Volkswagen Prefs.: Strategic Plan Key Takeaways

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Volkswagen Prefs.: Strategic Plan Key Takeaways

J P M O R G A N Europe Equity Research

10 July 2026

Volkswagen Prefs. Neutral

VOWG_p.DE, VOW3 GR

Strategic Plan Key Takeaways Price (09 Jul 26):€71.80

Price Target (Dec-27):€110.00

VW announced an update of the strategic plan which was already on its way, aimed European Autos & Auto Parts

ACat improving the overall competitiveness of the group, improving its cost structure Jose M Asumendi

and making efficient use of capital. We highlight below some of the key takes and (44-20) 7742-5315

look forward to the upcoming management discussions during the second quarter jose.m.asumendi@jpmorgan.com

results to further understand any potential measures on the European J.P. Morgan Securities plc

manufacturing footprint. We do believe VW will make additional capacity cuts in Piyush Singla

Europe, ensuring the firm meets its financial targets, but these will be done in our (91-22) 6157-3324

piyush.singla@jpmorgan.com

view over a time frame by 2029/2030. In summary: a) the model lineup will be J.P. Morgan India Private Limited

gradually concentrated on the most attractive market segments and streamlined by

up to 50%, offering complexity will be reduced by up to 75%; b) the Group is Specialist Sales contact details:

extending its technology leadership: key technology fields are being harmonized, Sam Edmunds - Specialist Sales -

Group-wide synergies are being systematically realized, and parallel structures are European Industrials

being eliminated; c) Production capacities are being adjusted to the changed global (44-20) 7742-8733

market environment and the sharply intensified competition, targeting 9 million sam.edmunds@jpmorgan.com

vehicles per year; d) The automotive core business is at the center of all activities: Style Exposure