VOLKSWAGEN AKTIENGESELLSCHAFT: Support for information and consultation
process at Brussels site resolved, adjustment of annual forecast as a result and
other unplanned expenses in the Group

EQS-Ad-hoc: VOLKSWAGEN AKTIENGESELLSCHAFT / Key word(s): Strategic Company
Decision/Change in Forecast
VOLKSWAGEN AKTIENGESELLSCHAFT: Support for information and consultation
process at Brussels site resolved, adjustment of annual forecast as a result
and other unplanned expenses in the Group

09-Jul-2024 / 19:15 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.

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The Supervisory Board of AUDI AG resolves to support an information and
consultation process at the Brussels site. In this process, the Board of
Management of Audi Brussels S.A./N.V. will work together with the
responsible social partners to develop solutions for restructuring the site.
At the end of this process, the plant may among other things be closed down.
Expected expenses from these matters and other unplanned expenses in the
Volkswagen Group have resulted in an adjustment to the 2024 forecast.

The Board of Management of Volkswagen AG has been informed today that the
Supervisory Board of AUDI AG, against the background of the development of
demand for the Audi Q8 e-tron model family in certain markets, has decided
at its meeting today to support an information and consultation process at
the Brussels site as required by Belgian law. In this process, the Board of
Management of Audi Brussels S.A./N.V. is working together with the
responsible social partners to develop solutions for the site. At the end of
this process, the site may among other things be closed down. The expenses
expected as a result of alternative uses or a plant closure, which are
expected to be accrued in the third quarter, in conjunction with the other
unplanned expenses in the Volkswagen Group, will have a significant impact
on the operating result of the Volkswagen Group in the 2024 financial year.

The other unplanned expenses comprise various items that had a negative
impact on the Volkswagen Group's operating result in the second quarter.
These resulted, among other things, from exchange rate losses in connection
with the deconsolidation of Volkswagen Bank Rus in the Financial Services
Division and from expenses in connection with the planned closure of the gas
turbine business of MAN Energy Solutions. In addition, as announced in
April, Volkswagen recognized provisions of EUR0.9 billion for termination
agreements as part of the sustainable reduction in administrative personnel
costs at Volkswagen AG.

In total, all of the aforementioned matters will lead to a total burden on
the operating result of up to EUR2.6 billion in the 2024 financial year, with
the matters mentioned in the last paragraph already being recognized as
expenses in the second quarter.

The effects mainly relate to the Volkswagen Group, the Brand Group Core, the
Brand Group Progressive and the Financial Services Division. The Brand Group
Sport Luxury (Porsche AG) and the Brand Group Trucks (TRATON SE) are not
affected by the aforementioned expenses.

In view of the additional earnings effects of up to EUR1.7 billion above and
beyond the termination agreements at Volkswagen AG, Volkswagen Group does
not expect to be able to compensate for these in the current financial year
and is therefore adjusting the annual forecast for 2024 for the Volkswagen
Group and the Passenger Cars Business Area and now expects an operating
return on sales in the range of 6.5% and 7.0% (previously: 7.0% to 7.5%).
The forecast for the other key figures remains unchanged.

Volkswagen will publish its half-year financial report on August 1.
Definitions of operating profit, net cash flow and net liquidity can be
found in the 2023 Annual Report on pages 100ff.


End of Inside Information

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

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   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:    1942111

End of Announcement EQS News Service
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1942111 09-Jul-2024 CET/CEST