Volkswagen Prefs.: Post Pre-Close Call Feedback & Traton pre release

Research evidence excerpt

Volkswagen Prefs.: Post Pre-Close Call Feedback & Traton pre release

J P M O R G A N Europe Equity Research

13 July 2026

Volkswagen Prefs. Neutral

VOWG_p.DE, VOW3 GR

Post Pre-Close Call Feedback & Traton pre release Price (13 Jul 26):€71.28

Price Target (Dec-27):€110.00

Volkswagen delivered stable NEV sales in the period, supported by the successful European Autos & Auto Parts

AClaunch of new models such as the ID.AURA and ongoing momentum in Jose M Asumendi

electrification. The order book remains strong, up 12% YTD, with BEV orders (44-20) 7742-5315

rising 56% and now accounting for 31% of the European order book. In China, new jose.m.asumendi@jpmorgan.com

model launches have been well received, but ICE volumes declined significantly J.P. Morgan Securities plc

by 42% following the end of subsidies and weaker consumer sentiment, while Piyush Singla

electrified volumes remained stable. The pricing environment in Europe and North (91-22) 6157-3324

piyush.singla@jpmorgan.com

America remains highly competitive, with negative price mix effects expected to J.P. Morgan India Private Limited

persist into Q2. Financial Services risk has increased, and tariff costs are

anticipated to be a headwind of €0.8–0.9bn, though these are not expected to Specialist Sales contact details:

impact the operating margin bridge. Dividend payments from Chinese joint Sam Edmunds - Specialist Sales -

ventures are set to be lower yoy, and management anticipates a slight positive cash European Industrials

flow for the period, despite higher inventories and a $1bn equity investment in (44-20) 7742-8733

Rivian following the completion of SDV winter tests. sam.edmunds@jpmorgan.com

Style Exposure

Volkswagen has discontinued the Automated Driving Alliance with Bosch, which