Global Automotive: VW - Conference feedback

Research evidence excerpt

Global Automotive: VW - Conference feedback

Deutsche Bank

Research

Asia Industry Date

Europe 21 May 2026

North America Global Automotive

Industry Update

Autos

Auto Manufacturing

VW - Conference feedback

Tim Rokossa

Key Takeaways from Investor meetings – Focus on Efficiencies, BEV Transition, Head of Research

and Strategic Outlook +49-69-910-31998

We hosted Volkswagen at our Global Autos, Mobility & Robotics Conference and

continue to like the investment case. Our conviction is underpinned by Christoph Laskawi

Research Analyst

management’s consistent, step-by-step delivery on strategic promises and the

+49-69-910-31924

tangible progress in operational and financial restructuring. VW is not only

executing on near-term targets but also developing a credible, long-term equity Nicolai Kempf

story—something the market has been missing for years. This disciplined Research Analyst

approach, combined with clear communication and milestone achievements, +49-162-5168792

gives us confidence in the sustainability of value creation and the potential for Nikita Papaccio

further re-rating as the story unfolds. Research Analyst

+49-69-910-48637

Financials and Near-Term Outlook: Mira Wiegratz

n The financial impact of the ID.4 discontinuation in the US will be much Research Associate

lower in the FY compared to Q1, mainly from lower depreciation charges. +49-69-9103-1733

n We understand the sale of Sinotruk shares in Q1 will have a positive low to

Top Picks

mid-triple-digit EURm impact on FCF in Q2. We believe FCF would be

positive even excluding this effect, and despite the $1bn cash out for Rivian Volkswagen AG Buy

(VOWG.DE),EUR89.85

in April.

Volkswagen AG

Buy

n Q2 has started well, mainly driven by Europe and stable demand in the US. (VOWG_p.DE),EUR87.62