Factbook 2015

12
fascinating brands
10.14 million
deliveries in 2014
592,586
employees worldwide
153
Factbook 2015
countries
2014 was an unexpectedly difficult but ultimately good year for the Volkswagen Group. Political and economic uncertainty
dominated the situation in many regions of the world, and this also had far-reaching consequences for the automotive
industry. Despite these headwinds, we successfully kept your company on a strong, stable trajectory.
This is underscored by the fact that we reached a major strategic milestone over 10 million deliveries four years
earlier than expected. This is underscored by record sales revenue of 202.5 billion and operating profit of 12.7 billion.
And this is underscored by the increase in the operating margin to 6.3% at the upper end of the forecast range.
At 14.8 billion, we also lifted profit before tax year-on-year. We again posted a record equity-accounted profit from our
Chinese joint ventures.
Our company continues to offer outstanding prospects because we stand for innovation, competitiveness and financial
strength. This is another reason why I am convinced that your confidence in and support for the Volkswagen Group and
its team will pay off. In every respect.
Sincerely,
We stand for strength, reliability

and long-term success even
under less favorable conditions.
Prof. Dr. Martin Winterkorn

Chairman of the Board of Management Volkswagen Aktiengesellschaft
Content
Volkswagen at a Glance
Our Brands & Products
10
Markets & Sales
26
Financials & Outlook
39
Strategy 2018
52
Excellence in Production
63
Focus on R&D
73
Shareholder Information
84
Investor Relations Team
92
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
Volkswagen at a glance
The Volkswagen Group
with its headquarters in Wolfsburg is one of the
worlds leading automobile manufacturers and the
largest carmaker in Europe.
The Group operates 118 production plants. Every
Headquarters
Wolfsburg
Dec. 1945: start of

series production
12 brands from 7
European countries
592,586
employees
118 production plants

worldwide
weekday, more than 590,000 employees worldwide

produce some 40,600 vehicles, and work in vehiclerelated
The
services
or
Volkswagen
other
Group
fields
sells
its
of
business.
vehicles
in
153 countries.
In 2014, the Group increased the number of vehicles
delivered
to
customers
to
10.14
million
(2013: 9.73 million), corresponding to an increase in

sales of 4.2 percent. The Groups market share of
40,626 vehicles
a day
Volkswagen
at a Glance
Around 335 models
Our Brands &

Products
10.137 m deliveries to
customers
Markets &
Sales
Financials &
Outlook
Active in 153
countries
Strategy
2018
Profit after tax:

11.1 billion
Excellence in
Production
the world passenger car market was 12.9 percent

(12.8 percent).
Focus
on R&D
Shareholder
Information
Investor Relations
Team
Volkswagen history: from national leader to global champion

1904
1934
1947
1953
1945
1949
The idea of a
peoples car is born
in the early 20th
century. Ferdinand
Porsche is finally
commissioned to build
the Volkswagen
Volkswagen goes
international with the
first exported car in
1947 and the opening
of the first abroad
sales company in
Canada and the first
production plant in
Brazil
The British military

government takes
over trusteeship.
Their quality policy,
customer service,
sales network and
export orientation lay
the foundation for the
companys success
1954
1938
Start of
construction of the
Volkswagen plant in
Wolfsburg
Volkswagen
at a Glance
1939
1985
1991
1955
Our Brands &

Products
Series production
of the Beetle begins
with 55 vehicles
Markets &
Sales
1960
1961
Financials &
Outlook
2012
2014
Volkswagen
listed at stock
exchange and
issues shares for
the first time in
1961
Strategy
2018
1970
1975
Acquisition of the
brands SEAT (1985),
KODA (1991), Bugatti,
Bentley, Lamborghini
(1998) and Scania (2008)
Establishment of
Chinese joint
ventures creates basis
for future success:
Shanghai Volkswagen
(1985) and FAWVolkswagen (1991)
Stock company & new models
Automation of
Production
Forced labor and

production of
armaments during the
Second World War
1945
The Auto-Union
GmbH (later Audi)
is transferred into
the ownership of
Volkswagen
The one
millionth
Volkswagen is
produced
Internationalization & mass production
The beginnings
1986
2008
1965
The globalized automobile group
Introduction of the
new models Passat,
Golf and Polo leads
Volkswagen out of
critical situation after
oil crisis and
recession
1985
Excellence in
Production
Integration of
Porsche (2012) and
MAN (2013) as well
as the takeover of
Ducati; successful
offer for all
outstanding Scania
shares (2014)
1994
1995
Foundation of
Volkswagen
Financial Services
AG and Volkswagen
Commercial Vehicles
brand
Volkswagen
changes its name
to Volkswagen AG
Focus
on R&D
2014
Shareholder
Information
Volkswagen
achieves more than
ten million deliveries
in one year for the
first time
Investor Relations
Team
Volkswagen Group leveraging the power of three strong pillars

The Volkswagen Group consists of two divisions: the
Automotive Division, including the Passenger Cars and
Automotive Division
Commercial Vehicles /
Power Engineering
Passenger Cars
Commercial Vehicles / Power Engineering Business Areas,
Financial Services Division
and the Financial Services Division.
Volkswagen Financial Services
The Passenger Cars Business Area is centered on the

development of vehicles and engines as well as the production
Europe / Asia-Pacific / North and South
America
and sale of passenger cars.

The Commercial Vehicles / Power Engineering Business
Area deals with the production and sale of trucks and busses,
Financial Services
and business comprising genuine parts, large-bore diesel
USA / Canada / Spain / Argentina
engines,
special
gear
units,
propulsion
components and testing systems.
Scania Financial Services

Porsche Holding Financial Services
Porsche Financial Services
Remaining companies
turbomachinery,
The Financial Services Divisions portfolio of services

combines dealer and customer financing, leasing, banking and
insurance activities and fleet management.
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
The board of management of Volkswagen Aktiengesellschaft

(from left to right)
Prof. Rupert Stadler
Chairman of the Board of Management
of AUDI AG
Christian Klingler
Sales and Marketing
Prof. Dr. rer. pol. Horst Neumann
Human Resources and Organization
Prof. Dr. rer. pol. Dr.-Ing.
E. h. Jochem Heizmann
China
Dr. rer. pol. h. c. Francisco Javier
Garcia Sanz
Procurement
Prof. Dr. Dr. h.c. mult. Martin Winterkorn
Chairman of the Board of Management of
Volkswagen Aktiengesellschaft
Research and Development
Hans Dieter Ptsch
Finance and Controlling
Dr. h. c. Leif stling
Commercial Vehicles (until February 2015)
Andreas Renschler
(Andreas Renschler became a member of the
Board of Management of Volkswagen AG on
February 1, 2015. He is responsible for
Commercial Vehicles)
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
Volkswagen Touran
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
Content
10
Markets & Sales
26
39
Strategy 2018
52
63
Focus on R&D
73
84
92
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
Our brands and products a success story
Volkswagen is the one of the most successful

multiband group in the automotive industry.
The Group consists of twelve brands from
seven European countries: Volkswagen
Passenger
Bentley,
Cars,
Bugatti,
Audi,
SEAT,
Lamborghini,
KODA,
Porsche,
Ducati, Volkswagen Commercial Vehicles,

Scania and MAN.
Each brand has its own character and
operates as an independent entity in the
market to better satisfy the specific needs of
the different segments and countries.
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
10
Our huge product range satisfies all major customer groups

Hatchback
Sedan
Estate
MPV
SUV
Coup
Convertible
World 2015
Roadster
City Van /
Transporter
Pick-Up
A0
A00
New product launch 2015
Segments > 1m cars

Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
11
Volkswagen Das Auto

MOST PRODUCED IN 2014
The Volkswagen Passenger Cars brand is one of the worlds
DELIVERIES BY MARKETS 2014
Golf
Europe/Remaining markets
31.0%
North America
9.6%
South America
10.8%
Asia-Pacific
48.6%
most successful volume carmakers. The Groups core brand

maintains facilities in 14 countries, producing vehicles for
1,011,124
customers in more than 150 nations.

Volkswagen is Das Auto. The brand delivers innovative,
responsible mobility to people worldwide.
Prof. Dr. Martin Winterkorn
CEO
2014
Jetta/Sagitar
2013
KEY FIGURES
2014
2013
%
926,277
Deliveries (000 units)
6,119
6,022
+1.6
Vehicle sales (000 units)
4,583
4,704
-2.6
Production (000 units)
6,156
6,017
+2.3
Sales revenue ( million)
99,764
99,397
+0.4
Operating profit ( million)
2,476
2,894
-14.4
2.5
2.9
as % of sales revenue
Volkswagen
at a Glance
6.1m
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
2012
2011
2010
2009
Polo
2008
753,754
Strategy
2018
Excellence in
Production
Focus
on R&D
2007
3.7m
Shareholder
Information
Investor Relations
Team
12
Audi Vorsprung durch Technik

Audi is one of the worlds leading manufacturers of premium

A3
cars and has been part of the Volkswagen Group since
47.0%
North America
12.6%
South America
1.3%
Asia-Pacific
39.1%
1965. Today, the company makes vehicles ranging from

compact to top-of-the range models.
351,526
Audi is Vorsprung durch Technik. Lightweight construction,

efficient drivetrains, connectivity and innovative assistance
systems - Audi clothes its progressive technologies in clear
Rupert Stadler
CEO
2014
A4
lines and sporty design.
2013
KEY FIGURES
2014
2013
%
328,465
1,744
1,578
+10.5
1,444
1,349
+7.0
1,803
1,608
+12.2
53,787
49,880
+7.8
5,150
5,030
+2.4
9.6
10.1
Volkswagen
at a Glance
Our Brands &

Products
1.7m
Markets &
Sales
Financials &
Outlook
2012
2011
2010
2009
A6
2008
307,693
Strategy
2018
Excellence in
Production
Focus
on R&D
2007
0.96m
Shareholder
Information
Investor Relations
Team
13
KODA simply clever

Octavia
KODA is one of the worlds longest-standing carmakers.
70.6%
North America
0.0%
South America
0.1%
Asia-Pacific
29.3%
It became a member of the Volkswagen Group in 1991.

397,433
Clever solutions for everyday car journeys that is KODAs

aspiration.
The
traditional
Czech
brand
combines
functionality and everyday practicality with high quality and

timeless design.
Prof. Dr. Winfried Vahland
CEO
2013
KEY FIGURES
2014
2013
%
228,175
1,037
921
+12.7
796
719
+10.8
1,050
932
+12.6
11,758
10,324
+13.9
817
522
+56.5
7.0
5.1

Volkswagen
at a Glance
1.04m
2014
Rapid
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
2012
2011
2010
2009
Fabia
2008
162,954
Strategy
2018
Excellence in
Production
Focus
on R&D
2007
0.63m
Shareholder
Information
Investor Relations
Team
14
SEAT technology to enjoy

SEAT looks back on a history spanning over 60 years.

Leon
A member of the Volkswagen Group since 1986, the

Spanish
carmaker
today
designs,
develops
94.4%
North America
5.5%
South America
0.1%
Asia-Pacific
0.0%
and
manufactures cars and components at its production sites in
157,087
Barcelona, Martorell and Prat.

SEAT combines temperament and precision. The Spanish
brands vehicles radiate sheer enjoyment and impress with
Jrgen Stackmann
CEO
their technological perfection.
2013
KEY FIGURES
2014
2013
%
153,633
391
355
+10.0
501
459
+9.2
395
353
+11.9
7,699
6,874
+12.0
-127
-152
+16.3
-1.6
-2.2
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
0.39m
2014
Ibiza
Financials &
Outlook
2012
2011
2010
2009
Altea/Toledo
2008
35,683
Strategy
2018
Excellence in
Production
2007
Focus
on R&D
0.43m
Shareholder
Information
Investor Relations
Team
15
Bentley

The brand is part of the Group since 1998. For more than 75
Flying Spur
37.6%
North America
28.8%
South America
0.1%
Asia-Pacific
33.5%
years, Bentleys headquarters have been based in Crewe,

where the luxury cars are designed and manufactured.
4,556
Individual luxury, handcrafted perfection and powerful

performance the Bentley experience, every time. Built in
Crewe and driven across the world.
Wolfgang Drheimer
2013
KEY FIGURES
2014
2013
Deliveries (units)
11,020
10,120
+8.9
Vehicle sales (units)
10,930
10,564
+3.5
Production (units)
11,033
10,876
+1.4
1,746
1,679
+4.0
170
168
+1.2
9.7
10.0
Volkswagen
at a Glance
11,020
2014
Continental GT Coup
CEO
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
3,442
2012
2011
2010
Continental GT Convertible
2009
2008
2,151
2007
Strategy
2018
Excellence in
Production
Focus
on R&D
10,014
Shareholder
Information
Investor Relations
Team
16
Porsche

Dr. Ing. h.c. F. Porsche AG is one of most successful sports
Cayenne
car manufacturer in the world and has been part of the
37.3%
North America
27.9%
South America
1.5%
Asia-Pacific
33.3%
Volkswagen Group since 2012. Today, Porsche maintains

production sites in Stuttgart-Zuffenhausen and Leipzig.
66,005
Porsches mission is to build sports cars that go full throttle

on the circuit but also hold their own on everyday journeys.
Matthias Mller
German engineering brilliance creates the most efficient
CEO
KEY FIGURES
2014
Macan
sports cars in the world.

2014
2013
0.19m
2013
%
59,363
190
162
+17.1
187
155
+20.7
203
166
+22.5
17,205
14,326
+20.1
2,718
2,579
+5.4
15.8
18.0
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
2012
2011
911 Coup/Convertible
Strategy
2018
Excellence in
Production
0.1m
2010
31,590
Focus
on R&D
Shareholder
Information
Investor Relations
Team
17
Volkswagen Commercial Vehicles

The brand produces commercial vehicles at its four plants in

Caravelle/Multivan, Kombi
Hanover, Pozna, Anchieta and Pacheco.
84.4%
North America
1.3%
South America
9.2%
Asia-Pacific
5.1%
Volkswagen Commercial Vehicles from the California

94,336
camper van to the Caddy urban delivery van and the Crafter
delivery van the brands light commercial vehicles offer
highly flexible and cost-effective performance for everyday
driving.
Dr. Eckard Scholz
CEO
2013
KEY FIGURES
2014
2013
2012
83,947
447
462
-3.4
442
436
+1.5
396
418
-5.1
9,577
9,370
+2.2
504
448
+12.5
5.3
4.8
Volkswagen
at a Glance
0.45m
2014
Transporter
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
2011
2010
2009
Caddy Kombi
2008
76,564
Strategy
2018
Excellence in
Production
2007
Focus
on R&D
0.43m
Shareholder
Information
Investor Relations
Team
18
Scania
Scania was one of the first companies to make commercial
PRODUCTION IN 2014
vehicles and has been a member of the Volkswagen Group

since 2008. The Swedish brand builds its products at nine
Trucks
67.7%
North America
1.1%
South America
22.3%
Asia-Pacific
8.9%
production sites in six countries.

Scania trucks, buses and engines offer maximum efficiency
and
absolute
commercial
Martin Lundstedt
CEO
reliability.
vehicle
The
segment
premium
stands
brand
for
in
high
75,287
the
cost
effectiveness and comprehensive service.
KEY FIGURES
2014
2013
Orders received (000 units)
83
81
+2.5
80
80
-0.8
80
80
-0.8
82
83
-0.8
10,381
10,360
+0.2
955
974
-1.9
9.2
9.4
Volkswagen
at a Glance
2014
Buses
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
80k
2013
6,921
2012
2011
2010
2009
2008
2007
Strategy
2018
Excellence in
Production
Focus
on R&D
76k
Shareholder
Information
Investor Relations
Team
19
MAN
PRODUCTION IN 2014
The MAN Group is one of Europes leading industrial players

in transport-related engineering and a supplier of trucks,
Trucks
56.1%
North America
1.2%
South America
38.3%
Asia-Pacific
4.4%
buses, diesel engines, turbomachinery, and special gear

units.
104,412
Technological expertise in transportation and energy is a

characteristic of all MAN products, from trucks to buses, from
Dr. Georg Pachta-Reyhofen
CEO
large-bore engines to turbomachinery.
KEY FIGURES
2014
2013
Orders received (000 units)
122
138
-11.6
120
140
-14.4
120
140
-14.4
116
141
-17.8
14,286
15,861
-9.9
384
319
+20.2
2.7
2.0
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
120,000
2014
Buses
2013
Strategy
2018
Excellence in
Production
121,767
2012
11,660
Focus
on R&D
Shareholder
Information
Investor Relations
Team
20
Lamborghini
Bugatti
Stephan
Winkelmann
CEO
LAMBORGHINI
Wolfgang
Drheimer
CEO
BUGATTI
Lamborghini stands for extreme and uncompromising super sports cars of the best
Bugatti has always been the epitome of exclusivity, luxury, elegance, style and
Italian tradition.
extraordinary design, driven by a great passion for automobiles.
Lamborghini redefined the future of its super sports cars and decided to focus more
Unique visions, the strong legacy of legendary sports cars that date back to the year
on weight reduction than on top-speed. Extensive use of carbon fibre, even at a
1901, and high-precision engineering in development, construction, and manufacture
structural level, allows Lamborghini to be at the forefront of development techniques.
distinguish this outstanding automotive brand.
The successor of the Gallardo, the new Lamborghini Huracn LP 610-4, made its
Bugatti confirmed its unique position by launching the Veyron Grand Sport Vitesse,
global debut at the Geneva Motor Show 2014 and is currently receiving overwhelming
the fastest roadster of all time with a top speed of 431 km/h.
reactions from markets and customers all over the world.
Bugatti is more than just a brand Bugatti is a legend. Its super sports cars epitomize
An uncompromisingly sporty identity, extreme design, ultimate performance
its quest for the perfect synthesis of art and technology.
Lamborghini continually rewrites automotive history with super sports cars such as the
new Huracn.
AVENTADOR
Volkswagen
at a Glance
VEYRON
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
21
Volkswagen Financial Services the key to mobility1)

KEY FIGURES
(in million)
2014
2013
Total Assets
137,438
115,067
+19.4
Receivables
93,679
80,070
+17.0
Direct Banking Deposits
23,774
21,285
+11.7
Equity
15,184
11,582
+31.1
1,702
1,614
+5.5
Operating profit
Volkswagen Financial Services offers tailor-made products and

services spanning all vehicle segments and representing the key
to mobility for many of the Groups customers worldwide.
It is the largest automotive financial services provider in Europe
presently employing more than 12,821 employees worldwide, of
Frank Witter
which 5,928 work in Germany.
CEO
Volkswagen Financial Services offers financial services for more

than 60 years in close cooperation with the Volkswagen Group
brands in 51 countries worldwide.
CONTINUOUS PORTFOLIO GROWTH (CONTRACTS 000)

The portfolio includes dealer and customer financing, leasing,
2,169
1,336
1,964
1,505
2,148
1,508
3,097
3,163
3,567
Financing
Volkswagen
at a Glance
2,246
1,524
2,691
3,712
3,930
Leasing
Our Brands &

Products
1,623
3,281
3,796
1,808
1,983
4,551
4,946
banking and insurance activities, fleet management and mobility
4,549
2,274
Total
Portfolio
12,383
5,560
Insurance / Services
Markets &
Sales
solutions.
All shown figures show VW Financial Services as of 31 December 2014, excluding financial service
activities of Scania, Porsche AG and Porsche Holding Salzburg
1)
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
22
New group models 2015 a strong basis for profitable growth

Global Roll-Out
Highlights
Highly Efficient Powertrains
Touran, Passat Alltrack, Tiguan,

Lamando, Santana Derivative
Passat, Touareg, Golf (Brazil)
Q7, A4, TT Roadster
TT Coup, Q3 (US),
A3 Sedan (Brazil), A6L (China)
Fabia Combi, Superb Sedan

& Superb Combi
Fabia, Fabia (China),

Superb Sedan (China)
Ibiza
Cayenne
Passat GTE (PHEV),

Jetta Hybrid
Golf TSI BlueMotion
Q7 TDI e-tron
911
Huracn Spyder
Continental GT,
Continental GT Convertible
T6 Family Caddy
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
23
Audi R8
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
24
Content
10
Markets & Sales
26
39
Strategy 2018
52
63
Focus on R&D
73
84
92
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
25
Markets & sales - in 2014 the Volkswagen Group delivered more than
10 million vehicles for the first time, ranking 2nd world wide
Deliveries (million units)
Change vs. 2013
Toyota
10.23
Volkswagen Group
10.14
GM
1)
Renault-Nissan
2)
9.92
8.47
Hyundai-Kia
Ford
Honda
7.0%
2.53
BMW
7.7%
2.12
Mazda
7.9%
1.38
Dongfeng 4)
4)
Mitsubishi
4)
Tata
6.6%
1.19
0.0%
1.15
18.1%
1.08
3.7%
1.04
20.4%
0.97
incl. SAIC-GM-Wuling (1,788,000 units)

Volkswagen
at a Glance
4.3%
2.88
Daimler
1)
4.7%
2.94
Suzuki
BAIC
7.3%
4.36
PSA
Changan
-0.1%
4.75
3)
2)
-9.4%
incl. Lada (448,000 units)
Our Brands &

Products
2.1%
4.7%
6.32
Fiat-Chrysler
4.2%
2.5%
7.71
3)
2.5%
3)
Markets &
Sales
wholesales
4)
excl. foreign JV partner brands; Source: company data

Financials &
Outlook
Strategy
2018
Excellence in
Production
Focus
on R&D
Shareholder
Information
Investor Relations
Team
26
Our brands once again proved their attraction to customers

Deliveries to customers in000 units
12,000
10,000
+4.2%
9,731
January December 2013

1)
Passenger Cars
10,137
+1.6%
8,000
2)
6,022 6,119
6,000
4,000
+10.5%
2,000
1,575 1,741
+12.7%
921
1,037
+10.0%
355
391
+17.1%
162
190
+8.9%
10
11
0
Volkswagen
Group
1) Incl.
2)
Volkswagen Commercial Vehicles, Scania and MAN; 4.9% excl. Volkswagen Commercial Vehicles, Scania and MAN.
The Saveiro model, previously Volkswagen Commercial Vehicles, is reported in the Volkswagen Passenger Cars brand retrospectively as of January 1, 2013.
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
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Focus
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Information
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Team
27
Volkswagen Group truck and bus deliveries

Deliveries to customers in000 units

1)
1,200
12,000
1,000
10,000
+4.2%
9,731
10,137
Commercial Vehicles
800
8,000
2)
-3.4%
600
600
462
447
400
400
-14.4%
140
200
200
00
Volkswagen
Group
-0.8%
120
80
80
3)
1) Incl.
2)
Volkswagen Commercial Vehicles, Scania and MAN; 4.9% excl. Volkswagen Commercial Vehicles, Scania and MAN.
The Saveiro model, previously Volkswagen Commercial Vehicles, is reported in the Volkswagen Passenger Cars brand retrospectively as of January 1, 2013. 3) MAN incl. MAN Latin America Trucks and Buses GVW > 5t
Volkswagen
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Strategy
2018
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Information
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28
Overview world car markets and Volkswagen Group

Global Presence
Key Markets
With its brands, the Volkswagen Group has a presence in all relevant
automotive markets around the world.
Western Europe, China, Brazil, the USA, Russia and Mexico are currently the key
sales markets for the Group.
The Group maintained its strong competitive position in 2014 thanks to its wide
range of attractive and environmentally friendly models. We recorded an
encouraging increase in demand in many of our key markets.
In 2014, the Volkswagen Group delivered 9,490,921 passenger cars to
Worldwide Deliveries of the Groups most successful models in 2014 (000 units)
customers, exceeding the record prior year level by 4.9%. The market as a whole
only grew by 4.5% in the same period, meaning that the Groups share of the
global market increased to 12.9% (12.8%).
For the first time in a calendar year, Volkswagen Passenger Cars sold more than
6 million vehicles and KODAs sales exceeded 1 million units. Demand for
Volkswagen Group passenger cars grew fastest in the Asia-Pacific region, with
China recording the highest absolute increase.
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Golf
980
Jetta
929
Passat
739
Polo
738
Tiguan
497
Lavida
477
SKODA Octavia
389
Audi A4
328
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Focus
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29
Improved segment and market exposure provides stable earnings

Passenger Cars1)
Production
Registrations
11%
3%
18%
52%
12%
2014
7% 1%
36%
12%
36%
8%
43%
7%
42%
39%
12%
8%
12%
2014
2014
54%
2014
31%
21%
6%
44%
2007
31%
16%
33%
14%
2007
7%
6% 3%
12%
4%
2007
7%
3)
2%
46%
16%
2007
9%
1)
Segments
2%
13%
Group
Operating Profit2)
Western Europe
6%
Asia-Pacific
Central & Eastern Europe

North America
43%
14%
Station wagon
SUV
Premium cars
CV, PE3)
South America
Hatchback
Other
Volume cars
VW FS4)
Rest of World
Sedan
Source: Polk; figures excluding Volkswagen Commercial Vehicles, MAN and Scania. Porsche fully consolidated as from 1 August 2012 2) Split of Group Operating Profit excluding Other / Consolidation and PPA
4) VW Financial Services figures do not include financial service activities of Scania, Porsche AG and Porsche Holding Salzburg
Commercial Vehicles / Power Engineering
Volkswagen
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Strategy
2018
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30
Deep roots and strong market position combined with further

growth potential assures continued profitable growth in China
Strong operational & financial track record
Production network and implementation of MQB
(in bn / million units)

Production capacity
(250 working days)
2014: 3 million
2019: >5 million
Changchun
Urumqi
2.8
Beijing
Chengdu
(2017/18)
(2017/18)
1.4
Nanjing Yizheng
Shanghai
Changsha
(2015)
Ningbo
Foshan
1.0
0.4 0.3
2008
Significant extension of product portfolio
2014:
2018e:
25
Import
Total
57
82
2.8
2.6
0.8
0.4
2009
0.8
2010
3.0
2.0
1.9
1.2
2011
Dividends paid
to Volkswagen
AG
Deliveries to
customers
2012
2013
2014
Continuous expansion of dealer network

>3,600
2,395
2,654
Others
KODA
Audi
>40
>65
Volkswagen
>105
2013
Volkswagen
at a Glance
3.7
1.9
Proportionate
Operating Profit
5.2
4.3
2.3
Qingdao
Tianjin
Existing production site

MQB production site by 2016
Planned MQB production site
Locally produced
3.7
3.3
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Products
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2018
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2014
2018e
Focus
on R&D
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31
USA extending the business

Expanding local footprint
Strong commitment to targets in the U.S. market

Deliveries in 000 units by brands
1,000
800
600
400
200
0
Herndon Headquarters
Electronics
Research
Laboratory
Chattanooga Plant
Atlanta Headquarters
Silao Plant (engines)

Puebla Plant
San Jos Chiapa Plant1) (SOP 2016)

Volkswagen
Upgrade/expansion of portfolio
Introduction of
the new Golf
US Passat
facelift
Tiguan LWB
2014
Jetta
facelift
2015
Segment structure 2014
-10.0%
+15.2%
2016
Imported
vehicles4)
B-SUV
1)
Production of global volumes of new Audi Q5 from 2016
4)
Imported and locally produced vehicles in % of total deliveries (Volkswagen Passenger cars)
Our Brands &
Products
Other
Deliveries to customers
Jan-Dec 2014 vs. Jan-Dec 2013
61%
Produced
locally4)
Volkswagen
at a Glance
Porsche 2)
LCV segment remains a large opportunity
2010
39%
Audi
2)
2014
16%
16%
Figures including Porsche as from 1 August 2012
Markets &
Sales
Financials &
Outlook
+11.1%
84%
84%
Total
Market
3)
+5.9%3)
LCVs
Cars
Thereof Passenger Cars +1.8%, Light Commercial Vehicles +10.0%
Strategy
2018
Excellence in
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Focus
on R&D
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32
Brazil short-term challenge, mid-term opportunity

Highly localized passenger car production
Deliveries to customers (000 units)

> 1,000
1,200
900
600
So Carlos (engines)
Taubat
Anchieta
300
0
1)
Curitiba
2007
A rapidly changing competitive landscape

Number of automotive companies
in the Brazilian market
2008
2009
2010
2011
2012
2013
2014
2018
Target
Expansion & upgrade of locally produced portfolio

up!
Importers
Other local
producers
Fox family
Saveiro
2014
Golf
Gol
2015
2016
A3 Sedan
Q3
"Big 4" 2)
1980's
1990's
2010
2015e
Source: Anfavea, own research

1)
Audi to start production of A3 Sedan in So Jos dos Pinhais in 2015, Q3 to be produced from 2016
2)
Volkswagen, Fiat, General Motors, Ford

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Key sales markets offer substantial growth opportunities

Market growth 2014 2018 (million units)
bf
3.8
19.5 20.3 20.3
13.6
+4%
14.3
14.9
Central & Eastern

Europe
(incl. Russia)
Western Europe1)
98
China
(incl. HK)
4.4
+51%
5.8
+14%
2012 2014 2016 2018

India
2012 2014 2016 2018
2012 2014 2016 2018
South America2)
Our Brands &
Products
+23%
3.7
2.9
+10%
Volkswagen
at a Glance
26.4 28.6
2012 2014 2016 2018
92
86
5.3
23.1
2012 2014 2016 2018
2012 2014 2016 2018
North America
5.3
+17%
+9%
2012 2014 2016 2018
4.5
3.6
Includes Cyprus and Malta

Includes Central America and Caribbean
Source: IHS Automotive (data status: January 2015), rounded
Note: Market = Cars and LCVs
1)
2)
World
Markets &
Sales
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2018
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Focus
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34
Global passenger car market expected to grow further in 2015

with adverse developments in individual regions
bf
Western
Europe
World
USA
South
America1)
China
Russia
Passenger
car & LCV
market
(2015 growth)
+7.4%
+2.8% +2.7%
GDP
+1.3% +1.6%
+2.4% +2.3%
2014e 2015e
2014a 2015e
+6.5%
(growth p.a.)
2014e 2015e
2014a 2015e
+0.8% -0.1%
+0.6% -4.8%
2014e 2015e
2014a 2015e
Source: IHS Automotive, IHS Economics as of May 2015

1) Includes Central America and Caribbean, excluding Mexico
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35
Expected market development 2015 by country for trucks > 6t
Western Europe
Russia
Germany
Demand will rise modestly with

economic recovery; pull-forward effects
in 2013 related to Euro 6 emission
standard negatively affected 2014
GDP growth in 2015 expected to
Sanctions and macroeconomic
slightly increase over the year with
development will have continuing
positive effect on truck sales
negative effect in 2015
bf
Brazil
India
Negative macroeconomic development
with adjustment of FINAME-Program

have a significantly negative impact on
Brazilian market
Volkswagen
at a Glance
China
Government change 2014 provides

further investment incentives
Substantial increase in truck sales

expected
Our Brands &

Products
Markets &
Sales
Financials &
Outlook
Strategy
2018
Excellence in
Production
Sales in China expected to be almost

on the same level as 2014 despite
positive macroeconomic development
Focus
on R&D
Shareholder
Information
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36
KODA Superb
Volkswagen
at a Glance
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Products
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2018
Excellence in
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Focus
on R&D
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Information
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37
Content
10
Markets & Sales
26
39
Strategy 2018
52
63
Focus on R&D
73
84
92
Volkswagen
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38
Financials and Outlook new records in unit sales, sales revenue

and earnings in fiscal year 2014
Last year put the entire automotive industry to the test. But the Volkswagen Group didnt lose its way despite the tough conditions. We ensured that
2014 was another successful year. In a world full of uncertainties, in an industry characterized by ups and downs, our company therefore represents
something special: solidity and reliability. 2014 is more than just a snapshot in time. Its just the latest chapter in an impressive, sustained success
story.
Hans Dieter Ptsch
Member of the Board of Management, Volkswagen AG
Finance and Controlling
Sales revenue
bn
bn
m units
+ 4.2%
9.73
+ 2.8%
10.14
197.0
bn
+ 8.8%
Profit after tax
Profit before tax
Operating profit
bn
+ 19.0%
+ 21.0%
202.5
11.7
12.7
12.4
14.8
9.1
2013
Volkswagen
at a Glance
2014
Our Brands &
Products
2013
Markets &
Sales
2013
2014
Financials &
Outlook
2014
Strategy
2018
2013
Excellence in
Production
2014
Focus
on R&D
2013
Shareholder
Information
11.1
2014
Investor Relations
Team
39
Volkswagen Group analysis of earnings per share development

(January to December 2014 vs. 2013)
Earnings per share (diluted, in )
Key driving factors for EPS
+ 17%
21.84
18.61
Increase of Group operating profit
Improved at-equity result, mainly due to continued

strong performance of Chinese joint venture
companies
Improved other financial result
Higher minority and hybrid investors interest

in net profit reconciliation
Slightly increased average number of shares

outstanding following issuance of equity capital
and convertibles
18.67
Jan Dec
20131)
Ordinary shares
1)
21.90
Jan Dec
2014
Preferred shares
Prior-year figures adjusted to reflect application of IAS 33.26

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Operating profit growth clearly outperforming volume expansion

mainly due to premium exposure and strong position in China
Operating Profit (incl. proportionate
Operating Profit from China JVs1))
Volkswagen Group
in million units
in billion
+15.7% p.a.
Key drivers for strong operating profit

performance
Strong expanded presence in premium

segment
Porsche integration, above average
growth and margins
Synergies within premium brands
Outperformance of Audi brand
Performance of VW Group in China

Strong market position and growth
momentum, above average margins
Continued investments and at the same
time substantial dividends received
+
+
Expansion of commercial vehicles business

Acquisition of Scania and MAN
17.9
+7.3% p.a.
10.1
6.4
6.2
2007
1)
2014
2007
Increasing contribution from Financial Services

Global expansion
Rising penetration rates
2014
The joint venture companies in China are accounted for using the equity method and recorded an operating profit (proportionate) of 5,182 million in 2014 (294 million in 2007)
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Strong performance across our business lines1)

Vehicle sales
Sales revenue
Operating profit
thousand vehicles/ million
2014
2013
2014
2013
2014
2013
Volkswagen Passenger Cars
4,583
4,704
99,764
99,397
2,476
2,894
Audi
1,444
1,349
53,787
49,880
5,150
5,030
KODA
796
719
11,758
10,324
817
522
SEAT
501
459
7,699
6,874
-127
-152
11
11
1,746
1,679
170
168
187
155
17,205
14,326
2,718
2,579
442
436
9,577
9,370
504
448
80
80
10,381
10,360
955
974
120
140
14,286
15,861
384
319
3,506
3,038
Bentley
Porsche
2)
Volkswagen Commercial Vehicles

Scania
2)
3)
MAN
4)
VW China
Other
Volkswagen Financial Services3)

Volkswagen Group
6)
Automotive Division
of which: Passenger Cars

of which: Commercial Vehicles, Power Engineering
Financial Services Division
5)
-1,454
-1,364
-45,885
-40,047
-2,052
-2,725
22,139
18,983
1,702
1,614
10,217
9,728
202,458
197,007
12,697
11,671
10,217
9,728
177,538
175,003
10,780
9,807
9,575
9,071
143,601
140,077
9,835
9,013
642
657
33,937
34,927
945
794
24,920
22,004
1,917
1,863
5)
1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts 2) Incl. financial services 3) MAN Finance International GmbH has been reported within Volkswagen Financial Services since its acquisition
by Financial Services AG as of January 1, 2014. The prior-year figures have not been adjusted 4) Sales revenue of the JVs in China are not included in the Group figures. The Chinese companies are accounted for
using the equity method and recorded an operating profit (proportionate) of 5,182 million (4,296 million) 5) Mainly intragroup items, in particular from elimination of intercompany profits; incl. depreciation and amortization of
identifiable assets as part of the PPA for Scania, Porsche Holding Salzburg, MAN and Porsche 6) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions
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Automotive Division strong cash generation1)2)

Cash flows from operating activities in the Automotive Division increased by 1.0 billion to 21.6 billion, mainly thanks to the strong operating earnings performance. At 15.5 billion,
the cash outflow from investing activities was 0.7 billion lower than in the previous year. As a consequence the Automotive Divisions net cash flow improved by 1.7 billion to 6.1
billion in 2014.
in billion
25.0
20.0
-11.5
(6.5%2))
15.0
10.0
21.6
-4.6
0.4
5.0
0.2
5.9
6.1
0.0
2013
20.6
Cash flow
from operating
activities
1)
3)
-11.0(6.3%3))
-4.0
0.6
Capex
Capitalized
R&D costs
Other
All figures shown are rounded, minor discrepancies may arise from addition of these amounts
Capital expenditure for property, plant and equipment in % of Automotive sales revenue
Volkswagen
at a Glance
Our Brands &

Products
Markets &
Sales
2)
6.1
Net cash flow
before equity
investments
-1.7
4.4
Acquisition
and disposal of
equity investments
Net cash flow
Including allocation of consolidation adjustments between Automotive and Financial Services divisions
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Strong cash generation and sufficient net liquidity

Operating cash flow and investments (automotive)
Net liquidity (automotive)
0.2
bn
bn
18.6
17.0
13.7
13.9
12.8
8.8
8.0
-5.7
13.5
16.2
7.7
6.9
5.2
6.1
3.7
5.9
10.6
-0.1
-8.9
-0.9
-2.6
-7.6
-7.0
-2.7
-2.1
-9.4
17.6
21.6
20.6
17.1
16.9
10.6
8.0
-12.5
-14.5
-15.7
-6.6
-3.9
2007
2008
Op. cash flow
1
2
2009
2010
Investing cash flow1)
2011
2012
Equity investments 2)
-1.7
2013
2014
2007
Net cash flow3)
2008
2009
2010
2011
2012
2013
2014
Cash flow from investing activities attributable to operating activities excl. cash flow from acquisition and disposal of equity investments
Cash flow from acquisition and disposal of equity investments 3 Net cash flow before acquisition and disposal of equity investments
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Robust financial structure to ensure Group solvency at all times

Capital Market Programs
Program
Authorized
volume
billion
Amount utilized on
Dec. 31, 2014
billion
26.7
4.6
117.4
61.8
Commercial paper
Bonds
of which hybrid issues
Asset-backed securities
55.4
The Groups refinancing activities in 2014 continuously focused on the diversification of

its issues and the expansion of its maturity profile so as to address a broad base of
investors and access new groups of investors.
5.0
Overall we implemented a higher number of capital market transactions to refinance our
28.0
operating business and strategic projects and issued bonds with a value of approximately
30 billion.
Rating Overview
The main currencies of the issues were euros, US dollars, sterling and Canadian dollars;
As of March 16, 2015
Volkswagen AG
Volkswagen
Financial
Services AG
Volkswagen
Bank GmbH
the share of fixed-rate refinancing was roughly twice as high as the share of variable-rate
instruments. In addition the Group was active in the Russian and South Korean capital
Standard & Poors
markets for the first time.
Short-term
A1
A1
A1
Long-term
In 2014, rating agencies Standard & Poors and Moodys Investors Service undertook
stable
stable
stable
their regular update of their credit ratings. While Moodys confirmed its short-term and
Short-term
P1
P1
P1
Long-term
A2
A2
A2
stable
stable
stable
Outlook
Moodys
long-term ratings and the positive outlook, Standard & Poors raised its short-term and
Outlook
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long-term ratings for all three companies by one notch each to A1 and A (stable outlook).
In March 2015, Moodys also raised its short-term and long-term ratings by one notch to
P1 and A2 (stable outlook).
Strategy
2018
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Volkswagens Automotive Division further strengthens innovation and

technology leadership
Investments in property, plant and equipment
billion / in % of sales revenue
11.0
5-year investment program remains on a stable level

85.6 bn
11.5
10.3
41.3 bn
Modernizing and
extending the
product range
64.3 bn
Investments in
property, plant and equipment
7.9
5.8
6.3%
5.7
5.6%
6.2%
5.9%
23.0 bn
Cross-product investments
6.5% Capex to sales ratio

between 6 and 7%
21.9 bn
Capitalized
development costs
5.0%
2015 - 2019
-0.6 bn Others
Around two-thirds will continue to flow into increasingly efficient vehicles, drives
and technologies, as well as environmentally friendly production
In addition, China JVs will invest a total of 22.0 bn in new production facilities
2009
2010
2011
2012
2013
2014
and products (fully self funded)
2019
Note: All figures shown are rounded

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46
Positive long-term trend of return on investment

The increase of the operating automotive profit after tax was due to
Operating profit after tax and return on investment (ROI)

in the Automotive division
positive volume and mix effects, optimized product costs and the significant
improvement in the proportionate operating profit of the Chinese joint
ventures. These factors more than offset the deteriorations in exchange
rates, higher depreciation charges as a result of increased capital
Operating profit after tax ( million)

RoI
17.7%
16.6%
expenditures, higher research and development costs, and greater fixed

costs due to growth factors. Effects on earnings and assets from purchase
14.5%
14.9%
13.5%
>16%
strategic
goal
price allocation are not taken into account as this is beyond what is feasible
10.9%
from an operational management perspective.
9.5%
Invested capital rose to 78,889 million (72,749 million), primarily due to

increased investments in property, plant and equipment, investment
property and intangible assets, excluding capex.
9,375
The ROI rose year-on-year in 2014 due to earnings-related factors, and

was well above our minimum required rate of return of 9%. At 6,074
3,567
4,469
operating profit after the opportunity cost of invested capital led to a clear
improvement in the value contribution, which grew to 5,660 million
10,536
2012
2013
11,734
5,859
3.8%
1,673
million (6,038 million), the opportunity cost of capital (invested capital

multiplied by cost of capital) was level year on-year. The increased
10,911
9%
minimum
required
rate of return
2007
2008
2009
2010
2011
2014
Note: Including proportionate inclusion of the Chinese joint ventures (including the relevant sales and component
companies) and allocation of consolidation adjustments between the Automotive and Financial Services divisions
(4,497 million).
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Volkswagen Group reliably delivering on targets

Outlook 2015 and achievements 2014
million vehicles / billion
2013
Outlook 2014
9.7
moderate growth
+4.2%
10.1
moderate growth
Sales revenue
197.0
+/- 3%
+2.8%
202.5
increase by up to 4%
Operating profit
11.7
within forecast range
12.7
Operating return on sales
5.9%
5.5 6.5%
6.3 %
Sales revenue
140.1
+/- 3%
+2.5%
9.0
6.4%
5.5 6.5%
6.8%
Sales revenue
34.9
+/- 3%
-2.8%
Operating profit
0.8
moderate growth
Volkswagen Group
Operating profit
Passenger Cars
Commercial Vehicles /
Power Engineering
Financial Services
Division
Automotive Division
2.3%
22.0
+/- 3%
Operating profit
1.9
8.5%
8.0 9.0%
7.7%
Capex/sales revenue
6.3%
6.0 7.0%
6.5%
4.4
moderate decline
+38.6%
14.5%
9.0 14.5%
14.9%
Net cash flow
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Outlook 2015
5.5 6.5%
143.6
9.8

6.0 7.0%
33.9
0.9
2.8%
Sales revenue
Return on investment (RoI)
Volkswagen
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2014
Strategy
2018
Excellence in
Production
+13.3%
Focus
on R&D
2.0 4.0%
24.9
1.9
previous years level

6.0 7.0%
6.1
moderate decline
sign. > 9.0 < 14.9%
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48
Volkswagen Group outlook for 2015

+ 4.2%
Deliveries to
customers
9,731
We expect
10,137
(000 vehicles)
Sales revenue
+ 2.8%
202.5
197.0
to moderately increase Volkswagen Group deliveries to customers

year-on-year in 2015 in a persistently challenging market environment.
2015 sales revenue for the Volkswagen Group and its business areas to
increase by up to 4% above the prior-year figure, depending on the economic
conditions. However, economic trends in Latin America and Eastern Europe
will need to be continuously monitored in the Commercial Vehicles/Power
Engineering Business Area.
( billion)
In terms of operating profit

we anticipate a Group operating return on sales of between 5.5% and 6.5%
in 2015 in light of the challenging economic environment.
Operating return
on sales
5.9
6.3
(%)
2014
2013
Full Year
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The operating return on sales is expected to be in the 6.0% to 7.0% range in

the Passenger Cars Business Area and between 2.0% and 4.0% in the
Commercial Vehicles/Power Engineering Business Area.
For the Financial Services Division, we are forecasting an operating profit at
the prior-year level.
Financials &
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SEAT Concept 20V20
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50
Content
10
Markets & Sales
26
39
Strategy 2018
52
63
Focus on R&D
73
84
92
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Strategy 2018 - a global economic and environmental leader by 2018

We have defined four goals that are designed to support Volkswagen becoming a global and environmental leader by 2018. To achieve these targets we have identified six areas to
focus on:
Growth market focus
Potential upside
Product portfolio extension
North American expansion and market
recovery
Commercial vehicle strategy
and market recovery
Financial Services: strengthen the
automotive value chain
Capital discipline
Operating profit measures
Reduction in investment,
development and unit costs
Scale and efficiency effects
Increased production flexibility
Reduced time to market
Volkswagen Group
profit before tax
margin > 8%
Volumes
> 10 million
units p.a.2)
Leveraging best practices across the

Group
Purchasing, production, and
distribution benefits
Leading in
customer satisfaction
and quality
Top
employer
Synergy potential
Modular toolkit strategy
Increased market penetration

Emerging markets expansion
Balanced global footprint
> 16% RoI target in

automotive business
20% RoE1) goal in
Financial Services
Strong cost control

Process/product optimization
Regional scale effects
1) Normalized RoE based on 8% equity ratio 2) Including China

Note: All stated Volkswagen Group figures represent financial targets for 2018
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Volkswagen well on track to achieve targets under Strategy 2018

Volkswagen Group customer satisfaction
Group profit before tax margin
(on a scale of 1 to 101)
(in percent)
8.8
8.2
6.0
2010
7.83 6.93
7.1
5.8
Leading in
customer satisfaction
and quality
2007
13.2
11.9
8.4
6.3
7.3
1.2
2007 2008 2009 2010 2011 2012 2013 2014
2014
Volkswagen Group
profit before tax
margin > 8%
Top
employer
Volumes
> 10 million
units p.a.2
I am happy to work at the Volkswagen Group

(Employee opinion survey, index)
90
Group deliveries to customers

(in million units)
10.1
9.3
7.2
84
6.2
2007/08
1)
3)
2007
2014
2010
2012
2014
Own calculation based on key industry studies on customer satisfaction with dealers, after sales and new vehicles 2) Including China
Group profit before tax margin excluding the nonrecurring effect from the remeasurement of the Porsche put/call options and from remeasurement at the contribution date of the shares already held
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53
Growth expectations had to be lowered for major markets, excl. China

GDP growth remains behind forecasts but recovery expected until 2018
Volume projections for global car markets

(ex China) reduced significantly
in million units
GDP growth p.a. 2010 2018 (%)
80
35
-4m
+4m
75
30
-6m
+1m
70
25
65
20
60
15
1
2010
55
10
-1
2010
2014
2018
Western Europe
2014
2014
estimate
2018
World
2018
estimate
2014
estimate
World exChina
Dec 2010 forecast

Actuals
Sept 2014 forecast
2018
estimate
China (incl. HK)
Projection as per end of 2010

Projection as per October 2014
Source: IHS Economics

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Tightening environmental regulation and major trends driving

substantially higher investment and engineering needs today
CO and EU6 regulations
Market / consumer trends
Grams CO2 per kilometer, normalized to NEDC
Status and forecast of CO-regulations

EU
270
US-LDV
(PC+LDT)
China
250
Digitalization
Shorter
lifecycles
E-mobility
SUV
trend
Automated
driving
Shift in
priorities
230
US baseline: 219
210
China baseline: 185
190
170
China 2015: 167
150
US 2025:107
EU baseline: 142
130
110
90
2000
EU 2020: 95
2005
2010
2015
2020
2025
Source: based on ICCT

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Future Tracks paving the way to the future

Strategy for the time beyond 2018
Revenues
Profitability
Costs
E-mobility Digitalization Business models Product cycles Automated driving
Future
trends
Economic
uncertainty
Trade barriers
Currencies
Economic
development
Regulation
Volkswagen Group 2018 Strategy
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Volkswagen Brand: substantial efficiency measures across all

business areas to ensure > 6% target return before 2018
Production
Volkswagen
at a Glance
Cost
Reduce complexity and improve

decision making process
Increase use of common parts and
reduction of number of variants
Sharpen target-oriented investment
Increase localization in core markets
Enhance R&D efficiency
Leverage scale effects and groupwide
synergy potential further
Sales & Distribution

Regional
business models
Procurement
R&D
Revenue
Adapt lifecycle strategy to meet core

regional competition
Focus on models providing sustainable
profitability
Expand after-sales business
Fixed costs
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Volkswagen Brand: three focus areas to improve competitiveness

Efficiency Program
Model Portfolio & Cycle Plan
Continually adapt product lifecycles to

the specific regional and competitive
requirement
Challenge every model regarding growth
prospects and sustainable profit
contribution
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Products
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Strengthen Regions
Cost Discipline & Productivity
Improve operational and financial

robustness of regional business models
Increase localization of products,
production and components as well
as research and development
Financials &
Outlook
Strategy
2018
Excellence in
Production
Strong focus on cost and investment

discipline
Roll-out of efficiency program in order to
secure/improve cost efficiency and
quality of results
Focus
on R&D
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58
New Touran: variants will be reduced in order to compensate complexity

drivers and to cut costs
Touran current model
Touran successor
Complexity drivers
Variant reduction
Drivers assistant systems

Legal requirements
Seating options
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Steering wheels
Trunk lining
Mirrors
Strategy
2018
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Significant savings potential through various variant reductions

(% reduction in number of variants)
Golf 7: Batteries
Golf 7: Interior lamps
~50%
~50%
Golf 7: Armrests (leather)
Polo successor: Engine/gearbox variants
>30%
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>30%
Strategy
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Bentley EXP 10 Speed 6
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Content
10
Markets & Sales
26
39
Strategy 2018
52
63
Focus on R&D
73
84
92
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Excellence in production - 118 Locations worldwide provide the

capacity to meet local demand1)
72
Volkswagen
Production locations
Production locations under construction
is
represented
in
each
important region with at least one plant.
Europe
Local production allows us to offer model

variations that answer the different needs
of our regional customers from China to
North America, India and Europe.
Our
3
6
Mexico
19
India
Taiwan
China
1)
Argentina
New counting method used

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production is in the process. Our factories
South East
Asia
Brazil
As of March 12, 2015.
The transfer of the toolkit principle to
5
3
are highly flexible, and it can produce a

wide range of models and brands on the
same production line.
The latest addition to our production
network is a components plant in Tianjin

in
South Africa
Financials &
Outlook
architecture
effective and timely manner.
South Korea
USA
engineering
allows this to be achieved in a cost
flexible
the
north
of
China,
which
was
inaugurated in November 2014.

Strategy
2018
Excellence in
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63
Further increasing localization in major regions is at the centre of

Volkswagen Passenger Cars strategy
Substantial
progress
has
been
~ 40%
made with high localization rates
Polo/Jetta/Tiguan
achieved today in North America

and China.
However,
FAW-VW > 90%
local
content
in
key
regions, such as Russia or India,
Magotan/NCS/New-Bora/ needs to be increased further.

Golf/Passat CC
A high degree of localization helps
> 90%
US Passat
SVW > 90%

> 90%
~ 60%
Golf/Jetta,
Beetle
Polo/Polo Vento
Polo/Passat/Tiguan/
Touran/Lavida-Family/
Santana
reduce transactional currency

risks.
> 80%
to create a natural hedge and to
to avoid import duties, trade

barriers and sales taxes.
Gol V, Voyage,
Fox Family,
Polo Family, up!
to secure profitability of locally

produced model.
model more robust.
Note: Status as of October 2014

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to make the regional business
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Innovative technical flexibility made simple

Flexibility of volume
Turntable (Drehscheibe)
WOLFSBURG
ZWICKAU
Integrated production across three sites (Schematic illustration)

e.g. Additional demand for Volkswagen Passat
Additional Passat volume
due to customer demand
Golf
Golf
Passat
Passat
Tiguan
EMDEN
ZWICKAU
WOLFSBURG
EMDEN
Capacity
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Modular toolkit efficiency gains through synergies

TECHNICAL CONCEPT
Significantly reducing the fuel consumption of our vehicles,

producing
them
at
globally
competitive
costs
and
simultaneously increasing profitability and productivity

these are the Volkswagen Groups goals for its modular toolkits.
The modular toolkit strategy represents the further development
of our platform and modular strategy, which has its origins in
the mid-1990s. Independent from size and segment, several
parts, such as engines, gearboxes or air conditioning, can be
used for different vehicles.
This ensures that the synergy effects that exist, both between
models in one series and across all series and brands, can be
optimized and increased.
Modularisation enables standardization with visible customization

whilst maintaining the individual brand identity.
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Modular toolkit brand responsibilities

Audi started with the launch of the Modular Longitudinal Toolkit
and keeps the responsibility. The know-how which they have
Continuous Roll-out of Toolkit Strategy across Segments, Regions & Brands
Vehicle price
A000
NSF
MQB
MLB
MSB
A00
A0
Responsibilities
gained over the years, helped and helps to develop the following
toolkits.
The Volkswagen Passenger Cars brand is responsible for the
New Small Family
Modular Transverse Toolkit which will be used for the
Modular Transverse Toolkit
Volkswagen, Audi, SEAT and KODA brands.
Modular Longitudinal Toolkit
MSB
Modular Standard Drivetrain Toolkit
Development of the Modular Standard Drivetrain Toolkit is

being handled by Porsche, which was made responsible for
development of sports car and luxury sedan platforms. The MSB
MLB
is for a conventional front-engine, rear-wheel drive layout, hence

the word standard in its title, and it will be used for a range of
MQB
models including the next-generation Porsche Panamera and
NSF
Established markets
Bentley Continental lineup.
Emerging markets
In addition, the New Small Family complements the toolkit
Vehicle classes
strategy. The up! and its derivatives are not produced based on
the MQB. However, individual components such as engine,
gearbox and steering components can be used for vehicles
based on MQB.
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Modular toolkit introduction of the Modular Transverse Toolkit

MODULAR LONGITUDINAL TOOLKIT (MLB)
The Modular Longitudinal Toolkit is the use of a modular strategy in vehicle platforms in which the drive train is mounted
longitudinally to the direction of travel. This modular arrangement of all components enables maximum synergies to be achieved
between the vehicle families. This concept is already used at Audi since 2007 to develop vehicles. With the evolutionary step MLB
evo, the toolkit is expanded in the future. The Audi Q7 is the first car based on the MLB evo. Others such as the new Audi A4, A6 etc.
will follow.
MODULAR TRANSVERSE TOOLKIT (MQB)
The Modular Transverse Toolkit (MQB) is the basis for vehicles with a transversally mounted engine. We introduced the first models
based on this toolkit in the shape of the new Audi A3, the new Golf and the new SEAT Leon in 2012 followed by the new KODA Octavia
in 2013. In 2014 the most important MQB launch was the new Passat. The list of future MQB models to be released includes the
successors for Touran, KODA Superb, Tiguan.
The MQB extends from the A0 segment to the B segment. We intend to produce over 40 models based on the MQB in the long term and
across brands to the highest quality standards, customized for each brand and tailored to the different market requirements.
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MQB driving forward economies of scale in unit cost, investment and

supporting achievement of emission targets
Distribution of MQB savings
Different powertrains
MQB platform
ca. 60% of total
material costs
The MQB's flexible design is able to

accommodate alternative drives:
Lower cost per unit
Additional serial and

option content
Less EHpV1)
Savings to be partly
absorbed to fulfill
regulatory and legal
requirements
Less one-off expenditures
= Potential savings
Margin improvement
Savings
1)
Expenditures
Invest
Engineered Hours per Vehicle

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Sustainable success secured through the roll-out of modular toolkits

MQB production share of total production volumes1)
Global roll-out of modular toolkits
Number of toolkit equipped plants and volume

Plants
>20
Plants
Volume
MQB + MLB
<30
2013
17
12
MQB
MLB
>25
5 4
2012
2014
2015
10
2014
10
2016
2016
2017
Volkswagen
Group
2018
Including China; the Chinese share in the global MQB volume amounted to around
one fifth in 2014 and is expected to increase to more than one third in 2018
1)
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Lamborghini Aventador P 750-4 SV
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71
Content
10
Markets & Sales
26
39
Strategy 2018
52
63
Focus on R&D
73
84
92
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Focus on R&D our mission

Shaping the future is a fascinating challenge for industry and society. Volkswagens automotive future is formed by social conditions and trends. It is the Groups task to anticipate the
future needs of our customers and to convert these needs into innovative technologies.
The technological challenges of the future can only be mastered by intensive research and networked co-operation both inside and outside the company. Our mission is to continue
meeting our customers wishes for individual and affordable mobility through sustainable technologies. We work together with our partners to achieve this goal. The Volkswagen Groups
research and development activities continued to concentrate on expanding our product portfolio and improving the functionality, quality, safety and environmental
compatibility of our products in fiscal year 2014.
1972 BEETLE 1303

Consumed 13l/100km
2013 XL1
Consumes just 0.9l/100km
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Volkswagen continues investment in its global R&D activities

Alongside new models, the main R&D focus was on electrification, an efficient range of
R&D Employees Volkswagen Group
engines and lightweight construction; the proportion accounted for by alternative drive
(000 employees)
technologies increased again. The capitalization ratio rose to 35.1% (34.2%).

R&D costs recognized in the income statement in accordance with IFRSs increased to
11.5 billion (10.2 billion); the ratio to sales revenue in the Automotive Division was 6.5%
42.1
43.6
45.7
2012
2013
2014
34.7
22.8
25.6
27.4
2008
2009
2010
(5.8%). At year end, R&D including the Chinese joint ventures employed 45,742 people
Group-wide (+4.5%), corresponding to 7.7% of the total headcount.
Volkswagen Group R&D Footprint

SCANIA
Volkswagen
VWGoA Chattanooga
operations
ERL
KODA
R&D Expenses Volkswagen Group

( billion)
Volkswagen
Commercial Vehicles
Bentley
VW Group RUS
FAW-VW
Bugatti
Audi
Porsche
VTB
SEAT
VTT
MAN
Italdesign
Lamborghini
Shanghai VW
Volkswagen
Argentina
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Products
VW of
South Africa
Financials &
Outlook
11.5
7.2
5.8%
6.1%
5.1%
5.1%
5.8%
6.5%
2009
2010
2011
2012
2013
2014
5.4
5.0%
2008
2.2
Markets &
Sales
10.2
8.9
6.9
5.1
Capitalization ratio in %
( billion)
VW do Brasil
SCANIA LAM
% of automotive sales
of which capitalized development cost:
VW India
VW de
Mexico
2011
Strategy
2018
4.0
4.6
2.6
1.9
37%
34%
2008
2009
Excellence in
Production
1.7
1.7
27%
23%
2010
2011
Focus
on R&D
34%
35%
2013
2014
28%
2012
Shareholder
Information
Investor Relations
Team
74
A technology portfolio for eco-friendly mobility

Integrating a wide range of innovations into fuel-efficient, low emission mobility solutions, Volkswagens green labels offer technologies and products that are geared to
significantly reduced fuel consumption and CO2 emissions. Volkswagen is committing to reducing the CO2 output of the European new car fleet to 95 grams per kilometer by
2020. We again recorded impressive results in reducing emission levels last year: we reduced the average CO2 emissions over the past six years by 26 grams of CO2 per kilometer to
125 grams of CO2 per kilometer.
Efficient Technologies for Sustainable Mobility
Volkswagen: Progress to minimal CO2 Emissions

Grams CO2 per kilometer, European fleet1)
Model Derivatives with low CO2

Emissions2)
190
120g CO2/km
415
160
85
130
100
1) EU
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57
95g CO2/km
2007 2008 2009 2010 2011 2012 2013 2014
28, incl. Croatia from July 1, 2013.
Excellence in
Production
95g CO2/km
100g CO2/km
120g CO2/km
2)
Focus
on R&D
100g CO2/km
EU27, data status: February 2015

Shareholder
Information
Investor Relations
Team
75
Challenge or opportunity? Substantial competitive advantage potential

through industry leading powertrain solutions
Technologies to increase
CO2 efficiency
EU27
Fleet value in 2006
166g CO2/km
EU27
Fleet value in 2014
125g CO2/km
Optimizing
conventional drive trains
Fleet CO2 emissions
CO2 efficiency measures

in the vehicle
Using alternative drive
technologies
+
PHEV
EU27
Fleet value in 2020
95g CO2/km
Technologies and energy sources

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415 Group models below 120g/km CO2 emissions

(Engine/Transmission) EU 27 Market
114 Volkswagen/Commercial Vehicles models

Top: e-Golf EV 0 g/km CO2
100 Audi models

Top: A3 Sportback e-tron 1.4 TFSI 35 g/km CO2
110 SEAT models

Top: Mii 1.0 MPI CNG 79 g/km CO2
88 KODA models
Top: Citigo 1.0 MPI CNG 79 g/km CO2
3 Porsche models
Top: 918 Spyder 70 g/km CO2
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2018
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77
Steps in electrification
The Groups drivetrain strategy is paving the way for carbon-neutral, sustainable mobility. We are pursuing the goal of increasing drive system efficiency with each new model
generation, irrespective of whether these are powered by combustion engines, hybrids, plug-in hybrids, pure electric drives, or potential future fuel cell drive systems. Thanks to our
conventional and alternative technologies and the modular toolkit strategy, which allows innovations to be incorporated rapidly into different vehicles, we are optimally positioned to
meet the challenges that the future will bring.
Internal combustion
engine (ICE)
Gasoline or Diesel
Engine
Mild Hybrid
Start-Stop system
Recuperation
Full Hybrid
Plug-In
Hybrid
Jetta Hybrid
Golf GTE
Full Hybrids, in
contrast to mild
hybrids, can drive
short distances in
full electric mode.
Combination of ICE
and electric motor.
The electric motor
serves to boost
power during
acceleration. Pure
electric driving is
not possible.
The Batteries of PlugIn Hybrids can be

charged by plugging
into an electric socket.
Due to the greater
battery capacity,
longer electric driving
ranges are possible.
Range
Extender
Electric
vehicle
Range Extender
Electrical Vehicle
Small internal
combustion engine
which recharges
the vehicles battery
and thereby
increases its range.
Audi R8 e-tron
Fuel Cell
Golf Variant
HyMotion
In the next decades, todays technologies will

continue to be dominant. Combustion engines
some of them supported by E-motors, pure Edrives and fuel cells will co-exist side-by-side.
On its path towards the future, Volkswagen will
continue to research and further develop all
potential engine types and introduce them as
soon as it makes sense and is technically
feasible.
Electric Motor
Both
Internal Combustion Engine
Volkswagen
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Products
+ Electric Generator
Markets &
Sales
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2018
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Focus
on R&D
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Information
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78
Urban Mobility and Long Distance Mobility

The use of efficient, sustainable drivetrains is a highly important strategic issue for Volkswagen. The Group is not only working to continuously optimize its existing drivetrains but is
also as in the past pursuing a variety of alternative drive concepts, and especially electric traction.
e-up!
Caddy blue-e-motion
Panamera Hybrid
Touareg Hybrid
e-Golf
Bik.e
Passat BlueMotion
Cayenne Hybrid
E-Scooter
Kickstep
XL1
Q5 Hybrid
Urban Concept
Golf GTE
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Products
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Nils
Financials &
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Strategy
2018
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Focus
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79
Transition to piloted driving already started and offers huge potential

Drivers assistant systems in the new Passat
Emergency assist
with lane change
Traffic jam assist

with hands-off
Work zone
lane assist
Automated
driving
Automated parking
Emergency assist
Trailer assist
Traffic jam assist
Front assist with

pedestrian monitoring
Volkswagen
at a Glance
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Products
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Sales
Financials &
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Strategy
2018
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Focus
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80
Audi proved its leadership in piloted driving

One of Groups most important development areas is piloted
driving. Driver assistance should make the job easier
whenever it makes sense not just when maneuvering in
tight parking spaces or in parking lots, but also for example in
slowmoving traffic on the highway. Once the necessary
conditions (e.g. the legal basis) are in place, functions like
these could go into series production in the next few years.
Audi has shown what the technology can already do: the
Audi RS7 piloted driving concept completed a lap of the
Hockenheim Grand Prix track in the reporting period at racing
speeds of up to 240 km/h without a driver. The results of
this test are being integrated into the development of series
models and are helping to increase the safety and comfort of
Audi RS7 piloted driving concept at the Hockenheim Grand Prix
future vehicles.
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at a Glance
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Products
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2018
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81
Bugatti Veyron Ettore Bugatti
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at a Glance
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Products
Markets &
Sales
Financials &
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2018
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Focus
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82
Content
10
Markets & Sales
26
39
Strategy 2018
52
63
Focus on R&D
73
84
92
Volkswagen
at a Glance
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Products
Markets &
Sales
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2018
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83
Shareholder information key facts & figures about Volkswagen share

KEY FACTS & FIGURES (as of December 31, 2014)
In 1961, Volkswagen first issued ordinary shares on the Frankfurt
stock exchange with a nominal value of DM100 issued at a price of 350
Securities
Identification
Codes
Ordinary Share:
ISIN: DE0007664005
WKN: 766400
Bloomberg: VOW
Reuters: VOWG.DE
Exchanges
Berlin, Dsseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Xetra,

Luxembourg, New York1), SIX Swiss Exchange
Major market
indices
DAX, CDAX, Prime All Share, Prime Automobile, Dow Jones Euro STOXX,
Dow Jones Euro STOXX Automobile & Parts, S&P Global 100 Index, Dow
Jones Sustainability Index World, FTSE4Good, Dow Jones Sustainability
Europe Index, Dow Jones Euro STOXX 50, MSCI Euro, Classic All Share,
CDP Global 500 Climate Disclosure Leadership Index
Preferred
shares2)
Unlike ordinary shares, preferred shares do not carry voting rights. Dividends
are paid to stockholders in proportion to their share of the capital stock eligible
for dividend in such a manner that the preferred shares shall be eligible for a
dividend which is higher than that for the ordinary shares by 6 Cents per
preferred share.
American
Depositary
Receipt (ADR)
An ADR is a U.S. dollar denominated form of equity ownership in a non-U.S.

company. It represents the foreign shares of the company held on deposit by a
custodian bank in the company's home country and carries the corporate and
economic rights of the foreign shares, subject to the terms specified on the
ADR certificate.
percent. Two stock splits were performed in the course of time.

Presently, the majority of the ordinary shares are held by the Groups
three biggest shareholders guaranteeing a stabile shareholder
structure.
In 1986, Volkswagen introduced its preferred shares as an alternative
investment vehicle. In December 2009 the ordinary shares were
replaced through the preferred shares in the German DAX stock index.
Volkswagen is globally represented with a market capitalization of
around 86.5 billion as of December 31, 2014. The shares are listed
on different exchanges worldwide, among others in Frankfurt, London
and Zurich. In the U.S., Volkswagen has 2 sponsored ADR programs,
representing the preference and ordinary shares. Both are sponsored
by J.P. Morgan and trade in the US on the over-the-counter (OTC)
market.
Preferred share:
ISIN: DE0007664039
WKN: 766403
Bloomberg: VOW3
Reuters: VOWG_p.DE
1) Traded as sponsored unlisted American Depositary Receipts (ADR). Five ADR certificates correspond to one underlying Volkswagen
Ordinary or Preferred share. 2) Definition excludes specific exemptions. For more details see Articles of Association of Volkswagen AG.
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Volkswagen Aktiengesellschaft shareholder structure

SHARE IN TOTAL SUBSCRIBED CAPITAL (as of Dec. 31, 2014)
12.3%
Private shareholders/
Others
SHARE IN VOTING RIGHTS (as of Dec. 31, 2014)
2.1%
German institutional
investors
12.3%
Others
31.5%
Porsche Automobil
Holding SE, Stuttgart
50.73%
Porsche Automobil
Holding SE, Stuttgart
17.0%
Qatar Holding LLC
26.3%
Foreign institutional
investors
12.4%
State of Lower
Saxony, Hanover
15.4%
Qatar Holding LLC
20.0%
State of Lower
Saxony, Hanover
The subscribed capital of Volkswagen AG, which amounted to 1,217,872,117.76 at the end of 2014, is composed of 295,089,818 no-par value ordinary shares and 180,641,478
no-par value preferred shares. As well as ordinary shares, there are preferred shares that entitle the bearer to a 0.06 higher dividend than ordinary shares, but do not carry voting
rights.
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Volkswagen shares historical prices

HISTORICAL DEVELOPMENT ORDINARY AND PREFERRED SHARE (, monthly closing prices, as per February 2015)
Volkswagen Ordinary Share
Volkswagen Preferred Share
500
250
400
200
300
150
1998
Stocksplit
1:10
200
1969
Stocksplit 1:2
100
100
50
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Exceptionally positive long-term performance of Volkswagen shares

(as per year-end 2014)
Total annual return (annualized, dividends reinvested)
in % p.a.
Volkswagen AGs shares trended downward in 2014, underperforming the
- 1 year
- 5 years
- 10 years
Volkswagen Ordinary Shares
-6.6
+21.3
+20.7
Volkswagen Preferred Shares
-7.6
+25.8
+25.6
The ordinary shares were trading at 180.10 on the last day of trading in
DAX30
+2.7
+10.5
+8.7
2014, down 8.5% on the price at the end of 2013. With dividends reinvested
Euro STOXX 50
+4.9
+5.6
+4.8
as per the day of payment, the total return of the ordinary and preferred
Euro STOXX Automobile & Parts
+6.9
+18.6
+12.6
overall market and the automotive sector. The Companys preferred shares
closed the year 2014 at 184.65, down 9.6% on the prior-year figure.
shares amounted to -7.6% and -6.6%, respectively.

Over the medium and the long-term though, investors in Volkswagen shares
could achieve a substantially positive return (share price development plus
Total return (dividends reinvested)
dividends reinvested) both in absolute terms as well as relative to the indices

in %
- 1 year
- 5 years
- 10 years
and the sector. An investor who purchased Volkswagen preferred shares
Volkswagen Ordinary Shares
-6.6
+163.1
+558.1
worth 10,000 at the end of 2004 and reinvested the dividends had 65,700
Volkswagen Preferred Shares
-7.6
+215.2
+882.1
ten years later, corresponding to an annual average return of 25.6%.
DAX30
+2.7
+64.6
+130.4
Euro STOXX 50
+4.9
+31.4
+60.2
Euro STOXX Automobile & Parts
+6.9
+134.8
+228.2
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Over the ten-year period, the same initial sum would have grown to 23,000 if
invested in the DAX30 index. The investors would have earned an annual
return of 8.7%.
Source: Bloomberg
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Continuous dividend development on a sustainable basis

Development of dividend pay-out
and pay-out ratio
in per share
30%
4.801) 4.86
1)
+21.5% p.a.
4.00 4.06
1)
20.6% 21.2%
3.50 3.56
17.8%2)
2)
15.1% 15.7%
3.00 3.06
2.20 2.26
2010
2011
Ordinary Shares
1)
2012
2013
2014
2010
2011
2012
2013
2014
Preferred Shares
Midterm
target
Dividend proposal to Annual General Meeting on 05 May 2015 2) Total dividend in percent of net income attributable to shareholders adjusted for noncash income mainly from the updated measurement of the put/call rights relating to
the acquisition of the stake in Porsche AG indirectly held by Porsche SE, as well as the remeasurement of the existing stake held at the contribution date
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Events 2015
April 29, 2015
Volkswagen AG
Interim Report January March 2015
Wolfsburg
May 05, 2015
Volkswagen AG
Annual General Meeting 2014
Hanover
July 29, 2015
Volkswagen AG
Half-Year Financial Report January June 2015
Wolfsburg
October 28, 2015
Volkswagen AG
Interim Report January September 2015
Wolfsburg
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Porsche Cayman GT4
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Content
10
Markets & Sales
26
39
Strategy 2018
52
63
Focus on R&D
73
84
92
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Investor relations team

Christine Ritz
Group Head of Investor Relations
E-Mail: Christine.Ritz@volkswagen.de
Telephone: +49 5361 9 49840
Lars Korinth (Wolfsburg office)

Investor Relations Manager
E-Mail: Lars.Korinth@volkswagen.de
Telephone: +49 5361 9 42224
Oliver Larkin (London office)

Senior Investor Relations Manager
E-Mail: Oliver.Larkin@volkswagen.de
Telephone: +44 20 3693 6061
Lennart Schmidt (Wolfsburg office)

Investor Relations Officer
E-Mail: Lennart.Schmidt@volkswagen.de
Telephone: +49 5361 9 49015
Alexander Hunger (Wolfsburg office)

Senior Investor Relations Officer
E-Mail: Alexander.Hunger@volkswagen.de
Telephone: +49 5361 9 47420
Thomas Kter (Beijing office)

E-Mail: Thomas.Kueter@volkswagen.com.cn
Telephone: + 86 10 6531 4715
Andreas Buchta (Wolfsburg office)

E-Mail: Andreas.Buchta@volkswagen.de
Telephone: +49 5361 9 47419
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Volkswagen Caddy
Volkswagen
at a Glance
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Products
Markets &
Sales
Financials &
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Strategy
2018
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Focus
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93
MAN TGX
EfficientLine
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Scania R 730 6x4
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Disclaimer
This presentation contains forward-looking statements and information on the business development of the Volkswagen Group. These statements may be
spoken or written and can be recognized by terms such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words
with similar meaning. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular
of the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going
to press. The estimates given involve a degree of risk, and the actual developments may differ from those forecast.
Consequently, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in
the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in
current exchange rates relative to the US dollar, sterling, yen, Brazilian real, Chinese rinminbi and Czech koruna.
If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ
from those expressed or implied by such statements.
We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superceded.
This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.
96
12
fascinating brands
10.14 million
deliveries in 2014
592,586
employees worldwide
153
Factbook 2015
countries
97

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12

We stand for strength, reliability

Prof. Dr. Martin Winterkorn

Our Brands & Products

Markets & Sales

Financials & Outlook

Investor Relations Team

Our Brands &

Dec. 1945: start of

118 production plants

weekday, more than 590,000 employees worldwide

(2013: 9.73 million), corresponding to an increase in

Around 335 models

Our Brands &

Profit after tax:

the world passenger car market was 12.9 percent

Volkswagen history: from national leader to global champion

The British military

Our Brands &

Stock company & new models

Forced labor and

Internationalization & mass production

The globalized automobile group

Volkswagen Group leveraging the power of three strong pillars

Commercial Vehicles / Power Engineering Business Areas,

Financial Services Division

and the Financial Services Division.

Volkswagen Financial Services

The Passenger Cars Business Area is centered on the

and sale of passenger cars.

and business comprising genuine parts, large-bore diesel

USA / Canada / Spain / Argentina

components and testing systems.

Scania Financial Services

The Financial Services Divisions portfolio of services

Our Brands &

The board of management of Volkswagen Aktiengesellschaft

Our Brands &

Our Brands &

Our Brands & Products

Markets & Sales

Financials & Outlook

Investor Relations Team

Our Brands &

Our brands and products a success story

Volkswagen is the one of the most successful

Ducati, Volkswagen Commercial Vehicles,

Our Brands &

Our huge product range satisfies all major customer groups

Segments > 1m cars

Our Brands &

Volkswagen Das Auto

DELIVERIES BY MARKETS 2014

most successful volume carmakers. The Groups core brand

customers in more than 150 nations.

Prof. Dr. Martin Winterkorn

Deliveries (000 units)

Vehicle sales (000 units)

Production (000 units)

Sales revenue ( million)

Operating profit ( million)

Our Brands &

Audi Vorsprung durch Technik