The award was presented for the 20th time this year at a ceremony held at Hafen 1 in Wolfsburg attended by some 250 guests from 29 countries. With the Volkswagen Group Award, Volkswagen AG honors its suppliers for outstanding partnership-based cooperation, long-standing practiced values and shared success. Board members from the Volkswagen Group and the brands as well as sponsors from Group Procurement presented the awards to a total of 10 companies in 10 categories.

HW Vassen will take over as the new Chief Technology Officer and Member of the Board of Management of PowerCo SE from August 1, 2024. This decision was approved today by the Supervisory Board of PowerCo SE. As Head of Series Development, Vassen has already played a decisive role in the development of PowerCo’s unified cell, which will go into mass production from 2025. As Chief Technology Officer, he will be responsible for technology and product development as well as testing and analytics at PowerCo SE. He succeeds Soonho Ahn, who is stepping down at his own request at the end of July and will be available to the Volkswagen Group as an advisor in the future.

Volkswagen AG and Vulcan Green Steel have signed a Memorandum of Understanding (MoU) for a partnership for low-carbon steel – a key element of Volkswagen’s green steel strategy.

The Volkswagen Group brand Elli presents a significant product innovation for charging EVs. The new Elli Charger 2 is equipped with a wide range of services, enables significantly reduced charging costs, and is characterized by a perfectly coordinated ecosystem. Volkswagen customers can now purchase their electric vehicle, charger, and electricity tariff in an easy and integrated manner from a single source. In the future, they will also be able to purchase a solar panel system via selected Volkswagen sales channels. As part of the product launch of the new charger, Elli today announced a strategic partnership with the European solar panel provider Otovo to offer e-mobility customers holistic and innovative energy solutions for their home.

Consumption data: The cooperation with Otovo will initially start in Germany.

The Volkswagen Group is entering a new business segment with the Elli charging and energy brand and will develop, build and operate large-scale stationary storage systems together with partners along the value chain. In the future, Elli's industrial energy storage systems will be used to supply customers and for arbitrage transactions on the electricity market. In this way, Elli is driving the transformation into a smart energy company and making a significant contribution to stabilizing and increasing the efficiency of the power grids. First Elli battery storage projects could be set up as early as next year.

The battery company PowerCo SE and the International Research School for Battery Chemistry, Characterization, Analysis, Recycling and Application (BACCARA) at the University of Münster are entering into a comprehensive cooperation. Over the next three years, PowerCo will support the financing of the BACCARA research program and the associated doctoral positions. In addition, students will gain a deeper insight into practice, for example through expert lectures and on-site projects. PowerCo SE was founded in Salzgitter in 2022 and is on its way to becoming a global battery cell manufacturer. As an innovation-driven company, it places a particular focus on promoting science and education.

At the Annual General Meeting of Volkswagen AG, the shareholders followed the proposal of the Board of Management and Supervisory Board and resolved by a majority of 99,99 % to pay an increased dividend of EUR 9.00 per ordinary share and EUR 9.06 per preference share for the 2023 financial year. This corresponds to a payout ratio of 28 per cent and an increase of EUR 0.30 per share. Volkswagen AG is distributing a total of EUR 4.5 billion to its shareholders for the 2023 financial year.

The Board of Management of the Volkswagen Group has decided to make all-electric entry-level mobility more widespread. The Brand Group Core will bring affordable electric vehicles from Europe, for Europe, into the market. The world premiere is scheduled for 2027. Volkswagen has been working for some time to offer compact, particularly inexpensive electric vehicles in the price range of around 20,000 euros. In this way, the Group's volume brands are fulfilling their promise to create mobility for all and continue to facilitate the entry into e-mobility. With its brand diversity, the Volkswagen Group also assumes a social responsibility for affordable, sustainable mobility.

On the occasion of its 30th anniversary, which the Kunstmuseum Wolfsburg is going to celebrate on the upcoming weekend, Volkswagen sends its heartfelt congratulations. When the museum was established shortly after Germany’s reunification, the Volkswagen Group had been part of the major founding partners.

Volkswagen launches the next phase of its transformation in China. At its China Capital Markets Day in Beijing, Volkswagen Group presented its strategy update for the Chinese market. The focus is on its target to strengthen tech capabilities and reduce costs in the strongly growing market. The Group plans to achieve cost parity with local competition in the compact car segment by 2026 and gain further momentum through a re-aligned strategy and an efficiency program that was launched already. In addition, the company underlined its commitment to its “in China, for China” strategy: It presented measures to cater even better to the needs of Chinese customers, accelerate model developments and time-to-market as well as significantly reduce costs. In addition, the aim is to better harness the innovative power of the market and increase local value creation through more in-house development capabilities and strong local partnerships. As a result, the Group aims to strengthen its position as the #1 international OEM in the Chinese market and has set ambitious targets until 2030: Approximately 4 million vehicles sold and growth in proportionate operating result to around EUR 3.0 billion, including the fully consolidated Anhui joint venture.

Volkswagen Group's subsidiary Elli, airborne wind turbine manufacturer EnerKíte, and the Technical University of Braunschweig present groundbreaking research at the Hannover Messe, which could enable energy-autonomous charging for electric vehicles in the future. High-tech kites "harvest" strong and steady high-altitude winds, converting them into electricity. The energy is stored in Elli's Flexpole fast-charger and can be used to charge EVs. The project is funded by the Federal Ministry of Education and Research and coordinated at the Open Hybrid LabFactory Campus in Wolfsburg.

The Volkswagen Group increased its deliveries in the first quarter of 2024 by 3 percent to 2.10 million vehicles. The main growth drivers were China (+8 percent), South America (+14 percent) and North America (+5 percent). Vehicles with combustion engines increased by 4 percent to 1.97 million units, overcompensating the slight decline of 3 percent to 136,400 all-electric vehicles (BEV). In this segment, strong growth in China (+91 percent) did not fully offset the decline in Europe (-24 percent). However, incoming orders for BEVs in Western Europe developed positively from January to March. More than twice as many all-electric models were ordered as in the same period last year (+154 percent), so that the BEV order bank currently stands at around 160,000 vehicles.

The electrification of fleets is a key step in the mobility transition, and with it comes the demand for innovative B2B charging solutions that ensure smooth operation of their business activities. With Charging Site Management, Volkswagen Group subsidiary Elli is launching a completely new B2B product that offers AC and DC charging hardware (including Elli Flexpole, Elli Charger and additional charging hardware from selected partners), integrated software solutions (including Elli Site Management Console and Elli Fleet Management Console), as well as extensive consulting functions. The software solutions focus on a simple plug and play concept and offer all features for the operation of charging infrastructures, including load management. Users have the option of making important changes for their operations at any time via dashboards (e.g. usage periods, average capacity utilization).

The Volkswagen Group is welcoming further strategic collaboration and significantly accelerating its development efforts in the field of automated and autonomous driving. Now, Volkswagen is intensifying its partnership with Mobileye in the domain of automated driving. Together, the two companies will bring new automated driving functions to series production. Mobileye is to provide technologies for partially and highly automated driving based on its Mobileye SuperVision and Mobileye Chauffeur platforms. In future, the Volkswagen Group’s Audi, Bentley, Lamborghini and Porsche brands will use these technologies to rapidly introduce new premium-oriented driving functions to their model portfolios across powertrain types. These include advanced assistance systems for highway and urban driving, such as automated overtaking on multilane highways in permitted areas and conditions, as well as automatic stopping at red lights and stop signs, and support in intersections and roundabouts. In addition, Mobileye is set to supply further technology components for automated driving to Volkswagen Commercial Vehicles. In the long term, the Volkswagen Group aims to rely on its own complete in-house system: Partnerships with Bosch and Qualcomm, as well as with Horizon Robotics in China, will be continued with a focus. All driver assistance systems are to be based on the software architectures developed by Volkswagen’s Cariad company.

Volkswagen Group achieved robust financial results in a challenging environment in 2023. Thanks to progress in electrification and a flexible product strategy, the Group successfully is able to meet customers’ needs worldwide. At the same time, 2023 was a year of restructuring for Volkswagen Group. In many areas of the TOP-10 program, the Group has made progress faster than originally planned. With more than 30 new products, 2024 will be the year of world premieres, with highlights including the high-performance all-electric vehicles based on the new PPE premium platform. Volkswagen Group is therefore confident about the current year and an accelerated ramp-up from 2025 onwards. The overarching Group goal remains sustainable, value-creating growth.

Volkswagen Group Charging (Elli) opened its large European charging network to mobility companies outside the Volkswagen Group for the first time. With Elli's extensive charging infrastructure and innovative digital mobility solutions, customers can now enjoy seamless access to a vast and high-quality charging network across Europe. The new product SIXT charge simplifies the entire charging experience: from access to Elli`s charging network to find charge points, starting and ending charging sessions, and complete billing and payment.

Volkswagen Group achieved robust financial results in 2023. This was driven by a strong fourth quarter, with sales revenue of EUR 87 billion and an increase in operating profit of more then a quarter compared to the previous year. During the year, the Group made further progress with the implementation of its strategy and systematically pushed ahead with its restructuring. The focus was on customer-oriented products and compelling design, in addition to the strengthening of the regions, particularly China and North America. By introducing performance programs in all divisions, the Group has made notable strides towards a sustainable increase in profitability.

In recent years, Human Resources at the Volkswagen Group has established itself as a driver of the company’s transformation into a leading provider of sustainable and software-oriented mobility. In order to rigorously press ahead with this transformation in its crucial phase, Human Resources is reorganizing its staffing of key positions.

Under the umbrella of their two-year project “KW Digital: Poetics of Encryption”, the KW Institute for Contemporary Art currently exhibits an array of works in the field of contemporary digital art. Supported by the Volkswagen Group, this group exhibition is also a critical discussion of how digital technologies affect our cultural and social life.

Volkswagen Group and Mahindra & Mahindra Ltd. (M&M) have signed the first supply agreement on components of Volkswagen´s MEB for Mahindra’s purpose-built electric platform INGLO, taking a definitive step further on their joint vision for e-mobility collaboration. The deal covers the supply of certain electric components as well as unified cells. With the agreement, Volkswagen and Mahindra are further deepening their collaboration which started with a partnering agreement and a term sheet in 2022. Both companies will continue to evaluate a potential expansion of the collaboration.

Today, the first Volkswagen Group retail partner received its goTOzero RETAIL certificate. It was developed for the global partner network of some 17,000 dealerships from around 150 countries as part of the company’s goTOzero environmental mission statement. One important goal is to decrease the CO₂ footprint of the network by at least 30 percent until 2030 compared to 2020. Participating partners of the brands Volkswagen, Volkswagen Commercial Vehicles, Škoda, SEAT/CUPRA and Audi are given a tool to record their environmental performance and receive information on how to further improve it. The certification serves to measure and control the implementation of the environmental strategy at retail level in addition to the Group’s own comprehensive sustainability activities. The certification process assesses around 70 environmental criteria that retailers can influence directly. Each of these is related to one of goTOzero's four focus areas: climate change, resources, environmental compliance and ecosystems.

Consumption data: A8: CO2 emissions1: 275-183 g/km (WLTP). Combined fuel consumption1: 12.2-7.0 l/100km (WLTP). Fuel consumption and emission figures are only available for the vehicle according to WLTP and not NEDC. Q3: CO2 emissions1: 203-137 g/km (WLTP). Combined fuel consumption1: 8.9-5.2 l/100km (WLTP). Fuel consumption and emission figures are only available for the vehicle according to WLTP and not NEDC.

In the future, digital products based on artificial intelligence (AI) will play a key role for the Volkswagen Group. New infotainment and navigation applications, high-performance speech recognition, extended vehicle functions and the deep integration of digital ecosystems in the car will bring considerable benefits to customers, enhancing the product experience. This is why Volkswagen has established a specialized “AI Lab”. The company will act as a globally networked competence center and incubator. AI Lab will identify new product ideas for the Volkswagen Group, and coordinate them internally within the Group. As the need arises, this will also include collaboration with the tech sector in Europe, China and North America. By adopting this approach, the Volkswagen Group intends to simplify collaboration with technology companies with a view to making optimum use of the innovation potential and speed of the AI sector. The objective is to rapidly develop digital prototypes and transfer them to the Group brands for implementation.

The Volkswagen Group is strengthening its Technical Development Board function in the China region as part of its “In China, for China” strategy. Thomas Ulbrich, former Member of the Board of Management of the Volkswagen Brand for “New Mobility”, will head up Technical Development for the Group in China from April 1, 2024. In his new capacity, Ulbrich, who has already held two management positions for the Group in China, will continue to advance the technological localization of the portfolio. He succeeds Marcus Hafkemeyer, who – with his extensive experience of China – will support the company’s transformation in a new role in the Group.

The Volkswagen Group increased its deliveries in 2023 by
12 percent to 9.24 million vehicles. All regions contributed to this growth, with Europe
(+19.7 percent) and North America (+17.9 percent) being the main drivers. China, the Group's largest single market, grew by 1.6 percent despite a challenging market environment. The Volkswagen Group expanded its market share in Europe as well as North and South America and thus also increased slightly worldwide. Almost all brands recorded growth, in some cases substantial. SEAT/CUPRA achieved the highest increase in the passenger car segment with a rise of 34.6 percent, while MAN led the way in the truck segment with an increase of 37.1 percent. At the same time, the Volkswagen Group successfully continued its transformation and delivered 771,100 fully electric vehicles. This corresponds to an increase of 34.7 percent compared to the previous year. The share of all-electric vehicles in deliveries rose to 8.3 percent compared to 6.9 percent in 2022.

Exploring and experiencing art during free visits of exhibitions, free tours or free concerts. Since January 2023, guests of the Neue Nationalgalerie have been able to enjoy all this during the Volkswagen Group Art4All afternoons every Thursday. On last year’s 52 Volkswagen Group Art4All afternoons around 70,000 people visited the museum whose collections and changing exhibitions rank it among the world’s most influential institutions for modern art.

The solid-state cell is considered a technology of the future and the next big step in battery development. The technology promises longer ranges, shorter charging times and maximum safety. The U.S. company QuantumScape has recently reached an important milestone, which was now confirmed by PowerCo: its solid-state cell has significantly exceeded the requirements in the A-sample test and successfully completed more than 1,000 charging cycles. For an electric car with a WLTP range of 500-600 kilometres, this corresponds to a total mileage of more than half a million kilometres. At the same time, the cell barely aged and still had 95 percent of its capacity (or discharge energy retention) at the end of the test. The tests, which ran for several months, were carried out in PowerCo's battery laboratories in Salzgitter

Just in time for the new year, Elli (Volkswagen Group Charging) is expanding its charging network and offers e-mobility customers access to more than 600,000 charge points in 27 European countries. As one of the largest charging and energy provider and a brand of the Volkswagen Group, Elli is strategically expanding its mobility service business and, in addition to the quantitative expansion of the network, is focusing on greater convenience when charging. For Elli customers, this represents a major step forward in vehicle charging and in general a significant step forward for electric mobility in Europe.

Volkswagen Group-owned battery company PowerCo SE steps up its activities in Canada. Ramping up its cell production activities in Europe and North America, the site of its future cell gigafactory in St. Thomas, Ontario, is now prepared for groundbreaking and start of construction in 2024. Sebastian Wolf, Chief Operations Officer of PowerCo SE, said at an event on site: “We are fully on track. Site preparation, the first phase of Gigafactory St. Thomas, has been completed. We are now ready for the next stage on our path to the sustainable and responsible production of battery cells. PowerCo will be a reliable partner for the people in St. Thomas and Ontario.”

Cultural education and cultural participation involving a broad audience represent the key topics of the panel discussion “Engage. Culture for everyone“, which is hosted by the Volkswagen Group in Berlin and opens for the public later today. In the symposium, representatives from museums, universities, media companys and the corporate world are going to discuss chances that link cultural experiences with the commitment to openess, inspiration and diversity.

Driven by the commitment to keep memories of the Holocaust and the understanding of its unfolding alive, Volkswagen supports several visits at the Museum für Fotografie which is hosting ‚Flashes of Memory’. The exhibition had been developed by the World Holocaust Remembrance Center Yad Vashem and presents photographs and films documenting the Shoah from the view of perpetrators, victims and liberators.

The Volkswagen Group is systematically strengthening its development expertise ‘in China for China’. To drive this strategy, Volkswagen is expanding its site in Hefei in eastern China into a state-of-the-art production, development, and innovation hub. At its heart is the Volkswagen China Technology Company (VCTC) – the Group's largest development centre outside Germany, with a clear focus on intelligent, fully connected vehicles. VCTC aims to reduce the time to market for vehicles and components by 30 percent through efficient development processes and the use of cutting-edge technologies. As a result, the Group will better harness the growth momentum of the Chinese market. The hub is also taking on key development tasks, including the development of a local electric platform for the entry-level segment. Derived from the Group's modular electric drive matrix (MEB), the new platform is intended to open up further market segments in China. From 2026, the platform will form the basis for additional battery-powered vehicles (BEV) specifically tailored to the wishes of Chinese customers. The development time of just 36 months is around a third shorter than the Volkswagen Group's previous timescales.

Volkswagen Group brand Elli is launching an intelligent
solution across Europe for electric vehicle fleets. With Elli Fleet Charging, companies in
Germany, Italy, Spain, and Austria are now able to manage and cost-optimize their fleet
charging. After a market introduction phase lasting several months, over 650 German
companies and fleet managers are already successfully using Elli’s product.

Consumption data: ID. Buzz Pro - Power consumption in kWh/100 km: combined 22.0-20.7; CO₂ emissions combined in g/km: 0; consumption and emission values in accordance with WLTP and not NEDC are available for the vehicle. Information on consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment.

– Volkswagen Group achieved strong deliveries and sales revenue growth in the first nine months of FY 2023. Deliveries increased by 11 percent year-on-year to 6.7 million vehicles (Q3 2023: 2.3 million vehicles; +7.0 percent). Sales revenue grew by 16 percent to 235.1 billion euros (Q3 2023: 78.8 billion euros; +12 percent). The order bank at the end of the third quarter of 2023 remained at a high level of 1.4 million vehicles in Western Europe alone. Net liquidity in the Automotive Division remained very solid at 36.7 billion euros.

The Volkswagen Group has systematically continued its transformation in the first nine months of 2023. All-electric deliveries increased by 45 percent to 531,500 vehicles globally, raising the BEV share of total deliveries to 7.9 percent after
6.1 percent in the prior year period. In the third quarter alone, the BEV share climbed to
9.0 percent compared to 6.8 percent one year ago. From January to September, Europe remained the key growth driver with an increase of 61 percent to 341,100 vehicles. BEV deliveries jumped 74 percent to 50,300 units in the USA and surpassed prior year levels in China with an increase of 4 percent to 117,100 units.

The newly-founded Brussels-based European EV battery materials producer IONWAY has chosen to build its first CAM production plant in Nysa, Poland, adjacent to Umicore’s existing CAM plant. The JV, backed by Volkswagen Group-owned PowerCo SE and Umicore, is scaling up the EU footprint in the e-mobility business with the ambition to grow its annual production capacity to 160 GWh p.a. by the end of the decade, corresponding to 2.2 m battery-electric vehicle, based on market developments. IONWAY will thus help the European Union achieve its Green Deal ambitions by accelerating the establishment of regional, sustainable, and transparent battery value chains.

The Volkswagen Group is a proud supporter of the annual Kaiserring exhibition in Goslar featuring influential works from the 2023 Kaiserring awardees Yuri Albert and Vadim Zakharov. The collaboration underlines Volkswagen’s role as partner of culture and the arts within the region.

Umicore and Volkswagen Group-backed battery company PowerCo have announced the name and branding of their first-of-its kind cooperation. Their Brussels-headquartered joint venture for large-scale industrial production of CAM and pCAM in Europe will bear the name IONWAY. Both parents aim to grow IONWAY’s annual production capacity to 160 GWh p.a. by the end of the decade, corresponding to 2.2 m battery-electric vehicles.

As one of Europe’s largest e-mobility service providers, Volkswagen Group’s brand Elli will showcase new charging products and services as well as unveil its future plans at this year's International Motor Show (IAA) in Munich. Elli will also give a sneak peek at upcoming energy innovations and its transition to providing holistic energy solutions.

The Volkswagen Group has made decisive progress in its four industry-leading technology platforms. It is also tapping into highly attractive additional profit pools as part of its transformation from legacy automaker to integrated mobility provider by further expanding its sustainable mobility business. At the Group's press conference at IAA Mobility in Munich, CEO Oliver Blume said: "We are making good progress. And faster than planned. We have reached numerous milestones, set important strategic directions and achieved joint successes. We are systematically driving forward the transformation along our ten-point plan and consistently developing further attractive profit pools in the area of sustainable mobility."

“Success by Design” was this year’s motto at the Volkswagen Group Media Night. CEO Oliver Blume presented key findings on realignment of Volkswagen Group and set guard rails for future design strategy. Taking a holistic approach, the company increases the importance of design for the business - from the corporate identity to the products and digital offerings. In the future, the design departments will have an even closer connection to their respective brand CEOs.

The Volkswagen Group is modernizing its corporate design, replacing the previous look from 2007. The word mark has been changed from "Volkswagen Aktiengesellschaft" to "Volkswagen Group" to underline the Group's global orientation and increase the distinctiveness of its appearance in relation to the Volkswagen brand. The word mark, font, colors, design elements and visual language were completely renewed among other things. The new corporate design is being introduced successively, starting in Germany. The international markets will follow next year.

The Volkswagen Group is reorganizing its procurement of electronic parts and semiconductors to ensure supply over the long term and, in doing so, securing itself a leading position in terms of technology as well as competitiveness. To this end, the Group has developed a new strategy for the procurement of parts with electronic components.

In response to the tremendous interest of museum visitors, the exhibition ‘Flashes of Memory. Photography during the Holocaust’ will be extended to January 28, 2024, in the ‘Museum für Fotografie’ in Berlin. The Volkswagen Group will continue to act as an educational partner of the exhibition project, which was originally scheduled to run from March 24 to August 20, 2023. The exhibition in Berlin is on loan from the international remembrance center Yad Vashem and marks the first time that the exhibit has been displayed outside Jerusalem.

The Volkswagen Group’s Brand Group Core continued its development in the first half of 2023. Thanks to intensified cooperation between the sister brands Volkswagen, ŠKODA, SEAT/CUPRA and Volkswagen Commercial Vehicles, efficiency and profitability increased through the entire brand group. The new designation of Brand Group Core reflects the central role of the brand group as the backbone of the Volkswagen Group. With its new steering model, the Volkswagen Group’s ambition is to leverage the performance of the brand groups as efficiently as possible while at the same time harnessing the Group’s economies of scale to the greatest possible effect.

Consumption data: ID.5 Pro Performance - Power consumption in kWh/100 km: combined 16.5-16.4; CO₂ emissions in g/km: combined 0. ID. Buzz Pro - Power consumption in kWh/100 km: combined 21.7-20.6; CO₂ emissions in g/km: combined 0. Škoda Enyak RS iV - Power consumption in kWh/100 km: combined 17.1; CO₂ emissions in g/km: combined 0. CUPRA Born - Power consumption in kWh/100 km: combined 17.5-15.7; CO₂ emissions in g/km: combined 0. No consumption and emissions values are available according to NEDC for this vehicles, only according to WLTP. Information on power consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment.

Volkswagen Group posted solid H1 results for 2023, with rising sales revenue and strong underlying operating profit. This is in line with the Group’s “value over volume” strategy, announced at the recent Capital Markets Day. The Group's BEV strategy is also making further progress, with deliveries in the first half of the year increasing by around 50 percent year-on-year. In Europe, the Group increased its BEV deliveries by as much as 68 percent, underscoring its position as market leader in Europe. As the year progresses, significantly shorter delivery times, the remaining high order bank of 1.65 million vehicles and stable demand should provide further tailwinds. The solid net liquidity of EUR 33.6 billion in the Automotive Division also gives the Group the necessary strength and flexibility to continue investing in key regions and growth areas.

The Volkswagen Group is strengthening its position on the Chinese automotive market with cooperations between the VW brand and XPENG and between Audi and SAIC. The Group is thus forging ahead with its local electrification strategy. The aim is to swiftly tap into new customer and market segments, thereby systematically leveraging the potential of China’s dynamically growing e-mobility market.

The Volkswagen Group is pleased to support the concert series “Sound in the Garden”. All of the upcoming events, can be experienced in the Sculpture Garden of the Neue Nationalgalerie in Berlin. Set to run until September 2023, the series encompasses four free concerts which extend the Volkswagen Group ART4ALL visitor program that regularly grants free access to exhibitions at Neue Nationalgalerie.

This year’s Responsible Raw Materials Report focuses on adjustments to the existing management systems and processes in line with the Supply Chain Due Diligence Act, which has been valid since January 1, 2023, and the introduction of the Responsible Supply Chain System (ReSC). An important component of this is the newly implemented Human Rights Focus System (HRFS). This is intended to identify particularly high risks in connection with human rights violations and the environment to enable quick and appropriate actions. Furthermore, Dr. Kerstin Waltenberg has been appointed Human Rights Officer primarily to check compliance with human rights due diligence.

The Volkswagen Group increased its deliveries of all-electric vehicles (BEVs) by 48 percent year-on-year to 321,600 vehicles in the first half of the year. The BEV share of total deliveries rose to 7.4 percent, up from 5.6 percent in the first six months of the previous year. The Group achieved the highest growth in Europe, where deliveries rose by 68 percent to 217,100 BEVs. Here, the Volkswagen Group is the market leader and gained market share. Significantly more customers of a Group brand took delivery of their all-electric vehicles in the USA, too. The increase here was 76 percent to 29,800 vehicles. In China, deliveries were around two percent below the previous year's level at 62,400 BEVs in a particularly competitive market environment. Recently, however, the trend here has also been positive. Following a lower first quarter, 18 percent more BEVs were handed over to customers in the world's largest automotive market in the second quarter than in the prior-year period. Worldwide, the increase in the second quarter was 53 percent to 180,600 vehicles (118,000), and the BEV share of total deliveries rose to 7.7 percent (6.0) in this period.

Today, the Volkswagen Group and its Elli brand became the first automotive company to start trading on the German electricity market of Europe's largest power exchange, EPEX Spot. The basis for electricity trading is a stationary storage system made of e-up! batteries and a new, digital electricity trading platform from Elli. In the future, the stationary storage system – the so-called "PowerCenter" – will store the energy traded on the electricity market. The pilot project is being driven forward jointly by Elli and Volkswagen After Sales and is a first step on the way to the planned Smart Energy Platform. In the future, Volkswagen and Elli want to anchor the growing storage capacities of electric cars and batteries in the energy system and make an important contribution to the energy transition.

In fall 2022, the Volkswagen Group laid the foundation for the fundamental transformation of Volkswagen to become a leader in digital and fully electric mobility with its 10-point plan.
One focus of Volkswagen Group CEO Oliver Blume is on strengthening the brands by means of attractive vehicles, quality and design. In order to consistently pursue this goal, Volkswagen Group is continuing to strengthen the brands, also in terms of personnel. As part of this, there will be personnel changes at CARIAD SE, Bentley Motors Ltd, Volkswagen AG, Volkswagen Commercial Vehicles and Volkswagen Group Components from September 1, 2023.

Volkswagen Group will continue to drive forward the strategic realignment of the charging and energy business with the new Head of Charging and Energy, Giovanni Palazzo. Palazzo has been responsible for the Volkswagen Group's global charging and energy business since July 1 and also leads the Elli brand as CEO and Head of Sales. He will focus on expanding the fast-charging network and further advancing the development of Volkswagen’s own smart energy platform. Elli and Electrify America are to cooperate more closely and roll out new business models internationally. In addition, the division will strengthen cooperation with the Group brands and intensify its proximity to private and fleet customers. The cornerstones of the strategy have already been presented to investors and analysts at the Capital Markets Day.

Volkswagen welcomes 46 top talents from 39 Volkswagen facilities in 19 countries to honor their outstanding apprenticeship achievements. Yesterday, the “Best Apprentice Award” winners traveled to Berlin to visit the exhibition “Flashes of Memory: Photography during the Holocaust” that is supported by Volkswagen and integrated in its corporate culture of remembrance. In a soon next step, a group of apprentices from the Wolfsburg region is going to visit the exhibition at the Berlin-based Museum für Fotografie.

Milestone for the Salzgitter Gigafactory: The Prime Minister of Lower Saxony, Stephan Weil, unpacked the first industrial machine that will be used in the cell factory. The "unboxing" in large format – the entire machine is around 10 x 3 meters in size – marks the start of a new construction phase. From now on, the ramp-up of the machine and equipment park begins. More than 2,500 standard containers are required for the delivery of the equipment alone. The first mega project of the battery company PowerCo, which belongs to the Volkswagen Group, is thus fully on schedule; series production of battery cells at the Salzgitter site will start in 2025.

As the new CEO of AUDI AG, Gernot Döllner will take his place on Volkswagen AG’s Group Board of Management on 1 September 2023. He will take over from Markus Duesmann, who will resign from Group management at the same time. The Group Supervisory Board adopted a resolution to this effect today.

Volkswagen Group is focusing its strategic alignment. At its Capital Markets Day, the Group presented leadership principles that emphasize customer orientation, entrepreneurship and team spirit. The Group assigns responsibility for their return targets to the brands. To achieve these goals, strengthen profitability and cash flows in particular as well as reduce capital intensity , each brand is launching its own performance program for the first time. This involves a paradigm shift: Instead of pure volume growth, sustainable value creation will be prioritized in the future based on the "value over volume” principle. To enable them to fully exploit the economies of scale offered by the technology platforms, the Group is realigning its architecture, battery, software and mobility services. Regionally, the Group is focusing its investments on the world’s most attractive profit pools. In this context, the strategies for the important growth markets of China and North America were also refined. Based on the brands' focused approach and performance programs, the Group is increasing its strategic return on sales target to 9 to 11 percent by 2030.

Lars Korinth will become the new Head of Investor Relations in the Volkswagen Group from autumn 2023 onwards. In this role, he succeeds Julian Krell, who is leaving the company at his own request on June 30, 2023. Korinth already knows the company from his time as Senior Investor Relations Manager at Volkswagen and most recently as Head of Investor Relations at TRATON SE. In his new role, Lars Korinth will report to Rolf Woller, Head of Group Treasury and Investor Relations.

PowerCo SE is planning to introduce a completely new manufacturing process in its battery cell production plants in Europe and Northern America. The new technology will significantly boost efficiency and sustainability in volume battery cell production. A subsidiary of Volkswagen Group and based in Salzgitter, Niedersachsen, the battery company aims to industrialize the so-called Dry Coating procedure. The technology allows a decrease in energy consumption of about 30 percent, internal tests have already proven successful. Together with German printing machine specialist Koenig & Bauer AG, PowerCo will further develop and industrialize the Dry Coating procedure.

Supported by the Volkswagen Group, the Hamburger Bahnhof – Nationalgalerie der Gegenwart welcomes the public to a vibrant art festival amidst the city of Berlin. Between June 16 and 18, 2023, the museum grants free access to all exhibitions including the premiering presentations of its collections. Guests are also invited to participate in panel talks, different guided tours, interactive workshops, open-air activities and music sessions.

June 13, 2023 – The island of Astypalea serves as a future laboratory for smart, sustainable mobility. As part of a joint project of the Volkswagen Group and the Hellenic Republic, it is to be gradually converted to e-mobility, digital mobility solutions and green energy. First results are positive: The new, digital mobility solutions are well established, 25 percent of the inhabitants regularly use the ASTYBUS ridesharing service. Over the past twelve months alone it has completed more than 200,000 customer kilometres. Electrification also makes progress: Almost all new cars to be registered on Astypalea are now fully electric.

Consumption data: ID. Buzz (NWB) - Power consumption in kWh/100 km: combined 22.0-20.6; CO₂ emissions combined in g/km: 0; consumption and emission values in accordance with WLTP and not NEDC are available for the vehicle. Information on consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment. ID.3 Pro - Power consumption in kWh/100 km: combined 16.5-15.2; CO₂ emissions in g/km: 0; consumption and emission values in accordance with WLTP and not NEDC are available for the vehicle. Information on consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment. SEAT MÓ eScooter 125 - Power consumption in kWh/100 km: combined 7.0; CO₂ emissions combined in g/km: 0; consumption and emission values in accordance with WLTP and not NEDC are available for the vehicle. Information on consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment.

Energy and charging solutions provider Elli is changing its charging tariffs effective June 1, 2023. The new price system will provide even more flexibility for Elli’s customers: price-per-minute charging will no longer apply anywhere in Europe, vehicles can be connected to AC chargers for longer before a blocking fee is charged, and the minimum contract period for charging plans will be reduced to one month. These measures will help to cushion the price increases for new customers that rising costs have made unavoidable.

The 18th International Architecture Biennale opens in Venice on 20 May 2023. The Volkswagen Group is a partner of the curatorial team of the German Pavilion and supports the pavilion concept ‘Open for Maintenance – Wegen Umbau geöffnet’, which focuses on sustainable approaches to building construction and urban development. For the first time, the citizens of Venice as well as local and social initiatives will be invited to a grand neighbourhood festival on the eve of the opening to get in contact with artists and experts. Federal Building Minister Klara Geywitz takes part as commissioner of the German Pavilion. In March, materials for the pavilion were sustainably transported from Leipzig to Venice in an ID. Buzz Cargo.

Consumption data: ID. Buzz Cargo - power consumption in kWh/100 km: combined 22.3-20.3; CO₂ emissions in g/km: 0; only consumption and emission values in accordance with WLTP and not in accordance with NEDC are available for the vehicles. Information on consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment.

Volkswagen Group has completed the sale of its shares in Volkswagen Group Rus LLC including its local subsidiaries (Volkswagen Components and Services LLC, Scania Leasing LLC, Scania Finance LLC, Scania Insurance LLC) to Art-Finance LLC who is supported by the Russian Dealer Avilon. With the registration of the transaction, ownership of the shares in the authorized capital of Volkswagen Group Rus LLC and its subsidiaries is transferred from the sellers to the buyer.

At the Annual General Meeting of Volkswagen AG, the shareholders voted by a majority of 99.99 percent to approve the recommendation of the Board of Management and the Supervisory Board to increase the dividend for fiscal year 2022 to EUR 8.70 per ordinary share and EUR 8.76 per preferred share. This corresponds to a payout ratio of 29.4 percent and an increase of EUR 1.20 per share, which is significantly higher than previous year’s payout ratio of 25.4 percent.

The Volkswagen Group continues its partnership with the Kultursymposium Weimar, a biennial event organised by the Goethe-Institut. Among the international speakers and guests is Professor Patrick van der Smagt, Director of the Machine Learning Research Lab at Volkswagen Group. Volkswagen also supports the work of the Goethe-Institut as a founding member of the Business and Industry Advisory Board, represented by Volkswagen’s Board Member Hauke Stars.

The Supervisory Board of CARIAD has approved a comprehensive realignment of the Volkswagen Group’s software subsidiary. Peter Bosch, previously responsible for manufacturing at Bentley and the Volkswagen AG representative on the Board of Scout Motors, has been appointed CEO. Supported by acknowledged software experts and a transformation team of experienced managers from the Volkswagen Group, CARIAD senior management and technology specialists will comprehensively advance the development of CARIAD.

Shell Germany and the Volkswagen Group are jointly driving forward the expansion of the charging infrastructure for electric mobility: On May 4, 2023, the first innovative 150 kW Elli Flexpole charging station was put in operation at a Shell service station in Göttingen. The charging station of the Volkswagen brand Elli has a unique battery storage system that enables connection to a low-voltage grid. Thanks to this new technology, the charging stations can be installed easily and flexibly, and the grid expansion can be accelerated. Following a successful test operation, Shell and Volkswagen also plan to install the Flexpole charging station at other locations in Germany and Europe.

Consumption data: ID. Buzz Pro - power consumption in kWh/100 km: combined 21.8-20.6; CO₂ emissions in g/km: 0; only consumption and emission values in accordance with WLTP and not in accordance with NEDC are available for the vehicles. Information on consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment. /// Shell Station Goettingen, Kasseler Landstrasse 99, 37081 Goettingen.

The Volkswagen Group made a solid start to fiscal year 2023. Despite the challenging global environment, operating profit before negative valuation effects, mainly from commodity hedging activities saw a strong increase in the first quarter.

Volkswagen Group Technology is the central technology supplier for the electric vehicles based of the Volkswagen Group. In the case of the ID.7, Volkswagen's new flagship, the division contributes around 40 percent of the total value added – including a completely new, highly efficient electric drive generation. This was announced today by Thomas Schmall, Member of the Board of Management of Group Technology, at the Vienna Motor Symposium 2023. Since September 2020, Volkswagen Group Technology has already equipped more than 580,000 MEB vehicles of the Group with high-tech components, making it one of the largest suppliers in the world of e-mobility.

Consumption data: ID.7 - Near-production concept car. The vehicle has not gone on sale yet.

The Volkswagen Group is pushing ahead with its ambitious electric vehicle (EV) strategy in North America. Its battery company PowerCo SE aims to build its largest gigafactory to date in St. Thomas, Ontario/Canada with an annual production capacity of up to 90 GWh in the final expansion phase. The planned investment of up to €4.8 billion / CAD$ 7 billion until 2030 has the potential to create up to 3,000 highly skilled jobs at the factory and tens of thousands more indirect jobs in the region. The announcement was made today in the presence of Canada’s Prime Minister, the Right Honourable Justin Trudeau, the Honourable François‑Philippe Champagne, Minister of Innovation, Science and Industry, Ontario’s Premier, the Honourable Doug Ford, the Honourable Victor Fedeli, Ontario's Minister of Economic Development, Job Creation and Trade, and Joe Preston, Mayor of the City of St. Thomas.

The Volkswagen Group successfully continued its transition to electric mobility in the first quarter of 2023. By the end of March, deliveries of all-electric vehicles (BEVs) have risen by 42 percent compared to the prior-year period, which was hit harder by supply chain issues. A total of 141,000 BEVs were handed over to customers, up from 99,200 in the first quarter of 2022. BEVs made up 6.9 percent of total deliveries in this period, compared with 5.2 percent in the first three months of the previous year. Europe was the biggest growth driver here with an increase of 68 percent to 98,300 vehicles. The BEV order backlog in Western Europe remains high at over 260,000 vehicles.

The Volkswagen Group is systematically expanding its development expertise ‘in China for China’. The company is investing around EUR 1 billion in a new state-of-the-art development, innovation, and procurement centre for fully connected intelligent electric vehicles in the southern Chinese city of Hefei. The announcement was made today by the Volkswagen Group at the Shanghai Auto Show. The new company, with the project name ‘100%TechCo’, combines vehicles and components R&D teams with purchasing. This will leverage synergies in the development process and integrate state-of-the-art local technologies into product development at an early stage. The aim is to align the Group’s vehicles even more quickly with the wishes of Chinese customers and to achieve shorter time to market. With the launch of 100%TechCo in 2024, the development times of new products and technologies will be gradually shortened by around 30 percent.

Elli, the market leader among Europe’s charging network providers with 500,000 charging stations, has become the first company to achieve an important milestone in accessing the charging infrastructure. In the last four months alone, the Volkswagen Group’s charging and mobility brand has added 100,000 charging points to its network. Elli gives customers a comfortable, cross-border charging experience, providing access to some 950 providers in 28 countries. A close-knit, reliable charging network and easy-to-use charging stations are the key to e-mobility. They allow drivers to use their electric vehicle without range anxiety.

The brands of the Volkswagen Group have joined the Leather Working Group (LWG). The Group seeks to play a leading role in the auto industry in terms of responsible raw material procurement, and becoming a member of LWG is a further milestone on the way to achieving greater sustainability throughout the entire value chain.

For the third time in a row, employees will conduct environmental- and climate-protection activities at many Volkswagen Group sites from today to April 22. The campaign “Project1Hour” takes place on the occasion of the international Earth Day. In 2022 it mobilized about 300,000 employees around the world and is considered to be the world’s largest corporate climate workshop. This year’s campaign will be expanded to include a further 500,000 employees at Volkswagen dealerships worldwide, adding to the 675,000 Volkswagen employees who are already part of it.

Volkswagen and Moonshot Pirates, an international educational initiative, are inviting young people to join the Shape the Future of Mobility Challenge. In this global innovation competition, young people aged 15 to 20 can present their creative ideas for the world of mobility. From May 15 to June 4, 2023, the teams will participate in online workshops that teach them the skills they need for the future and will be supported by experienced mentors as they develop their ideas. The team with the best solution will win a trip to Silicon Valley. Applications can be submitted as of now.

Together with the “42” coding schools in Wolfsburg and Berlin and partners including Microsoft, Bosch and the Korean Kookmin University, the Volkswagen Group has established the SEA:ME degree program, the first open education course in Europe for software engineering in the automotive and mobility sectors. The aim of new program is to train highly qualified software specialists using modern peer learning methods and develop open, sustainable standards for the mobility system and the mobility transition. Volkswagen is thus making a significant contribution to the free education movement in the automotive and mobility sector. The first students start in Wolfsburg on July 3, 2023.

Numerous tools and repair materials were transported to the world-famous Biennale grounds in the Venetian Lagoon on board an all-electric Volkswagen ID. Buzz Cargo. With this, the curatorial team commissioned by the German Federal Ministry for Housing, Urban Development and Building completed the first stage in realising their innovative exhibition concept ‘Open for Maintenance – Wegen Umbau geöffnet’.

Consumption data: ID. Buzz Cargo - power consumption in kWh/100 km: combined 22.3-20.3; CO₂ emissions in g/km: 0; only consumption and emission values in accordance with WLTP and not in accordance with NEDC are available for the vehicles. Information on consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment. /// ID. Buzz Cargo - power consumption in kWh/100 km: combined 22.3-20.3; CO₂ emissions in g/km: 0; only consumption and emission values in accordance with WLTP and not in accordance with NEDC are available for the vehicles. Information on consumption and CO₂ emissions, shown in ranges, depends on the selected vehicle equipment.

The Volkswagen Group is restructuring its Sustainability unit; Dirk Voeste will be appointed as the new Chief Sustainability Officer with effect from April 1, 2023 and will report to Gernot Döllner, Head of Group Strategy and General Secretariat. Dirk Voeste succeeds Ralf Pfitzner, who after five years in the post is leaving the company on his own request to pursue new challenges outside the Group. The Group is also realigning the independent Sustainability Council in response to new challenges against the background of the digital and sustainable transformation.

As partner of the education program, Volkswagen Group is supporting the exhibition “Flashes of Memory: Photography during the Holocaust” at the Berlin-based Museum für Fotografie. On display for the first time outside Yad Vashem, the World Holocaust Remembrance center in Jerusalem, the exhibition will be open to the public from March 24 until August 20, 2023. Photographs are being presented, that had been taken during the Holocaust years. Shot for different reasons and from various perspectives, these images call for a critical debate about their original creation and their impact.

PowerCo, the new battery company of the Volkswagen Group, and Belgian circular technology group Umicore have obtained full regulatory approvals for their joint venture announced in September 2022. The partners can now swiftly proceed to prepare for large-scale industrial production of cathode active materials (CAM) and precursor materials (PCAM) in Europe.

Consumption data: ID. Buzz Pro - power consumption in kWh/100 km: combined 21.8 - 20.6 (WLTP); CO₂ emissions combined in g/km: 0. Efficiency class: A+++; WLTP range: 402 to 423 km; only consumption and emission values in accordance with WLTP and not in accordance with NEDC are available for the vehicle. ID. Buzz Cargo - power consumption in kWh/100 km: combined 22.2 - 20.4 (WLTP); CO₂ emissions in g/km: combined 0. Efficiency class: A+++; WLTP range: 402 to 425 km; only consumption and emission values in accordance with WLTP and not in accordance with NEDC are available for the vehicle.

PowerCo SE is taking the next step in building its global battery business: In the Spanish region of Valencia, the company today gave the starting signal for construction of its second PowerCo cell factory in the presence of His Majesty King Felipe VI, Spain’s President Pedro Sánchez and Ximo Puig, President of the Valencian Generalitat. Gigafactory Valencia will start production of the unified cell in 2026 and will directly employ more than 3,000 people in the future, with a further up to 30,000 indirect jobs potentially being created at suppliers and partners in Spain according to a recent study. The Volkswagen Group has made battery technology a core element of its NEW AUTO strategy and has established PowerCo, a separate battery company. Since its launch in July 2022, PowerCo has decided three sites for cell factories: Salzgitter, Valencia and St. Thomas in Ontario/Canada, two of them already under construction.

The Volkswagen Group posted solid full year results for 2022, despite global economic headwinds. The results demonstrate that the Group has a strong financial basis on which to build in 2023, with strong margins and a very solid net liquidity in the automotive division. The Group’s BEV strategy continued to advance in 2022 and demonstrated the popularity of the latest model range, with robust performances across all regions. The Group remains the BEV segment market leader in Europe and continues to grow in China. Significant new models arriving in 2023 will add further tailwind and improve the Group’s market position.