Volkswagen is a German carmaker delivering >8 million cars globally of which around 600k electrical vehicles (7%). Global car sales is 25% below all-time high from 2018 due to the Diesel-gate which caused a drop from 8% to 6% in global market share. It looks like the company is recovering being #1 BEV brand in Europe and with 7% global market share.

At 4x PE ratio (TTM) and 7% dividend the company looks attractive, but the economic climate is a risk with €55B financial lease on the balance sheet. Market conditions are worsening; with Chinese competition and risk for a down-turn in sales. For Q3'2023 management warns for lower margins due to higher material costs.

I stay on the side-line and follow developments as potentially interesting investment for the longer-term EV trend.