Summary of the risk and opportunity situation

The overall risk and opportunity situation of the Volkswagen Group is derived from the individual risks and opportunities presented above. To ensure that these risks are controlled, we have established a comprehensive risk management system. The most significant risks across all risk categories for the Volkswagen Group arise from a negative trend in markets and unit sales – driven by increasing trade restrictions, protectionist tendencies and intensifying competition –, failure to meet CO2-related requirements, the development of products that are not in line with demand and requirements, in particular with regard to e-mobility and software and in relation to cybersecurity, and the underutilization of sites. For 2025, there may be negative impacts from limited availability of parts, energy and other raw materials as well as from geopolitical tensions and conflicts – such as the Russia-Ukraine conflict, confrontations in the Middle East, and increasing uncertainties regarding the political orientation of the USA. Furthermore, there are residual risks for the Volkswagen Group from the diesel issue. Based on the information available to us today, there are no risks that could endanger the continued existence of material Group companies or the Volkswagen Group.