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Volkswagen Group China Dr Volkswagen Group China Dr. Jörg Mull, Executive Vice President, Finance Morgan Stanley Investor Visit Beijing, January 22nd, 2013 Content Our Momentum in China Outlook Market Development Investments Volkswagen Group China Driven by Design, Technology and Brand Image Financial results, challenges and opportunities 2 Introduction of Volkswagen Group China (VGC) Volkswagen production facilities in China History FAW-Volkswagen 1985: Founding of Shanghai (Volkswagen, Audi) Volkswagen Automotive Co. (SVW) as joint venture with Shanghai Volkswagen FAW Platform Automotive Industrial Corporation Changchun (SAIC). 8 million vehicles produced Dalian as of June 2012. Beijing Volkswagen China Volkswagen FAW Engine Investment Company 1991: Founding of FAW-Volkswagen Volkswagen Automatic Automotive Co. Ltd. (FAW-VW) as Yizheng Transmission Chengdu Nanjing second joint venture with First Shanghai Volkswagen Automotive Work (FAW). 6 million FAW-Volkswagen Shanghai vehicles produced as of June 2012. Shanghai Volkswagen (Volkswagen, ŠKODA) 2004: Founding of Volkswagen Group China for coordination and Volkswagen Transmission management of activities of Car production plants Component plants Volkswagen Group within China. Headquarter Volkswagen Group China Shanghai Volkswagen Powertrain Today: 17 Volkswagen companies and subsidiaries respectively Total investments 1985-2012 € 15.7 Billion (including finance and sales Planned Investments 2013-2015 € 9.8 Billion companies). Employees 2011 48,058 3 Volkswagen as a pioneer in China 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011 2012 1985 2011 4 Successful partnership with FAW and SAIC Foundation Foundation 1991 1985 Share FAW 60%, VW AG 30%, AUDI AG 10% Share SAIC Motor 50%, VW AG 50% Deliveries 2012 1,319,000 units Deliveries 2012 1,304,000 units Jetta Sagitar Magotan Lavida Santana Passat Volkswagen Volkswagen New Bora CC Golf Polo Touran Tiguan Škoda Audi Audi A4L Audi A6L Audi Q3 Audi Q5 Fabia Rapid Octavia Superb 5 Deliveries of Volkswagen in China January to December 2012 Import FBU1) Locally Produced (‘000 Units) (‘000 Units) VW, VWN 88.4 FAW-VW 995.9 322.7 Audi 83.1 Other Brands 18.2 SVW 1.068.5 235.7 Ʃ 189.7 Ʃ 2,622.8 Total Deliveries Region China 2,813 1) incl. Hongkong; Source: Volkswagen Group China 6 Content Our Momentum in China Outlook Market Development Investments Volkswagen Group China Driven by Design, Technology and Brand Image Financial results, challenges and opportunities 7 Q3 2012 GDP reached 7.4% growth year on year, and the economy is now on a path of stable growth 2013 2010 2011 2012 (forecast) CAGR CAGR CAGR CAGR 10.3% 9.2% 7.7% 8.2% 11.9% 10.3% 9.8% 9.6% 9.7% 9.5% 9.1% 8.9% 8.2% 8.4% 8.5% 8.1% 7.9% 7.6% 7.4% 7.7% Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12E Q1/13E Q2/13E Q3/13E Q4/13E Source: Deutsche Bank, last update December 2012. 8 After a strong boom in the past years, passenger car market growth in China is stabilizing and will develop further in the future Total Passenger Car Market – CAGR >7%* China (incl. HK) >20.000 (‘000 Units) +9% +8% +35% 13.537 12.388 11.457 +54% 8.482 CAGR +19% 5.503 2.266 2003 2008 2009 2010 2011 2012 2013E 2020E * Estimate 9 Data Source: Volkswagen Group China / IHS Global Insight Current 5-year-plan: New growth model with focus on domestic market To date: Now: Focus on export and quantitative growth Focus on domestic market and qualitative growth 12th 5-year-plan 2011-2015 Domestic consumption as growth accelerator 11th 5-year-plan 2006-2010 Megacities as growth generator Focus on environmental protection and energy Multi-National-Companies and infrastructure efficiency projects as growth generator Encouragement of Chinese innovations Big growth in manufacturing trade Social stability due to balanced allocation of Jobs in cities to keep unemployment low prosperity Internationally comparable price stability and Selective policies for foreign investment as well as well-adjusted foreign trade balance globalization of Chinese companies 10 Mega and small cities will be the engine of GDP growth Distribution by city size City Level 2005 2020 % of GDP (Urban Population) 819 cities 865 cities 2005 2020 3 Mega (10M+) 3 10 13 27 7 5 Big (5-10M) 12 11 22 12 6 52 Mid-sized (1.5-5.0M) 58 85 27 26 33 169 Small (0.5-1.5M) 202 335 23 26 166 378 Big town (<0.5M) 544 424 15 10 46 New cities Remark: 6 mega cities in 2010 (Shanghai, Beijing, Chongqing, Shenzhen, Tianjin, Guangzhou) Source: McKinsey Insights China – Macroeconomic model updated April 2012 11 GDP Growth development is expected to differentiate more strongly between the various Chinese regions Estimate of Chinese GDP 2012 per Province Expected Total GDP Province Growth 2012 2011 (trillion RMB) Inner Mongolia 15.0% 1.40 Guizhou 14.0% 0.56 Chongqing 13.5% 1.00 Heilongjiang Shaanxi 13.0% 1.20 Xinjiang Hainan 13.0% 0.25 Inner Mongolia Anhui 12.6% 1.50 Jilin Sichuan 12.0% 2.00 Beijing Liaoning Heilongjiang 12.0% 1.10 Qinghai Tianjin Tianjin 12.0% 1.10 Ningxia Hebei Shanxi 12.0% 1.10 Shanxi Tibet Gansu Jilin 12.0% 1.04 Shandong Gansu 12.0% 0.52 Shaanxi Henan Ningxia 12.0% 0.21 Jiangsu Qinghai 12.0% 0.16 Sichuan Hubei Anhui Shanghai Yunnan 12.0% 0.88 Chongqing Liaoning 11.0% 2.20 Hunan 11.0% 1.96 Jiangxi Zhejiang Guizhou Hunan Fujian 11.0% 1.75 Guanxi 11.0% 1.20 Yunnan Fujian Xinjiang 11.0% 0.66 Tibet 11.0% 0.06 Guangxi Guangdong Henan 10.0% 2.70 Hubei 10.0% 1.80 Expected GDP Growth 2012 Jiangxi 10.0% 1.20 12-15% Shangdong 9.5% 4.54 Hebei 9.0% 2.40 10-12% Hainan Guangdong 8.5% 5.30 Zhejiang 8.5% 3.18 8-10% Jiangsu 8%-10% 4.80 Shanghai 8.0% 1.92 Beijing 8.0% 1.60 Source: Provincial Government Report 12 Content Our Momentum in China Outlook Market Development Investments Volkswagen Group China Driven by Design, Technology and Brand Image Financial results, challenges and opportunities 13 Go West and Go South Strategy for further growth Changchun Urumqi “Go West Strategy” Beijing Chengdu Yizheng Nanjing Shanghai “Go South Strategy” Ningbo Foshan Existing production site New production site 14 Further strengthening of partnerships with SAIC and FAW SAIC FAW Signing ceremony April 23rd, 2012 Signing ceremony April 23rd, 2012 in Wolfsburg in Wolfsburg Agreement about Urumqi plant Intention to extend JV contract with FAW 15 Volkswagen Group China: Planned product portfolio in 2015 with 94 models Commercial Vehicles CKD 34 FBU 60 94 Note: number of product models 16 Content Our Momentum in China Outlook Market Development Investments Volkswagen Group China Driven by Design, Technology and Brand Image Financial results, challenges and opportunities 17 Volkswagen Passat – Special design elements for Chinese customers Radiator grill Tail lamps Speaker covering Wheel program Passat USA Passat China 18 Latest TSI- and DSG-technologies of Volkswagen Group for China [CO2/km] [Volume] Prototypes with innovative Technologies e-Traction New TSI New engine generation Optimized gears Recuperation Start-stop generation Low rolling friction Fleet emissions 2010 Future‘s technology 19 Content Our Momentum in China Outlook Market Development Investments Volkswagen Group China Driven by Design, Technology and Brand Image Financial results, challenges and opportunities 20 Volkswagen Group China reported another strong operating result for the first three quarters of 2012 2008 2009 2010 2011 Q1-Q3 2012 Deliveries to Customers (’000 Units) 1,024 1,400 1,923 2,259 2,005 1) Production (100%) (’000 Units) 975 1,387 1,914 2,202 1,953 1) SVW Group/FAW-VW Group Operating profit (quotal) (€ m) 395 831 1,907 2,616 2,806 Source: Volkswagen Group China 21 Challenges in a regulatory environment Risk of restrictive policies for new car sales in Demanding requirements for fleet consumption developed Eastern Megacities Quota 240k cars/year Beijing < 120k cars/year Shanghai (not fixed) Guangzhou 120k cars/year Additional megacities like Hangzhou, Shenzhen, Xi'An et al. Details for Phase IV still under review are expected to introduce similar restriction measures 22 Volkswagen Group China has relevant strategies in place Future growth prospects also coming from less Different measures in place to realize the ambitious developed regions and Tier 2-3 cities fleet consumption targets Recuperation TSI Engine and transmission Start-Stop Downsizing technology Optimal ATM Dual clutch “Go West Strategy” transmission Weight reduction Vehicle measures Aerodynamic optimization Reduction of electric consumption “Go South Strategy” Hybrid EVs E-Traction BEVs Plug-in hybrid EVs Production and Dealer network extension will support New technologies and products will help to achieve targets Growth in Western and Southern provinces 23 Additional business opportunities Financial Services expects increase Growing Chinese used car market in retail finance share2) 1) Total Used Car Market forecast 2012 2018 20.0 million units +30% p.a. 2.4 2010 2012 2014E 2016E 2018E cash buyer dominance stronger finance demand expected Volkswagen Financial Services also aims to establish Roll out and Implementation of the successful Volkswagen Group used - Mobility packages car brand “Das WeltAuto” in the - Long Term Rental & Fleet Business Chinese dealer network - Insurance Related & After Sales Services 1) Source: China Automotive Dealer Association 2) Based on the total passenger car sales in the market China 24 Volkswagen Group China is well positioned to maintain its number one position in the market and seize additional opportunities in the future Volkswagen Group China 3,5 3 Delivered vehicles in million units 2,5 2 1,5 1 0,5 0 25 Disclaimer This presentation contains forward-looking statements and information on the business development of the Volkswagen Group.
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