VOLKSWAGEN AKTIENGESELLSCHAFT: Volkswagen AG resolves on investment by
Volkswagen of initially 1 billion USD in Rivian Automotive, Inc., and intends to
establish a joint venture

EQS-Ad-hoc: VOLKSWAGEN AKTIENGESELLSCHAFT / Key word(s): Strategic Company
Decision/Alliance
VOLKSWAGEN AKTIENGESELLSCHAFT: Volkswagen AG resolves on investment by
Volkswagen of initially 1 billion USD in Rivian Automotive, Inc., and
intends to establish a joint venture

25-Jun-2024 / 22:02 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

Volkswagen AG resolves on investment by Volkswagen of initially 1 billion
USD in Rivian Automotive, Inc., and intends to establish a joint venture
with Rivian Automotive, Inc., in the area of E/E architecture. Total
investments from Volkswagen in Rivian Automotive, Inc., and the joint
venture could grow to up to 5 billion USD until 2026.

The Management Board of Volkswagen AG today resolved with the approval of
the Supervisory Board of Volkswagen AG that Volkswagen will enter into a
Convertible Promissory Note Purchase Agreement with Rivian Automotive, Inc.
Under the terms of this agreement, Volkswagen will grant Rivian Automotive,
Inc., a convertible note in the amount of 1 billion USD. The note will
convert into a direct shareholding of Volkswagen in Rivian Automotive, Inc.,
upon the receipt of the necessary regulatory approvals, but not before 1
December 2024. The size of the shareholding is determined in accordance with
certain average share prices of the shares of Rivian Automotive, Inc., for
one half of the equity interest as of the time of the conclusion of the
Convertible Promissory Note Purchase Agreement and for the other half of the
equity interest as of the conversion day.

In addition, Volkswagen and Rivian Automotive, Inc., intend to establish a
joint venture for the purpose of the joint creation of next generation
electrical/electronic architecture (so-called E/E-architecture) for electric
vehicles. Volkswagen and Rivian Automotive, Inc., shall each hold a 50 %
stake in the joint venture, and it shall be equally controlled. Upon
successful implementation of the joint venture, Volkswagen would receive
immediate access to Rivian Automotive's current E/E-architecture technology
for using it in its electric vehicles. The actual establishment of the joint
venture depends on a series of different parameters, in particular, the
final results of the further review of the technical feasibility of the
integration of the E/E-architecture in vehicles of Volkswagen, the further
negotiations between the parties as well as regulatory approvals. Against
this background, a final decision on the establishment of the joint venture
has not been made yet.

In case the joint venture would be established successfully, Volkswagen
intends to make further investments in shares of Rivian Automotive, Inc., or
in the joint venture in the total amount of 4 billion USD. The additional
investment in shares of Rivian Automotive, Inc., would be made in two
tranches of 1 billion USD each in 2025 and 2026 and would be contingent on
Rivian Automotive, Inc., and the joint venture achieving certain milestones.
With respect to the joint venture Volkswagen would provide a payment in the
amount of 1 billion USD upon foundation of the joint venture in 2024 and
grant a loan in the amount of 1 billion USD in 2026. If the joint venture
will be successfully implemented and certain further milestones are
achieved, the total investment of Volkswagen in shares in Rivian Automotive,
Inc., as well as in equity and debt in the joint venture would aggregate in
a total amount of 5 billion USD by 2026; a part of which in the amount of 2
billion USD would be paid out still in fiscal year 2024.

The announced transaction could result in an unplanned cash outflow of up to
2 billion EUR in the current fiscal year. Therefore, Volkswagen AG is
updating its financial forecast for fiscal year 2024 as follows: In the
Automotive Division, Volkswagen AG now expects net cash flow to range
between 2.5 billion EUR and 4.5 billion EUR (previously: 4.5 billion EUR to
6.5 billion EUR) and net liquidity between 37 EUR billion and 39 billion
EUR.


End of Inside Information

---------------------------------------------------------------------------

25-Jun-2024 CET/CEST The EQS Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

---------------------------------------------------------------------------

   Language:       English
   Company:        VOLKSWAGEN AKTIENGESELLSCHAFT
                   Berliner Ring 2
                   38440 Wolfsburg
                   Germany
   Phone:          +49 (0)5361 9 - 49015
   Fax:            +49 (0)5361 9 - 30411
   E-mail:         lars.korinth@volkswagen.de
   Internet:       www.volkswagenag.com/ir
   ISIN:           DE0007664039, DE0007664005
   WKN:            766403, 766400
   Indices:        DAX, Euro Stoxx 50
   Listed:         Regulated Market in Berlin, Dusseldorf, Frankfurt
                   (Prime Standard), Hamburg, Hanover, Munich, Stuttgart;
                   Regulated Unofficial Market in Tradegate Exchange
   EQS News ID:    1932987

End of Announcement EQS News Service
---------------------------------------------------------------------------

1932987 25-Jun-2024 CET/CEST