The automaker had previously targeted a 6.5% profit margin by 2026.
OR Volkswagen VOWG_p.DE told investors on Wednesday that its target of a 6 percent profit margin for the VW passenger car brand is now more realistic in the medium term, according to a note from Bernstein Research. The automaker had previously targeted a 6.5% profit margin by 2026.
Facing a cost-cutting deal reached with unions last month that included a pledge to shrink the workforce by 35,000 by 2030 without forced layoffs, executives told investors they aimed for the 24,000 job cuts to be achieved through natural attrition and early retirement.
The automaker’s call was “slightly more upbeat” than Porsche P911_p.DE on Tuesday afternoon, analysts said, where executives warned that 2025 would be a challenging year.
Volkswagen said its order book in Western Europe was slightly higher than before the pandemic at about 850,000 cars, the Bernstein note said.
It is expected to pay around 1.5 billion euros ($1.56 billion) for not complying with EU targets for the broadcastsaccording to the memo.
($1 = 0.9608 euros)
Source: Skai
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