Volkswagen AG

VOW: XETR (DEU)

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Transformational Change Underway at Volkswagen as Structural Market Changes Recognized

Rella Suskin

Sep 2, 2026

Business Strategy and Outlook

Volkswagen has a long history of high capital spending, a stubbornly growing cost base, and net cash outflows. Management touts the firm’s advantages of global scale and strong brands. However, its financial metrics compare unfavorably with peers. Investors seem fatigued. VW’s 75% stake in Porsche and 88% stake in Traton account for more than the entire group’s market capitalization. Its net asset value per share is 5 times its current share price.

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Volkswagen AG

Transformational Change Underway at Volkswagen as Structural Market Changes Recognized

Business Strategy and Outlook

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