Volkswagen said on Thursday it will aim to improve its cash flow in the second half as the German carmaker hikes prices and cuts costs, even after it lowered its 2023 outlook for deliveries.
Worldwide, the Volkswagen Group delivered 2.3 million vehicles in the period from April to June, 18% more than in the same period last year.
"In the first half of the year, we achieved solid financial results and took major steps to improve our competitiveness. The focus for the second half is now on strengthening net cash flow," said Chief Financial Officer Arno Antlitz. The carmaker still aims to hit full-year net cash flow of between 6 billion euros and 8 billion euros, it said it has taken measures to ensure it meets the lower end of the range after reporting a muted 2.5 billion euros in the first half.The core brands of Volkswagen Passenger Cars, VW Commercial Vehicles, Seat, Skoda and Cupra achieved an operating margin of 5.5% in the first half.
All the group's brands are undergoing so-called performance programmes to improve efficiency, with Volkswagen Passenger Cars alone promisingThese should begin to show in the second half of the year, Volkswagen said.In May, Volkswagen said it had sold its shares in Volkswagen Group Rus to Art-Finance, which is supported by autodealer group Avilon. The deal included VW's Kaluga factory, which has annual production capacity of 225,000 vehicles.
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