Presentation 2024 06 25: Volkswagen Group & Rivian take first step for strategic partnership

Accelerating SDV momentum

Volkswagen Group & Rivian

take first step for strategic partnership

June 25, 2024

Disclaimer

The following presentations as well as remarks/comments and explanations in this context contain forward-looking statements on matters including, but not limited to, the business development of the Volkswagen Group, the potential establishment of a joint venture between Volkswagen Group and Rivian, the creation by such joint venture of future electrical/electronic architecture, any future investments in Rivian by Volkswagen Group and the receipt of any regulatory approvals with respect to any of the foregoing. These statements are based on assumptions relating to future events and trends, including but not limited to those relating to the development of the economic, political and legal environment in individual countries, economic regions and markets, and in particular for 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 entail a degree of risk, and actual developments may differ from those forecast. All figures are rounded, so minor discrepancies may arise from addition of these amounts.

At the time of preparing these presentations, it is not yet possible to conclusively assess the specific effects of the latest developments in the Russia-Ukraine conflict on the Volkswagen Group's business, nor is it possible to predict with sufficient certainty to what extent further escalation of the Russia-Ukraine conflict will impact on the global economy and growth in the industry in fiscal year 2024.

Any changes in significant parameters relating to our key sales markets, or any significant shifts in exchange rates, energy and other commodities or the supply with parts relevant to the Volkswagen Group will have a corresponding effect on the development of our business. In addition, there may also be departures from our expected business development if the assessments of the factors influencing sustainable value enhancement and of risks and opportunities presented develop in a way other than we are currently expecting, or if additional risks and opportunities or other factors emerge that affect the development of our business.

We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded.

This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.

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Summary

Volkswagen Group & Rivian have entered into a Convertible Note Agreement as a first step of a comprehensive partnership on E/E1 architecture & vehicle software

Intention for a 50/50 Joint Venture to create E/E architectures &

software for electric vehicles of Volkswagen Group & Rivian2

Volkswagen Group intends to invest up to $5bn in Rivian & the Joint Venture until 2026 based on certain milestones3

Partnership to accelerate deployment of next- generation SDV stack3

1. E/E = Electrical/electronic architecture | 2. Excluding certain legacy and local-for-local architectures | 3. Subject to the negotiation of definitive agreements

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Global scale meets state-of-the-art technology

Global powerhouse		Clean sheet approach &
with leading scale	Complementary	speed of innovation
Industry-leading	combination uniting	Best-in-class
'best of both worlds'
vehicle architecture	technology stack
Unrivaled portfolio with		Fleet of software-
leading technology		defined vehicle

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Formation of new Joint Venture1 envisaged alongside Volkswagen Group investments in Rivian & Joint Venture

Investment
tranches
Up to $3bn 2
in Rivian	Up to $2bn
over time1
in JV & back-
	ground IP1, 2, 3

1

	Joint Venture
50%	50%

Bundling of E/E activities	Balanced governance &	Intention to invest up to
in new Joint Venture	joint control in JV	$5bn in total until 20261

1. Subject to the negotiation of definitive agreements | 2. Thereof up to $1bn via direct equity/IP considerations. And $1bn via loan agreement with an Option for JV & Rivian to draw the loan in 2026 | 3. IP = Intellectual property

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1 50/50 Joint Venture1 envisaged for joint creation of next- generation E/E architecture

Equal shareholding

Joint Venture

State of-the-art E/E solutions

Joint E/E capabilities & teams

Rivian to license2 existing E/E architecture, vehicle software expertise & resources

VW Group to contribute process, homologation expertise & SDV hub activities Joint creation of next-generation software stack for both parties

Rivian	VW Group
vehicles	vehicles

Balanced governance & joint control

Two Co-CEOs to run the joint venture

Rivian to appoint Co-CEO to be also CTO & VW Group to appoint Co-CEO to be also COO

1. Subject to the negotiation of definitive agreements | 2. Fully paid-up license

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1 Joint Venture1 supports early convergence of vehicle software stack on state-of-the-art E/E architecture

E3 1.12

CEA3

E3 1.22

	Adapted
	E/E architecture	Next-gen. SDV
Fitting seamlessly into	JV to provide state-of-	Earlier convergence &
global software strategy	the-art E/E architectures	higher cost efficiency

1. Subject to the negotiation of definitive agreement | 2. Software stack by CARIAD | 3. CEA = China Electrical Architecture to be developed under Volkswagen Group's 'In China for China' strategy

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2 VW Group investments staggered over time subject to certain milestones2

Intention to invest up to $5bn in total until 20262

2024 net cash flow to	All payments based on
be impacted by $2bn	certain milestones2

1. Conversion into Shares will take place after receipt of regulatory approvals, but not before 1st of December 2024 | 2. Subject to the negotiation of definitive agreements | 3. Option for JV & Rivian to draw the loan in 2026

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Signing of Letter of Intent & convertible note followed by Joint Venture foundation targeted for Q4 2024

1. Filing for antitrust approval of equity investment in JV

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Partnership with Rivian underlines our execution focus according to our steering principles as presented at CMD 06/23

SMARTER,

FASTER,

LEANER.

Shift to	Speed &	Tailored local-for-	Selected & smart
'best owner'	execution focus	local strategies	partnerships

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