Matthias Müller, CEO of Volkswagen AG, Bernhard Maier, CEO of ŠKODA Auto and Günther Butschek, CEO und Managing Director of Tata Motors Ltd., have signed a memorandum of understanding (MoU) which forms the basis for exploring long-term strategic cooperation in clearly-defined fields. The goal of the strategic alliance is to bundle the expertise of both car manufacturers with a view to jointly developing vehicle components and possibly also vehicle concepts.

For the Volkswagen Group, the signing of the MoU with Tata Motors Ltd. marks a further trailblazing step in the context of "TOGETHER - Strategy 2025". Under the terms of the memorandum, the Volkswagen Group and Tata Motors will explore possibilities for a strategic partnership in India.

In order to share responsibility among the Volkswagen Group brands, ŠKODA Auto is to lead the project. The first step will address topics such as the application of specific market knowledge as well as local development expertise. In the long term, the Volkswagen Group is looking to further expand its product portfolio in the fast-growing emerging markets.

(Continued on the next page)