{ "$schema_id": "fincoach.m-dbom.v1", "module": { "id": "M465", "slug": "m465-volkswagen-aktienanalyse", "title": "Volkswagen AG — Die komplette Aktienanalyse: Zukunftsplan 2030, Peergroup, Stakeholder", "file": "modul-m465-volkswagen-aktienanalyse.html", "version": "1.0.0", "stichtag": "2026-09-04", "buildDate": "2026-09-04T04:30:00Z", "module_type": "tiefenmodul", "changelog": "v1.0.0 (2026-09-04): Erstbuild mit Stichtag 2026-09-04, einen Tag nach dem einstimmigen Aufsichtsratsbeschluss zum Zukunftsplan 2030 (2026-09-03). Kurse aus data/market-data bis 2026-09-02; Xetra-Schluss 2026-09-03 als Sekundaerquelle.", "integrity_sha256": "dcdca4d0227961b39e8b0a2201b303454cbf335dd666e1aa4eb506ba0490cd0c" }, "provenance": { "method": "FinCoach-AI Modul-Pflichtworkflow A-F: Recherche mit Stichtag-Constraint (6 Agenten) -> adversarieller Faktencheck (2 Refuter, 3 Votes je Aussage) -> Datums-Audit -> Wikipedia-in-the-Loop -> DBOM -> Build -> Cross-Module-Audit", "stichtag_enforced": true, "research_window": "2026-09-04", "date_audit": { "performed": true, "oldest_critical_source": "2024-12-20 (Einigung Zukunft Volkswagen — historischer Anker, als OUTDATED markiert, aktueller Umsetzungsstand aus 2026-Quellen)", "newest_critical_source": "2026-09-04 (dpa-Bericht zum AR-Beschluss; KBA-Zulassungen 2026-09-03; Kursdaten data/market-data 2026-09-02)", "outdated_flagged": 1, "not_yet_available_flagged": 0 } }, "sources": [ { "id": "SRC_VW_FY2025_PR", "url": "https://www.volkswagen-group.com/en/press-releases/volkswagen-group-strengthens-financial-resilience-in-2025-strong-fourth-quarter-in-a-challenging-environment-20202", "publicationDate": "2026-03-10", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.97, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_GB2025_ROO", "url": "https://annualreport2025.volkswagen-group.com/group-management-report/results-of-operations-financial-position-and-net-assets/results-of-operations.html", "publicationDate": "2026-03", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_GB2025_SHARE", "url": "https://annualreport2025.volkswagen-group.com/group-management-report/shares-and-bonds/share-key-figures.html", "publicationDate": "2026-03", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_GB2025_SHAREHOLDERS", "url": "https://annualreport2025.volkswagen-group.com/group-management-report/shares-and-bonds/shareholder-structure.html", "publicationDate": "2026-03", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_GB2025_NETASSETS", "url": "https://annualreport2025.volkswagen-group.com/group-management-report/results-of-operations-financial-position-and-net-assets/net-assets.html", "publicationDate": "2026-03", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_DIVIDEND", "url": "https://www.volkswagen-group.com/en/dividend-15991", "publicationDate": "2026-06-18", "publisher": "Volkswagen AG (Investor Relations)", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_Q1_2026_PR", "url": "https://www.volkswagen-group.com/en/press-releases/first-quarter-volkswagen-group-makes-progress-in-a-challenging-environment-overhead-costs-reduced-by-one-billion-euro-transformation-to-be-accelerated-further-20360", "publicationDate": "2026-04-30", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_DELIVERIES_H1", "url": "https://www.volkswagen-group.com/en/press-releases/volkswagen-group-delivers-41-million-vehicles-in-the-first-half-of-the-year-order-book-for-all-electric-vehicles-in-europe-rises-by-more-than-50-percent-20515", "publicationDate": "2026-07-10", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.97, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_H1_2026_PR", "url": "https://www.volkswagen-group.com/en/press-releases/volkswagen-group-stays-on-track-in-challenging-environment-and-expects-improved-margin-in-the-second-half-of-the-year-20542", "publicationDate": "2026-07-24", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.97, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_CORE_H1", "url": "https://www.volkswagen-group.com/en/articles/brand-group-core-boosts-operating-result-in-first-half-new-core-executive-committee-strengthens-cross-brand-cooperation-20543", "publicationDate": "2026-07-24", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_ZUKUNFT_2024", "url": "https://www.volkswagen-group.com/de/pressemitteilungen/einigung-erzielt-volkswagen-ag-stellt-sich-wettbewerbsfaehig-fuer-die-zukunft-auf-18911", "publicationDate": "2024-12-20", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "Historischer Anker (> 18 Monate), Umsetzungsstand aus 2026-Quellen" }, { "id": "SRC_VW_FUTUREPLAN_JULY", "url": "https://www.volkswagen-group.com/en/press-releases/executive-board-presents-future-plan-20514", "publicationDate": "2026-07-09", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_FUTUREPLAN_2030", "url": "https://www.volkswagen-group.com/en/press-releases/supervisory-board-approves-future-plan-2030-a-strong-signal-for-volkswagen-group-20662", "publicationDate": "2026-09-03", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.97, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_RASCH", "url": "https://www.volkswagen-group.com/en/press-releases/supervisory-board-appoints-erika-rasch-as-board-member-for-human-resources-at-volkswagen-ag-20663", "publicationDate": "2026-09-03", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_BLUME_2030", "url": "https://www.volkswagen-group.com/en/press-releases/volkswagen-ags-supervisory-board-appoints-oliver-blume-as-ceo-until-the-end-of-2030-19896", "publicationDate": "2025-10-17", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_EVERLLENCE", "url": "https://www.volkswagen-group.com/en/press-releases/key-step-towards-streamlining-investment-portfolio-volkswagen-group-enters-into-exclusive-arrangement-with-bain-capital-for-sale-of-majority-stake-in-everllence-20491", "publicationDate": "2026-06-24", "publisher": "Volkswagen AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VW_RATINGS", "url": "https://www.volkswagen-group.com/en/ratings-15756", "publicationDate": "2026-08-14", "publisher": "Volkswagen AG (Investor Relations)", "sourceType": "official", "data_class": "PRIMARY_INSTITUTIONAL", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_SP_OUTLOOK", "url": "https://uploads.vw-mms.de/system/production/documents/cws/003/138/file_en/5243d053bc3bcf65f12e84d878cd3f8ac1ceacaa/RatingsDirect_ResearchUpdate_VolkswagenOutlookRevisedToNegativeOnSlower-Than-AnticipatedRecoveryInCreditMetrics_AffirmedAt_BBB_A-2_3495688_Dec-17-2025.pdf", "publicationDate": "2025-12-17", "publisher": "S&P Global Ratings (via Volkswagen IR)", "sourceType": "official", "data_class": "PRIMARY_INSTITUTIONAL", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_PSE_H1_2026", "url": "https://www.porsche-se.com/en/media/press-releases/detail/porsche-se-calls-for-swift-action-at-volkswagen-to-improve-competitiveness", "publicationDate": "2026-08-07", "publisher": "Porsche Automobil Holding SE", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_PORSCHE_H1_2026", "url": "https://newsroom.porsche.com/en/2026/company/porsche-financial-figures-half-year-2026-42785.html", "publicationDate": "2026-07-29", "publisher": "Dr. Ing. h.c. F. Porsche AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_AUDI_H1_2026", "url": "https://www.audi.com/en/press-releases/audi-group-maintains-stable-operating-profit-in-the-first-half-of-2026-despite-challenging-markets-18148", "publicationDate": "2026-07-27", "publisher": "AUDI AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_TRATON_H1_2026", "url": "https://traton.com/en/newsroom/press-releases/traton-group-improves-profitability-and-increases-incoming-orders-by-30-percent.html", "publicationDate": "2026-07-23", "publisher": "TRATON SE", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_VWFS_H1_2026", "url": "https://www.vwfs.com/en/media/press-releases/2026/half-yearly-result-2026-vw-group-mobility.html", "publicationDate": "2026-08-07", "publisher": "Volkswagen Financial Services AG", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_IGM_BRWAHL", "url": "https://www.igm-bei-vw.de/meldung/br-wahl-ergebnis-vw-wob-2026", "publicationDate": "2026-03-13", "publisher": "IG Metall bei Volkswagen", "sourceType": "official", "data_class": "PRIMARY_INSTITUTIONAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_IGM_ESKALATION", "url": "https://www.igm-bei-vw.de/meldung/vw-aufsichtsratssitzung-eskalation-verhindert-vorstand-muss-jetzt-seine-hausaufgaben-machen", "publicationDate": "2026-09-03", "publisher": "IG Metall bei Volkswagen", "sourceType": "official", "data_class": "PRIMARY_INSTITUTIONAL", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "Interessengeleitete Stellungnahme" }, { "id": "SRC_ZDF_BETRIEBSVERSAMMLUNG", "url": "https://www.zdfheute.de/wirtschaft/unternehmen/vw-betriebsversammlung-kritik-blume-sparplaene-100.html", "publicationDate": "2026-08-25", "publisher": "ZDFheute", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_WIWO_AR_JULI", "url": "https://www.wiwo.de/unternehmen/auto/vw-durchbruch-zu-zukunftsplan-fuer-volkswagen-bleibt-aus/100239268.html", "publicationDate": "2026-07-10", "publisher": "WirtschaftsWoche", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.85, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_ADHOC_SPARPAKET", "url": "https://www.ad-hoc-news.de/wirtschaft/vw-aufsichtsrat-beschliesst-sparpaket-50-000-stellen-bis-2030-weg/70052016", "publicationDate": "2026-09-04", "publisher": "ad-hoc-news (dpa)", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.75, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "Werkskosten stammen aus internem VW-Papier via WirtschaftsWoche, von VW nicht bestaetigt" }, { "id": "SRC_AUTOHAUS_28000", "url": "https://www.autohaus.de/nachrichten/autohersteller/vw-boss-bekraeftigt-sparkurs-abbau-von-28-000-stellen-bereits-fix-3815983", "publicationDate": "2026-06-18", "publisher": "Autohaus", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.85, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_AUTOHAUS_RENDITEZIEL", "url": "https://www.autohaus.de/nachrichten/autohandel/vw-renditeziel-fuer-kernmarke-um-drei-jahre-verschoben-3628918", "publicationDate": "2025-03-13", "publisher": "Autohaus (dpa-AFX)", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "Widerlegte die Pruefannahme F42 (Markenziel 6,5 % bis 2029 ist belegt)" }, { "id": "SRC_MARKETSCREENER_CONSENSUS", "url": "https://www.marketscreener.com/quote/stock/VOLKSWAGEN-AG-436737/consensus/", "publicationDate": "2026-09-03", "publisher": "MarketScreener", "sourceType": "industry", "data_class": "ANALYST_ESTIMATE", "confidence": 0.8, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "Sell-Side-Meinung mit Interessenkonflikten" }, { "id": "SRC_ARIVA_TARGETS", "url": "https://www.ariva.de/aktien/volkswagen-ag-vz-aktie/kursziele", "publicationDate": "2026-08-27", "publisher": "ariva.de", "sourceType": "industry", "data_class": "ANALYST_ESTIMATE", "confidence": 0.75, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_ONVISTA_VOW3", "url": "https://www.onvista.de/aktien/Volkswagen-VZ-Aktie-DE0007664039", "publicationDate": "2026-09-03", "publisher": "onvista", "sourceType": "industry", "data_class": "INDUSTRY_MEDIA", "confidence": 0.85, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "Xetra-Schluss 2026-09-03, noch nicht in data/market-data" }, { "id": "SRC_BSC_EUROPE_H1", "url": "https://www.best-selling-cars.com/europe/2026-june-first-half-europe-best-selling-car-manufacturers-and-brands/", "publicationDate": "2026-07-23", "publisher": "Car Sales Statistics (ACEA-Daten)", "sourceType": "industry", "data_class": "INDUSTRY_MEDIA", "confidence": 0.85, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "ACEA-Primaerseite HTTP 403" }, { "id": "SRC_REUTERS_CHINA_RANK", "url": "https://www.marketscreener.com/news/volkswagen-drops-to-third-in-china-sales-as-fast-growing-geely-auto-overtakes-ce7e58dada80ff24", "publicationDate": "2026-01-12", "publisher": "Reuters via MarketScreener (CPCA-Daten)", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_TOYOTA_FY2026", "url": "https://global.toyota/pages/global_toyota/ir/financial-results/2026_4q_summary_en.pdf", "publicationDate": "2026-05-08", "publisher": "Toyota Motor Corporation", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_CNEVPOST_BYD_H1", "url": "https://cnevpost.com/2026/08/28/byd-h1-2026-earnings/", "publicationDate": "2026-08-28", "publisher": "CnEVPost", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_STELLANTIS_FY2025", "url": "https://www.globenewswire.com/news-release/2026/02/26/3245242/0/en/stellantis-reports-full-year-2025-financial-results.html", "publicationDate": "2026-02-26", "publisher": "Stellantis N.V. via GlobeNewswire", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_BMW_Q2_2026", "url": "https://www.investing.com/news/company-news/bmw-q2-2026-slides-neue-klasse-launch-amid-china-headwinds-93CH-4822565", "publicationDate": "2026-07-30", "publisher": "Investing.com (BMW-Quartalspraesentation)", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.85, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_RENAULT_H1_2026", "url": "https://media.renaultgroup.com/renault-group-delivers-robust-performance-confirms-its-2026-fy-guidance-and-rapidly-implements-futuready/?lang=eng", "publicationDate": "2026-07-29", "publisher": "Renault Group", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_ELECTRIVE_IDPOLO_SOP", "url": "https://www.electrive.com/2026/06/03/vw-starts-series-production-of-id-polo-and-cupra-raval/", "publicationDate": "2026-06-03", "publisher": "electrive", "sourceType": "media", "data_class": "INDUSTRY_MEDIA", "confidence": 0.85, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_SKODA_EPIQ", "url": "https://www.skoda-media.de/press/detail/4609", "publicationDate": "2026-05", "publisher": "Skoda Auto Deutschland", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "Korrigierte den Epiq-Preis (25.900 EUR statt 25.330 EUR)" }, { "id": "SRC_EU_AUTOPACKAGE", "url": "https://transport.ec.europa.eu/transport-themes/action-plan-future-automotive-sector/automotive-package_en", "publicationDate": "2025-12-16", "publisher": "Europaeische Kommission (DG MOVE)", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_EU_US_TRADE", "url": "https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region/countries-and-regions/united-states_en", "publicationDate": "2026-07-31", "publisher": "Europaeische Kommission (DG TRADE)", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.9, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_BUND_EPRAEMIE", "url": "https://www.bundesregierung.de/breg-de/aktuelles/e-auto-foerderportal-2403088", "publicationDate": "2026-05-20", "publisher": "Bundesregierung", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_KBA_AUG_2026", "url": "https://www.kba.de/DE/Presse/Pressemitteilungen/Fahrzeugzulassungen/2026/pm35_2026_n_08_26_pm_komplett.html", "publicationDate": "2026-09-03", "publisher": "Kraftfahrt-Bundesamt", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.97, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_EZB_RATES", "url": "https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html", "publicationDate": "2026-06-17", "publisher": "Europaeische Zentralbank", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.98, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_BUBA_PROGNOSE", "url": "https://publikationen.bundesbank.de/content/998836", "publicationDate": "2026-06-12", "publisher": "Deutsche Bundesbank", "sourceType": "official", "data_class": "PRIMARY_OFFICIAL", "confidence": 0.95, "validated_at": "2026-09-04", "fetch_status": "VERIFIED" }, { "id": "SRC_WIKIPEDIA_DE", "url": "https://de.wikipedia.org/w/index.php?oldid=270207781", "publicationDate": "2026-09-03", "publisher": "Wikipedia (de), Revision 270207781, CC BY-SA 4.0", "sourceType": "industry", "data_class": "INDUSTRY_MEDIA", "confidence": 0.75, "validated_at": "2026-09-04", "fetch_status": "VERIFIED", "note": "Tertiaerquelle; korroboriert nur" }, { "id": "SRC_MARKETDATA_DB", "url": "urn:fincoach:data/market-data/equity/VOW3.DE.jsonl", "publicationDate": "2026-09-02", "publisher": "FinCoach AI Zeitreihen-Datenbank (Yahoo, adj. Schluss)", "sourceType": "official", "data_class": "PRIMARY_INSTITUTIONAL", "confidence": 0.95, "validated_at": "2026-09-02", "fetch_status": "VERIFIED", "note": "Berechnungsreport reports/market-data/calc-m465-volkswagen.json" } ], "facts": [ { "id": "FACT_UMSATZ_2025", "claim": "Konzernumsatz 2025", "value": "321,9 Mrd. EUR (2024: 324,7)", "source_id": "SRC_VW_FY2025_PR", "confidence": 0.97, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s01", "s02", "s03" ] }, { "id": "FACT_OR_2025", "claim": "Operatives Ergebnis und Marge 2025", "value": "8,9 Mrd. EUR / 2,8 %; vor Sondereinfluessen 14,8 Mrd. EUR / 4,6 %", "source_id": "SRC_VW_FY2025_PR", "confidence": 0.97, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s01", "s02", "s03", "s11" ] }, { "id": "FACT_EAT_2025", "claim": "Ergebnis nach Steuern und EPS 2025", "value": "6,9 Mrd. EUR (2024: 12,4); EPS 13,29 EUR", "source_id": "SRC_VW_GB2025_SHARE", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03", "s04", "s11" ] }, { "id": "FACT_NCF_2025", "claim": "Netto-Cashflow und Nettoliquiditaet Automobile 2025", "value": "6,4 Mrd. EUR / 34,5 Mrd. EUR", "source_id": "SRC_VW_FY2025_PR", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03" ] }, { "id": "FACT_SONDEREINFLUESSE_2025", "claim": "Porsche-bezogene Sondereinfluesse und US-Zoelle 2025", "value": "4,7 Mrd. EUR Porsche; ca. 2,9 Mrd. EUR Zoelle (kein Sondereinfluss)", "source_id": "SRC_VW_GB2025_ROO", "confidence": 0.85, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s02", "s03" ], "note": "2/3 Votes; Refuter B fand Teilbetrag nicht isoliert" }, { "id": "FACT_DIVIDENDE_2025", "claim": "Dividende GJ 2025", "value": "5,20 EUR St / 5,26 EUR Vz (-17 %); HV 2026-06-18; Zahltag 2026-06-23; Payout 39,2 %", "source_id": "SRC_VW_DIVIDEND", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s01", "s02", "s04" ] }, { "id": "FACT_AKTIEN_STRUKTUR", "claim": "Aktienzahl und Stimmrechte", "value": "295.089.818 St / 206.205.445 Vz; Porsche SE 53,3 %, Niedersachsen 20,0 %, Qatar 17,0 %, Streubesitz 9,7 %", "source_id": "SRC_VW_GB2025_SHAREHOLDERS", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s04", "s07" ] }, { "id": "FACT_EK_2025", "claim": "Eigenkapital, Hybridkapital, Pensionen, FS-Eigenkapital 2025-12-31", "value": "EK 203,1 Mrd. EUR (31,5 %); Hybrid 14,3; Pensionen 22,8; EK Financial Services 45,7; Buchwert je Aktie 375,58 EUR", "source_id": "SRC_VW_GB2025_NETASSETS", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s04" ] }, { "id": "FACT_H1_2026", "claim": "Halbjahresergebnis 2026", "value": "Umsatz 158,1 Mrd. EUR (-0,2 %); OR 5,9 Mrd. EUR (-11,6 %), 3,8 %; bereinigt 6,9 / 4,3 %; EAT 3,1 Mrd. EUR (-30,7 %)", "source_id": "SRC_VW_H1_2026_PR", "confidence": 0.97, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s01", "s03" ] }, { "id": "FACT_NETTOLIQ_H1", "claim": "Netto-Cashflow und Nettoliquiditaet Automobile H1 2026", "value": "3,2 Mrd. EUR (Vj. -1,4) / 32,75 Mrd. EUR (2026-06-30)", "source_id": "SRC_VW_H1_2026_PR", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s01", "s03", "s04", "s10" ] }, { "id": "FACT_AUSL_2025", "claim": "Auslieferungen 2025", "value": "9,0 Mio. (-0,5 %)", "source_id": "SRC_VW_FY2025_PR", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03" ] }, { "id": "FACT_AUSL_H1", "claim": "Auslieferungen H1 2026 nach Regionen und Antrieb", "value": "4.125.700 (-6,3 %); Westeuropa 1.748.400 (+2,9 %); China 973.000 (-25,9 %), Q2 -36,6 %; Nordamerika 447.500 (-3,1 %); BEV 438.500 (-5,8 %), Europa-BEV 377.000 (+8,4 %)", "source_id": "SRC_VW_DELIVERIES_H1", "confidence": 0.97, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03", "s06" ] }, { "id": "FACT_GUIDANCE_2026", "claim": "Guidance 2026 (revidiert 2026-07-24)", "value": "Umsatz -3 bis 0 %; Marge 4,0-5,5 %; NCF 3-6 Mrd. EUR; Nettoliquiditaet 32-34 Mrd. EUR; Investitionsquote 11-12 %", "source_id": "SRC_VW_H1_2026_PR", "confidence": 0.97, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s01", "s03", "s11" ] }, { "id": "FACT_MARKENGRUPPEN_H1", "claim": "Margen der Markengruppen H1 2026", "value": "Core 4,9 % (VW Pkw 2,4; Skoda 8,5; SEAT/CUPRA 1,6; VWN 3,3); Progressive 3,8 %; Sport Luxury 8,0 %; TRATON 4,5 %; CARIAD -855 Mio. EUR", "source_id": "SRC_VW_CORE_H1", "confidence": 0.92, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03", "s06" ] }, { "id": "FACT_CHINA_JV", "claim": "China-JV at-equity-Ergebnisanteil", "value": "H1 2026 184 Mio. EUR (Vj. 506); GJ 2025 958 Mio. EUR; Guidance 2026 0,2-0,6 Mrd. EUR", "source_id": "SRC_VW_H1_2026_PR", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03", "s06", "s10" ] }, { "id": "FACT_Q1_2026", "claim": "Q1 2026", "value": "Umsatz 75,7 Mrd. EUR (-2,5 %); OR 2,5 Mrd. EUR (3,3 %, bereinigt 4,3 %); Gemeinkosten -1 Mrd. EUR; NCF 2,0 Mrd. EUR", "source_id": "SRC_VW_Q1_2026_PR", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s02" ] }, { "id": "FACT_ZV_2024", "claim": "Vereinbarung Zukunft Volkswagen (2024-12-20)", "value": "rund 35.000 Stellen bis 2030 sozialvertraeglich; 734.000 Einheiten Kapazitaetsabbau; keine Werksschliessungen; Beschaeftigungssicherung bis 2030; Entlastung > 4 Mrd. EUR p.a. mittelfristig", "source_id": "SRC_VW_ZUKUNFT_2024", "confidence": 0.95, "verdict": "CONFIRMED", "status": "OUTDATED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s02", "s07" ], "note": "Historischer Anker > 18 Monate; Umsetzungsstand siehe FACT_UMSETZUNG_2026" }, { "id": "FACT_UMSETZUNG_2026", "claim": "Umsetzungsstand Zukunft Volkswagen (Juni 2026)", "value": "> 28.000 Abgaenge fix; Kernmarke bis Ende 2026 um 19.000 kleiner; ca. 1 Mrd. EUR nachhaltige Einsparung; Ziel 6 Mrd. EUR netto p.a. bis 2030", "source_id": "SRC_AUTOHAUS_28000", "confidence": 0.85, "verdict": "CONFIRMED", "status": "APPROVED", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s02" ] }, { "id": "FACT_ZUKUNFTSPLAN_JULI", "claim": "Zukunftsplan des Vorstands (2026-07-09)", "value": "12 Initiativen; Kapazitaet 12 -> 9 Mio.; Modelle -50 % bis 2035; Komplexitaet -75 %", "source_id": "SRC_VW_FUTUREPLAN_JULY", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s02" ] }, { "id": "FACT_AR_ABLEHNUNG", "claim": "Aufsichtsrat lehnt Zukunftsplan ab (2026-07-09)", "value": "7:12; Arbeitnehmerseite und Niedersachsen dagegen", "source_id": "SRC_WIWO_AR_JULI", "confidence": 0.85, "verdict": "CONFIRMED", "status": "APPROVED", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s02", "s07" ], "note": "Abstimmungszahl nur ueber Medien" }, { "id": "FACT_ZP2030_ZIEL", "claim": "Zukunftsplan 2030 — Aufsichtsratsbeschluss (2026-09-03)", "value": "einstimmig; op. Umsatzrendite 9 % 2030 (ca. 31 Mrd. EUR); Gemeinkosten 37 Mrd. EUR; Capex+F&E 2027-2031 135 Mrd. EUR; ca. 50.000 Positionen weltweit inkl. Management; ca. 9 Mio. Absatz; Beteiligungen -1/3; Ueberkapazitaet Europa > 500.000", "source_id": "SRC_VW_FUTUREPLAN_2030", "confidence": 0.97, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s01", "s02", "s07", "s08", "s11" ], "note": "Lesart 50.000 zusaetzlich/inklusive in der Primaerquelle offen" }, { "id": "FACT_VIER_WERKE", "claim": "Vier Werke ohne gesicherte Folgebelegung", "value": "Emden 2031, Zwickau 2031, Hannover 2032, Neckarsulm 2034 (laut AR-Papier, WiWo); offiziell gestaffelt 2031-2034; Konzept bis 2027-06-30", "source_id": "SRC_VW_FUTUREPLAN_2030", "confidence": 0.8, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s02", "s07", "s10" ], "note": "Einzeljahre aus AR-Papier via WirtschaftsWoche, nicht offiziell" }, { "id": "FACT_PORSCHE_SPARPAKET", "claim": "Porsche AG: zweites Sparpaket und H1 2026", "value": "-5.000 Stellen bis 2035, Standortsicherung bis 2035 (AR 2026-07-22, Bekanntgabe 2026-07-27/28); H1 RoS 7,8 %, Auslieferungen 122.306 (-16,5 %); GJ 2025 RoS 1,1 %", "source_id": "SRC_PORSCHE_H1_2026", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03", "s06", "s07" ] }, { "id": "FACT_AUDI_H1", "claim": "Audi: Zukunftsvereinbarung und H1 2026", "value": "7.500 Stellen bis 2029, Sicherung bis 2033; H1 Marge 3,8 %, Auslieferungen 727.245 (-7,1 %); Ausblick 2026 gesenkt: Umsatz 58-63 Mrd. EUR, Marge 5-7 %; Lamborghini 22,7 %, Bentley 4,5 %", "source_id": "SRC_AUDI_H1_2026", "confidence": 0.92, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03", "s06" ] }, { "id": "FACT_TRATON_H1", "claim": "TRATON H1 2026", "value": "bereinigte RoS 7,0 % (Scania 11,3; MAN 7,0; International 1,1); Auftragseingang +30 %", "source_id": "SRC_TRATON_H1_2026", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03", "s06" ] }, { "id": "FACT_VWFS_H1", "claim": "Financial Services H1 2026", "value": "OR 1,67 Mrd. EUR (-7,6 %); Vertragsbestand ca. 28 Mio.", "source_id": "SRC_VWFS_H1_2026", "confidence": 0.88, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s03" ] }, { "id": "FACT_BRWAHL", "claim": "Betriebsratswahl Wolfsburg 2026-03-13", "value": "IG Metall 74,8 % (2022: 85,5 %); 52/67 Sitze; Wahlbeteiligung 59,1 %", "source_id": "SRC_IGM_BRWAHL", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_INSTITUTIONAL", "used_in_sections": [ "s07" ] }, { "id": "FACT_CAVALLO", "claim": "Betriebsversammlung Wolfsburg 2026-08-25", "value": "Cavallo: Vertrauen beschaedigt, noch nicht irreparabel; > 10.000 Beschaeftigte pfeifen Blume aus", "source_id": "SRC_ZDF_BETRIEBSVERSAMMLUNG", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s07" ] }, { "id": "FACT_STAKEHOLDER", "claim": "Stellungnahme Arbeitnehmerseite nach AR-Beschluss", "value": "Eskalation verhindert; Ausgliederung Kernmarke vom Tisch; kein Werk aufgegeben; Aktionstag 2026-09-21; Haustarif kuendbar 2026-12-31", "source_id": "SRC_IGM_ESKALATION", "confidence": 0.88, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_INSTITUTIONAL", "used_in_sections": [ "s07" ], "note": "Interessengeleitet" }, { "id": "FACT_WERKSKOSTEN", "claim": "Werkskosten je Fahrzeug", "value": "6.490 EUR deutsche Werke vs. 2.832 EUR andere EU-Werke (internes VW-Papier via WirtschaftsWoche, von VW nicht bestaetigt)", "source_id": "SRC_ADHOC_SPARPAKET", "confidence": 0.7, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s06", "s07" ] }, { "id": "FACT_MANAGEMENT", "claim": "Vorstandsbesetzung", "value": "Blume CEO-Vertrag 2026-01-01 bis 2030-12-31; Leiters Porsche-CEO seit 2026-01-01; Erika Rasch Personalvorstaendin ab 2026-10-01", "source_id": "SRC_VW_RASCH", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s07" ] }, { "id": "FACT_PSE_H1", "claim": "Porsche SE H1 2026", "value": "Konzernergebnis -2,218 Mrd. EUR; Wertberichtigung 3,0 Mrd. EUR auf VW; Nettoverschuldung 4,982 Mrd. EUR; 53,3 % Staemme / 31,9 % Kapital; Dividendenzufluss 0,6 Mrd. EUR", "source_id": "SRC_PSE_H1_2026", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s04", "s07", "s10" ] }, { "id": "FACT_RATING", "claim": "Ratings", "value": "Moody's Baa1/P-2 stabil (von A3 am 2025-03-17); S&P BBB+/A-2 negativ (2025-12-17; Schwelle EBITDA-Marge 9-10 % bis Ende 2027); Fitch A-/F1 negativ; DBRS BBB (high) stabil", "source_id": "SRC_VW_RATINGS", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_INSTITUTIONAL", "used_in_sections": [ "s01", "s02", "s10" ] }, { "id": "FACT_SP_SCHWELLE", "claim": "S&P Downgrade-Schwelle", "value": "bereinigte EBITDA-Marge 9-10 % und FOCF/Sales 2-3 % bis Ende 2027; Erwartung 2026: 8,5 %", "source_id": "SRC_SP_OUTLOOK", "confidence": 0.88, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_INSTITUTIONAL", "used_in_sections": [ "s10", "s11" ] }, { "id": "FACT_KONSENS", "claim": "Analystenkonsens (2026-09-03)", "value": "21 Analysten, Durchschnitt 105,26 EUR, Spanne 77-151 EUR; 6 Buy / 5 Hold / 0 Sell (ariva 2026-08-27)", "source_id": "SRC_MARKETSCREENER_CONSENSUS", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "class": "ANALYST_ESTIMATE", "used_in_sections": [ "s04", "s07" ], "note": "Meinung, Interessenkonflikt" }, { "id": "FACT_PEER_MATRIX", "claim": "Peer-Kennzahlen GJ 2025 / H1 2026", "value": "Toyota OI 7,4 % (FY26); BYD NEV -15,7 %, Netto -20,5 %; Stellantis AOI 2,1 % (2025: -0,5 %, Nettoverlust 22,3 Mrd.); BMW Auto-EBIT 3,6 %; Mercedes Cars 4,0 %; Renault 5,2 %; Hyundai 5,8 %; Kia 7,7 %; GM ca. 8,1 %; Ford 6,5 %; Tesla 1,4 %", "source_id": "SRC_RENAULT_H1_2026", "confidence": 0.85, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s06" ], "note": "Sammelfakt; Einzelbelege SRC_TOYOTA_FY2026, SRC_CNEVPOST_BYD_H1, SRC_STELLANTIS_FY2025, SRC_BMW_Q2_2026; Margen-Definitionen nicht harmonisiert" }, { "id": "FACT_PEER_MULTIPLES", "claim": "Bewertungs-Richtwerte Peers (2026-09-03)", "value": "VW KGV fwd ca. 2,8-4,6, KBV 0,18-0,20, Div. 7,1 %; Toyota KBV 1,01; BMW 0,37; Mercedes 0,47; Stellantis 0,22; Renault 0,36; Hyundai 0,65; GM 1,20; Tesla 17,1", "source_id": "SRC_MARKETSCREENER_CONSENSUS", "confidence": 0.7, "verdict": "CONFIRMED", "status": "APPROVED", "class": "ANALYST_ESTIMATE", "used_in_sections": [ "s04", "s06" ], "note": "Richtwerte anbieterabhaengig (stockanalysis, companiesmarketcap)" }, { "id": "FACT_EUROPA_ANTEILE", "claim": "Marktanteile Europa (EU+EFTA+UK) H1 2026", "value": "VW 25,6 % (1.848.988, +2,1 %); Stellantis 15,2 %; Renault 9,4 %; BYD 174.144 (+145,5 %); Tesla 170.351 (+54,6 %); BEV-Markt +35,1 %", "source_id": "SRC_BSC_EUROPE_H1", "confidence": 0.85, "verdict": "CONFIRMED", "status": "APPROVED", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s06", "s08" ] }, { "id": "FACT_CHINA_SHARE", "claim": "China-Marktanteile (CPCA)", "value": "2025: VW 10,9 % (Rang 3, Vj. 12,2), BYD 14,7 %, Geely 11,0 %; Jan-Feb 2026: VW 13,9 % (Rang 1, Subventionsartefakt)", "source_id": "SRC_REUTERS_CHINA_RANK", "confidence": 0.85, "verdict": "CONFIRMED", "status": "APPROVED", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s06" ] }, { "id": "FACT_USA", "claim": "USA: Zoll und Absatz", "value": "15 % seit 2025-08-01 (EU-Umsetzung ab 2026-07-01); Drohung 25 % (2026-05-01) nicht umgesetzt; Zollbelastung 2026e 4-5 Mrd. EUR; ID.4-Produktion beendet (0,5 Mrd. EUR); US-BEV -68,8 %; VW-Marke H1 +2,3 %", "source_id": "SRC_EU_US_TRADE", "confidence": 0.85, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s06", "s09", "s10" ] }, { "id": "FACT_TECH", "claim": "Technologie- und Plattformstrategie", "value": "MEB Entry Serienproduktion Martorell seit 2026-06; ID. Polo 24.995 EUR, Raval 25.950 EUR, Skoda Epiq 25.900 EUR, ID. Cross Trend 27.995 EUR (ab 2026-10); > 54.000 Bestellungen (VW 2026-07-10); ID. Every1 2027 erstes Rivian-Software-Fahrzeug; PowerCo Salzgitter SOP 2025-12-17; CEA (Xpeng) seit Ende 2025", "source_id": "SRC_ELECTRIVE_IDPOLO_SOP", "confidence": 0.82, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s06" ], "note": "Epiq-Preis korrigiert (SRC_SKODA_EPIQ); Every1-Preis ca. 20.000 EUR ist Medienangabe" }, { "id": "FACT_EU_CO2", "claim": "EU-CO2-Regulierung", "value": "Mittelung 2025-2027 (VO 2025/1214) in Kraft; Automotive Package 2025-12-16: 2035-Ziel 90 % statt 100 % (Vorschlag); ENVI-Votum Herbst, Plenum voraussichtlich November 2026; geltendes Recht -100 %", "source_id": "SRC_EU_AUTOPACKAGE", "confidence": 0.85, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s09" ], "note": "ENVI-Termin nicht offiziell" }, { "id": "FACT_EPRAEMIE", "claim": "E-Auto-Praemie 2026 und KBA August 2026", "value": "1.500-6.000 EUR, 3 Mrd. EUR bis 2029, Portal seit 2026-05-19, rueckwirkend 2026-01-01; KBA Aug. 2026: BEV-Anteil 32,4 % (68.930), VW-Marke -14,0 %, BYD +371,8 %", "source_id": "SRC_KBA_AUG_2026", "confidence": 0.92, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s09" ] }, { "id": "FACT_MAKRO", "claim": "Makro-Umfeld", "value": "EZB-Einlagensatz 2,25 % (seit 2026-06-17); EUR/USD 1,1615 (2026-09-03); Bundesbank BIP 2026 +0,5 %, 2027 +0,8 %", "source_id": "SRC_EZB_RATES", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s09" ], "note": "BIP aus SRC_BUBA_PROGNOSE" }, { "id": "FACT_EVERLLENCE", "claim": "Everllence-Verkauf", "value": "51 % an Bain Capital, ca. 7,4 Mrd. EUR, Buchwert ca. 3,4 Mrd. EUR, 49 % verbleiben, EU-Freigabe 2026-08-13, Closing Ende 2026", "source_id": "SRC_VW_EVERLLENCE", "confidence": 0.92, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_OFFICIAL", "used_in_sections": [ "s02", "s04" ] }, { "id": "FACT_MARKENZIEL", "claim": "Renditeziel Marke VW Pkw", "value": "6,5 % verschoben von 2026 auf 2029 (2025-03-13); Pfad > 4 % 2026, 5,5 % 2027, 6,5 % 2029 (Maerz 2026)", "source_id": "SRC_AUTOHAUS_RENDITEZIEL", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s02", "s06", "s11" ], "note": "Ersetzt widerlegte Pruefannahme F42" }, { "id": "FACT_BELEGSCHAFT", "claim": "Belegschaft Konzern Ende 2025", "value": "Spanne ca. 630.000-663.000 (Sekundaerquelle 629.000 vs. Wikipedia-Infobox 662.900); Primaerabgleich Geschaeftsbericht offen", "source_id": "SRC_WIKIPEDIA_DE", "confidence": 0.6, "verdict": "UNVERIFIABLE", "status": "PENDING_REVIEW", "class": "INDUSTRY_MEDIA", "used_in_sections": [ "s03" ], "note": "DIVERGENT (Wikipedia-in-the-Loop); nicht als KPI verwendet" }, { "id": "FACT_DB_KURS", "claim": "Kurs VOW3.DE (DB-Schluss)", "value": "73,70 EUR (2026-09-02, -3,76 %); 52W-Hoch 109,15 (2025-12-15), Tief 69,20 (2026-07-01); Xetra 2026-09-03 76,36 EUR (+3,61 %, Sekundaerquelle)", "source_id": "SRC_MARKETDATA_DB", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_INSTITUTIONAL", "used_in_sections": [ "s01", "s02", "s04", "s05" ] }, { "id": "FACT_DB_YTD", "claim": "Renditen und Risiko VOW3 (eigene Berechnung)", "value": "YTD -24,1 %; 1 J -20,2 %; 5 J -10,1 % p.a.; 10 J +0,8 % p.a.; Vol 5 J 29,2 %; Max DD 5 J -45,1 %; Beta 3 J 0,93; DAX YTD +5,5 %", "source_id": "SRC_MARKETDATA_DB", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_INSTITUTIONAL", "used_in_sections": [ "s01", "s05" ] }, { "id": "FACT_DB_KGV", "claim": "Bewertungskennzahlen (abgeleitet)", "value": "Marktkap. 36,9 Mrd. EUR (501,3 Mio. x 73,70); KGV 5,5 (EPS 13,29); KBV 0,20 (375,58 EUR); Dividendenrendite 7,1 %; SOTP Porsche AG ca. 30,2 + Traton ca. 16,4 Mrd. EUR", "source_id": "SRC_MARKETDATA_DB", "confidence": 0.85, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_INSTITUTIONAL", "used_in_sections": [ "s01", "s04" ], "note": "DERIVED; Porsche-AG-Aktienzahl/Quote aus Tertiaerquelle" }, { "id": "FACT_DB_EVENTS", "claim": "Ereignistags-Renditen VOW3 (DB)", "value": "2024-12-20 +1,69 %; 2025-07-25 +4,55 %; 2025-09-22 -7,09 %; 2025-10-30 -1,91 %; 2026-03-10 +2,82 %; 2026-07-09 -1,19 %; 2026-07-24 -2,03 %; 2026-09-02 -3,76 %", "source_id": "SRC_MARKETDATA_DB", "confidence": 0.95, "verdict": "CONFIRMED", "status": "APPROVED", "class": "PRIMARY_INSTITUTIONAL", "used_in_sections": [ "s02", "s05" ], "note": "Widerlegt Prosa-Angabe +7,23 % fuer 2026-03-10 (F43)" } ], "agents": [ { "label": "research:vw-financials", "phase": "A · Recherche", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Subagent general-purpose", "tooling": "WebSearch/WebFetch, 83 Tool-Aufrufe", "output": ".claude/scratch/m465-volkswagen/research-financials.md" }, { "label": "research:vw-rettungsplan", "phase": "A · Recherche", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Subagent general-purpose", "tooling": "WebSearch/WebFetch, 114 Tool-Aufrufe", "output": ".claude/scratch/m465-volkswagen/research-rettungsplan.md" }, { "label": "research:vw-peergroup", "phase": "A · Recherche", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Subagent general-purpose", "tooling": "WebSearch/WebFetch, 138 Tool-Aufrufe", "output": ".claude/scratch/m465-volkswagen/research-peergroup.md" }, { "label": "research:vw-stakeholder", "phase": "A · Recherche", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Subagent general-purpose", "tooling": "WebSearch/WebFetch, 137 Tool-Aufrufe", "output": ".claude/scratch/m465-volkswagen/research-stakeholder.md" }, { "label": "research:vw-valuation", "phase": "A · Recherche", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Subagent general-purpose", "tooling": "WebSearch/WebFetch, 150 Tool-Aufrufe", "output": ".claude/scratch/m465-volkswagen/research-valuation.md" }, { "label": "research:vw-regulatorik", "phase": "A · Recherche", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Subagent general-purpose", "tooling": "WebSearch/WebFetch, 159 Tool-Aufrufe", "output": ".claude/scratch/m465-volkswagen/research-regulatorik.md" }, { "label": "market-data:calc", "phase": "0.6 · Datenanbindung", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Hauptagent inline", "tooling": "ensure-instruments.mjs (3 neu: 1211.HK, 005380.KS, 0175.HK); calc-m465.mjs", "output": "reports/market-data/calc-m465-volkswagen.json" }, { "label": "verify:refuter-a", "phase": "B · Faktencheck (Primaerquellen-Abgleich)", "workflow_id": "m465-build-2026-09-04", "result_verdict": "PARTIALLY_CONFIRMED", "executor": "Subagent general-purpose", "tooling": "WebFetch/WebSearch, 91 Tool-Aufrufe; 38 CONFIRMED, 4 PARTIALLY", "output": ".claude/scratch/m465-volkswagen/refuter-a.md" }, { "label": "verify:refuter-b", "phase": "B · Faktencheck (Gegenquellen-Suche)", "workflow_id": "m465-build-2026-09-04", "result_verdict": "REFUTED", "executor": "Subagent general-purpose", "tooling": "WebSearch/WebFetch, 127 Tool-Aufrufe; 1 REFUTED (F42), 3 DIVERGENT, 8 PARTIALLY", "output": ".claude/scratch/m465-volkswagen/refuter-b.md" }, { "label": "council:interdisciplinary", "phase": "2 · Interdisziplinaerer Rat", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Hauptagent inline (6 Rollen)", "tooling": "5 Konflikte K1-K5", "output": ".claude/scratch/m465-volkswagen/discussion-paper.md" }, { "label": "wikipedia:in-the-loop", "phase": "3.7 · Wikipedia-Synthese", "workflow_id": "m465-build-2026-09-04", "result_verdict": "PARTIALLY_CONFIRMED", "executor": "Subagent general-purpose", "tooling": "MediaWiki-API, 6 Artikel revisionsgenau; 8 CONFIRMED, 1 ENRICHED, 1 DIVERGENT, 2 NOT_COVERED", "output": ".claude/scratch/m465-volkswagen/wikipedia-check.json" }, { "label": "audit:date", "phase": "C · Datums-Audit", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Hauptagent inline", "tooling": "Stichtag 2026-09-04 in alle 9 Agenten-Prompts injiziert; 1 historischer Anker (2024-12-20) als OUTDATED markiert", "output": "provenance/m465.dbom.json#provenance.date_audit" }, { "label": "build:dbom", "phase": "D · DBOM", "workflow_id": "m465-build-2026-09-04", "result_verdict": "CONFIRMED", "executor": "Hauptagent inline", "tooling": "51 Fakten, 50 Quellen, 0 ohne source_id", "output": "provenance/m465.dbom.json" } ], "audit_trail": [ { "ts": "2026-09-04T00:36:00Z", "event": "Stichtag fixiert", "detail": "2026-09-04 aus Systemzeit-Hook" }, { "ts": "2026-09-04T00:40:00Z", "event": "Modulnummer reserviert", "detail": "M465 via reserve-number.ps1 -Min 465 (Allokator bot M449 an, im Worktree-Bestand aber bis M464 belegt)" }, { "ts": "2026-09-04T00:45:00Z", "event": "Datenanbindung", "detail": "14 Instrumente vorhanden, 3 neu angebunden (1211.HK, 005380.KS, 0175.HK); Hinweis: DB-Symbol BYD = Boyd Gaming, nicht BYD Co. — 1211.HK verwendet" }, { "ts": "2026-09-04T02:35:00Z", "event": "Recherche gestartet", "detail": "6 Agenten parallel mit Stichtag-Constraint" }, { "ts": "2026-09-04T02:47:00Z", "event": "Market-Data-Update", "detail": "VOW3.DE und Peers bis 2026-09-02 nachgezogen; 2026-09-03 noch nicht verfuegbar" }, { "ts": "2026-09-04T02:56:00Z", "event": "Recherche abgeschlossen", "detail": "6 Berichte, 781 Tool-Aufrufe; Kernbefund: AR-Beschluss Zukunftsplan 2030 am 2026-09-03" }, { "ts": "2026-09-04T03:05:00Z", "event": "Interdisziplinaerer Rat", "detail": "5 Konflikte identifiziert und im Modul aufgeloest" }, { "ts": "2026-09-04T03:20:00Z", "event": "Wikipedia-in-the-Loop", "detail": "1 Divergenz (Belegschaft) als Caveat aufgeloest; integration_ready true" }, { "ts": "2026-09-04T03:40:00Z", "event": "Faktencheck konsolidiert", "detail": "44 Aussagen: 35 CONFIRMED, 6 PARTIALLY, 2 REFUTED (F42 eigene Pruefannahme, F43 Prosa-Kursreaktion), 1 DIVERGENT" }, { "ts": "2026-09-04T03:45:00Z", "event": "Korrekturen eingearbeitet", "detail": "Markenziel 6,5 % 2029; Epiq 25.900 EUR; ID. Cross ab 2026-10; Trump-Datum 2026-05-01; EU-VO Anwendung 2026-07-01; Werksjahre als AR-Papier; Werkskosten-Attribution" }, { "ts": "2026-09-04T04:10:00Z", "event": "DBOM erzeugt", "detail": "48 Fakten, 48 Quellen" }, { "ts": "2026-09-04T04:30:00Z", "event": "Modul-Build v1.0.0", "detail": "15 Sektionen, Sankey, Scatter, Payoff-Matrix, CLD, Bow-Tie, Simulator" }, { "ts": "2026-09-04T01:58:06Z", "event": "DBOM versiegelt", "detail": "integrity_sha256 der Moduldatei und dbom_sha256 (Selbst-Hash ohne integrity-Block) gesetzt" } ], "integrity": { "facts_total": 51, "facts_with_source": 51, "facts_without_source": 0, "primary_official": 31, "official_regulatory": 5, "derived": 4, "secondary": 10, "tertiary": 1, "not_yet_available": 0, "integrity_sha256": "dcdca4d0227961b39e8b0a2201b303454cbf335dd666e1aa4eb506ba0490cd0c", "dbom_sha256": "36f36d13fbbeeffde954ce0bf8b8f834cf103c6d1b47251f2c79cc3583241719" }, "qa_checklist": { "kein_fakt_ohne_source_id": true, "trainingsdaten_als_quelle": false, "urls_fabriziert": false, "konfidenz_konservativ": true, "verify_resultate_append_only": true, "datums_pflicht_erfuellt": true, "not_yet_available_gekennzeichnet": true }, "honest_disclosure": "Die Volkswagen AG ist boersennotiert (XETRA: VOW3 / VOW). Geschaeftszahlen stammen aus Volkswagen-Primaerquellen (Presseinformationen 2026-03-10, 2026-04-30, 2026-07-10, 2026-07-24, 2026-09-03; Geschaeftsbericht 2025) sowie Primaerquellen von Porsche AG, Porsche SE, Audi, TRATON, VW Financial Services und der Wettbewerber. Kurse, Renditen, Volatilitaeten, Rueckschlaege und Ereignistags-Reaktionen kommen aus data/market-data (Yahoo, adjustierter Schluss, Stand 2026-09-02) und sind eigene Berechnungen (DERIVED). Der Xetra-Schluss vom 2026-09-03 (76,36 EUR) lag zum Build nicht in der DB und wird als Sekundaerquelle gefuehrt. Bewertungskennzahlen (KGV, KBV, Dividendenrendite, Marktkapitalisierung, Summe der Teile) sind abgeleitet; die Porsche-AG-Aktienzahl stammt aus einer Tertiaerquelle. Analystenkursziele, Stakeholder-Zitate und IG-Metall-Stellungnahmen sind Meinung bzw. interessengeleitet und entsprechend gekennzeichnet. Zwei Pruefannahmen wurden widerlegt und korrigiert (Markenziel 6,5 % bis 2029 ist belegt; Kursreaktion +7,23 % am 2026-03-10 ist nicht reproduzierbar). Die Belegschaftszahl bleibt strittig (629.000 vs. 663.000) und wird nicht als KPI gefuehrt. Simulator-Ergebnisse sind SCENARIO_PROJECTION. Dieses Modul ist ein Lern- und Analysewerkzeug — KEINE Anlageberatung.", "cross_references": [ { "module": "M437", "relation": "Methoden-Schwester: Aktienanalyse Allianz SE (Aufbau, Gates, Hero-Visual-Pattern)" }, { "module": "M364", "relation": "Aktienanalyse IBM (13-Sektionen-Struktur, TradingView-Reconciler)" }, { "module": "M331", "relation": "Bewertungsmethodik (Phantasie-Dekomposition, Reverse-DCF, Multiples)" }, { "module": "M409", "relation": "Governance-/Uebernahmelogik (UniCredit/Commerzbank) als Vergleich fuer Vetospieler-Systeme" }, { "module": "M433", "relation": "Bundesbank-Konjunkturdaten (Makro-Kontext)" } ] }