Volkswagen Hopes to Leverage Its Scale to Invest Heavily in the Transition to Electric Vehicles

In our view, Volkswagen is successfully executing a global automotive strategy and has one of the most aggressive plans in the industry to switch to battery electric vehicles from internal combustion powertrains. A broad array of brands, serving multiple segments, reduces reliance on any one vehicle category. As one of the world's leading volume producers, Volkswagen's economies of scale from common platforms across a number of models enable cost savings unattainable by smaller competitors.