Global Autos Daily: The Morning News

Research evidence excerpt

Global Autos Daily: The Morning News

Deutsche Bank

Research

Europe Strategy Date

25 June 2026

Global Autos Daily Market Update

The Morning News

Tim Rokossa

VW Everllence stake sale, FastnedQ2 preview, Qualcomm Head of European Equity Research

Investor Day Takeaways, Focus Germany - Fiscal regime

shift, ChinaMacro - RMB, Thematic Research - US at 250 Christoph Laskawi

Research Analyst

INVITES: Ferrari Expert call (7/9), Truck'n'Roll - Truck IAA Nicolai Kempf Research Analyst

Field trip (9/15-16)

Edison Yu

VW to sell 51% of Everllence to Bain Capital (Kempf) Research Analyst

Yesterday post close, VW announced an exclusive agreement with Bain Capital to Bin Wang

sell a 51% majority stake in its Everllence subsidiary and to remain a major Research Analyst

stakeholder with a 49% stake in the mid-term. The transaction is subject to Nikita Papaccio

regulatory approvals which are expected to be received by the end of this year. Research Analyst

According to the press release, VW will generate proceeds of €7.4bn from this

Winnie Dong

transaction and will decide at a later stage on the use of the proceeds. As of May 31,

2026, Everllence's book value was approximately EUR 3.4 billion on VW's balance

sheet. As a reminder, Everllence is a manufacturer of large engines, Laura Li

turbomachinery, and decarbonization solutions which could benefit from growth in Research Associate

the shipping, data center, and energy sectors under this new ownership structure. James Mulholland, CFA

Overall, we view this transaction as very positive for a number of reasons: 1) This Research Associate

reduces VW's complexity and streamlines its portfolio, aligning with commitments Wei Huang

made by the management team; 2) This strengthens VW’s financial position and Research Associate