Volkswagen Group’s Q3 result down year-on-year due to semiconductor bottlenecks – profitability target for 2021 confirmed
Volkswagen Group’s Q3 result down year-on-year due to semiconductor bottlenecks – profitability target for 2021 confirmed
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Volkswagen Group’s Q3 result down year-on-year due to semiconductor bottlenecks – profitability target for 2021 confirmed
Provider: Volkswagen Newsroom
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Title: Volkswagen Group’s Q3 result down year-on-year due to semiconductor bottlenecks – profitability target for 2021 confirmed
Description: The global semiconductor bottlenecks particularly impacted on the business performance of the Volkswagen Group in the third quarter. Operating profit before special items came to EUR 2.8 (3.2) billion in the period from July to September, a drop compared with the first two quarters of this year and the pandemic-related weak prior-year period. The operating return on sales before special items declined to 4.9 (5.4) percent in the third quarter. The volume brands were affected most in this period, recording operating losses in spite of having full order books. Owing to the semiconductor shortage, the high level of customer demand in China could also not be met. In the first nine months of the year, the Group’s brands lifted deliveries to customers by 6.9 percent to 7.0 (6.5) million vehicles. Sales revenue saw a more significant increase, rising by 20.0 percent in the same period to EUR 187 (155) billion. Due to the strong first half, operating profit before special items, which stood at EUR 14.2 (2.4) billion after nine months, remained at a solid level and exceeded the pandemic-related weak prior-year figure. The operating return on sales was 7.6 (1.5) percent. The Automotive Division achieved an adjusted net cash flow of EUR 12.4 (4.5) billion by the end of September, thus contributing substantially to the financing of the Group’s transformation. Despite the impact on working capital caused by the semiconductor shortage, adjusted net cash flow for the third quarter was slightly positive at EUR 33 million. Net liquidity in the Automotive Division fell by EUR 9.4 billion compared with the first six months to a still robust level of EUR 25.6 billion. Here, the Navistar transaction completed by July had a perceptible effect of around EUR 6 billion. In addition, a dividend of EUR 2.4 billion was distributed to Volkswagen shareholders in the third quarter. The Volkswagen Group confirmed its outlook for the operating return on sales for full year 2021 of 6.0 to 7.5 percent.
Volkswagen Group’s Q3 result down year-on-year due to semiconductor bottlenecks – profitability target for 2021 confirmed
Provider: Volkswagen Newsroom
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Title: Volkswagen Group’s Q3 result down year-on-year due to semiconductor bottlenecks – profitability target for 2021 confirmed
Description: The global semiconductor bottlenecks particularly impacted on the business performance of the Volkswagen Group in the third quarter. Operating profit before special items came to EUR 2.8 (3.2) billion in the period from July to September, a drop compared with the first two quarters of this year and the pandemic-related weak prior-year period. The operating return on sales before special items declined to 4.9 (5.4) percent in the third quarter. The volume brands were affected most in this period, recording operating losses in spite of having full order books. Owing to the semiconductor shortage, the high level of customer demand in China could also not be met. In the first nine months of the year, the Group’s brands lifted deliveries to customers by 6.9 percent to 7.0 (6.5) million vehicles. Sales revenue saw a more significant increase, rising by 20.0 percent in the same period to EUR 187 (155) billion. Due to the strong first half, operating profit before special items, which stood at EUR 14.2 (2.4) billion after nine months, remained at a solid level and exceeded the pandemic-related weak prior-year figure. The operating return on sales was 7.6 (1.5) percent. The Automotive Division achieved an adjusted net cash flow of EUR 12.4 (4.5) billion by the end of September, thus contributing substantially to the financing of the Group’s transformation. Despite the impact on working capital caused by the semiconductor shortage, adjusted net cash flow for the third quarter was slightly positive at EUR 33 million. Net liquidity in the Automotive Division fell by EUR 9.4 billion compared with the first six months to a still robust level of EUR 25.6 billion. Here, the Navistar transaction completed by July had a perceptible effect of around EUR 6 billion. In addition, a dividend of EUR 2.4 billion was distributed to Volkswagen shareholders in the third quarter. The Volkswagen Group confirmed its outlook for the operating return on sales for full year 2021 of 6.0 to 7.5 percent.
Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year
Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year
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Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year
Provider: Volkswagen Newsroom
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Title: Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year
Description: Despite the ongoing structural shortage of semiconductors throughout the industry, Volkswagen delivered around 3.8 million vehicles to customers worldwide in the first nine months (+3.3% compared with the prior-year period). During the reporting period, sales revenue grew to EUR 55.5 billion (+18%) and the operating profit increased by EUR 2.6 billion year on year to EUR 1.6 billion (operating return on sales: +2.9%). The net operating cash flow before special items stood at EUR -0.7 billion after nine months, due especially to the increased inventories of unfinished vehicles, battery cells, and raw materials, auxiliaries and consumables that resulted from supply issues. As expected, the third quarter was impacted by the difficult semiconductor situation. During this period, Volkswagen delivered around 1.1 million vehicles (-26%). The operating profit in the third quarter was EUR -184 million. The company already anticipates a return to a significantly positive performance in the current fourth quarter.
Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year
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Title: Volkswagen Q3 earnings impacted by massive semiconductor shortage – nine-month performance up on the prior year
Description: Despite the ongoing structural shortage of semiconductors throughout the industry, Volkswagen delivered around 3.8 million vehicles to customers worldwide in the first nine months (+3.3% compared with the prior-year period). During the reporting period, sales revenue grew to EUR 55.5 billion (+18%) and the operating profit increased by EUR 2.6 billion year on year to EUR 1.6 billion (operating return on sales: +2.9%). The net operating cash flow before special items stood at EUR -0.7 billion after nine months, due especially to the increased inventories of unfinished vehicles, battery cells, and raw materials, auxiliaries and consumables that resulted from supply issues. As expected, the third quarter was impacted by the difficult semiconductor situation. During this period, Volkswagen delivered around 1.1 million vehicles (-26%). The operating profit in the third quarter was EUR -184 million. The company already anticipates a return to a significantly positive performance in the current fourth quarter.
Imelda Labbé appointed as the new member of the Board of Management for Marketing, Sales and After-Sales at Volkswagen Passenger Cars
Imelda Labbé appointed as the new member of the Board of Management for Marketing, Sales and After-Sales at Volkswagen Passenger Cars
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Imelda Labbé appointed as the new member of the Board of Management for Marketing, Sales and After-Sales at Volkswagen Passenger Cars
Provider: Volkswagen Newsroom
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Title: Imelda Labbé appointed as the new member of the Board of Management for Marketing, Sales and After-Sales at Volkswagen Passenger Cars
Description: Imelda Labbé is taking over as the new member of the Board of Management for Marketing, Sales and After-Sales at Volkswagen Passenger Cars on July 1, 2022. She succeeds Klaus Zellmer, who has been appointed as CEO of ŠKODA AUTO a. s. with effect from July 1. Currently holding the post of Spokeswoman for the Board of Directors of Volkswagen Originalteile Logistik GmbH (OTLG), Labbé has many years of experience in sales, product and brand management, and the after-sales business.
Imelda Labbé appointed as the new member of the Board of Management for Marketing, Sales and After-Sales at Volkswagen Passenger Cars
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Title: Imelda Labbé appointed as the new member of the Board of Management for Marketing, Sales and After-Sales at Volkswagen Passenger Cars
Description: Imelda Labbé is taking over as the new member of the Board of Management for Marketing, Sales and After-Sales at Volkswagen Passenger Cars on July 1, 2022. She succeeds Klaus Zellmer, who has been appointed as CEO of ŠKODA AUTO a. s. with effect from July 1. Currently holding the post of Spokeswoman for the Board of Directors of Volkswagen Originalteile Logistik GmbH (OTLG), Labbé has many years of experience in sales, product and brand management, and the after-sales business.
Volkswagen Group bolsters expansion in global growth markets after strong Q1 results
Volkswagen Group bolsters expansion in global growth markets after strong Q1 results
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Volkswagen Group bolsters expansion in global growth markets after strong Q1 results
Provider: Volkswagen Newsroom
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Title: Volkswagen Group bolsters expansion in global growth markets after strong Q1 results
Description: Volkswagen Group posted strong financial results during the first quarter, despite a difficult global environment. The main drivers were an improved sales mix, better pricing, continued cost discipline and the flexibility provided by the Group’s global set-up. As such, Volkswagen mitigated the impact from worldwide shortages of semiconductors and wire harnesses by reallocating resources between its main markets in Europe, China, and the Americas. This resulted in sales revenue of EUR 62.7 billion (+0.6 percent) and a robust operating profit before special items of EUR 8.5 billion including positive effects mainly from commodity hedging activities. Even excluding these effects, the underlying operating profit of around EUR 5 billion lies significantly above previous year and underlines the robustness of the business. Based on the figures and the expected better semiconductor supply in the second half of the year, the Group confirms its outlook for 2022. However, it is not yet possible to conclusively assess in particular the specific effects of the latest developments in the Russia-Ukraine conflict or effects of the Covid-19 pandemic on the Volkswagen Group’s business, on the global economy and growth in the industry in fiscal year 2022.
Volkswagen Group bolsters expansion in global growth markets after strong Q1 results
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Title: Volkswagen Group bolsters expansion in global growth markets after strong Q1 results
Description: Volkswagen Group posted strong financial results during the first quarter, despite a difficult global environment. The main drivers were an improved sales mix, better pricing, continued cost discipline and the flexibility provided by the Group’s global set-up. As such, Volkswagen mitigated the impact from worldwide shortages of semiconductors and wire harnesses by reallocating resources between its main markets in Europe, China, and the Americas. This resulted in sales revenue of EUR 62.7 billion (+0.6 percent) and a robust operating profit before special items of EUR 8.5 billion including positive effects mainly from commodity hedging activities. Even excluding these effects, the underlying operating profit of around EUR 5 billion lies significantly above previous year and underlines the robustness of the business. Based on the figures and the expected better semiconductor supply in the second half of the year, the Group confirms its outlook for 2022. However, it is not yet possible to conclusively assess in particular the specific effects of the latest developments in the Russia-Ukraine conflict or effects of the Covid-19 pandemic on the Volkswagen Group’s business, on the global economy and growth in the industry in fiscal year 2022.
Volkswagen improves cost efficiency and economic efficiency in a tough environment
Volkswagen improves cost efficiency and economic efficiency in a tough environment
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Volkswagen improves cost efficiency and economic efficiency in a tough environment
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Title: Volkswagen improves cost efficiency and economic efficiency in a tough environment
Description: The Volkswagen brand strengthened the Group’s economic efficiency sustainably lastingly in the first quarter of 2022. In the first three months, the operating profit before special items increased to EUR 513 million (Q1 2021: EUR 490 million). Sales revenue came in at just under EUR 15 billion (Q1 2021: EUR 17.6 billion) due to an optimized model and price policy, while the number of deliveries in the same period came in at around one million vehicles (Q1 2021: 1.36 million) due to the war in Ukraine, the global semiconductor shortage and the most recent coronavirus measures in China. In contrast, the operating return on sales before special items rose to 3.4 percent (Q1 2021: 2.8 percent).
Volkswagen improves cost efficiency and economic efficiency in a tough environment
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Title: Volkswagen improves cost efficiency and economic efficiency in a tough environment
Description: The Volkswagen brand strengthened the Group’s economic efficiency sustainably lastingly in the first quarter of 2022. In the first three months, the operating profit before special items increased to EUR 513 million (Q1 2021: EUR 490 million). Sales revenue came in at just under EUR 15 billion (Q1 2021: EUR 17.6 billion) due to an optimized model and price policy, while the number of deliveries in the same period came in at around one million vehicles (Q1 2021: 1.36 million) due to the war in Ukraine, the global semiconductor shortage and the most recent coronavirus measures in China. In contrast, the operating return on sales before special items rose to 3.4 percent (Q1 2021: 2.8 percent).
Volkswagen Group and SEAT S.A. to mobilize 10 billion euros to electrify Spain
Volkswagen Group and SEAT S.A. to mobilize 10 billion euros to electrify Spain
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Volkswagen Group and SEAT S.A. to mobilize 10 billion euros to electrify Spain
Provider: Volkswagen Newsroom
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Title: Volkswagen Group and SEAT S.A. to mobilize 10 billion euros to electrify Spain
Description: The Volkswagen Group and SEAT S.A. will mobilize 10 billion euros, together with their partners in the Future: Fast Forward project, in the event of a positive resolution of the PERTE VEC. This was announced today by Herbert Diess, CEO of the Volkswagen Group, who visited the Parc Sagunt II site, together with Pedro Sánchez, Prime Minister of Spain; Ximo Puig, President of the Valencian Generalitat; Wayne Griffiths, President of SEAT S.A.; and Thomas Schmall, Member of the Board of Management of Volkswagen AG, Chief Technology Officer and Chairman of the Board of SEAT S.A.
Volkswagen Group and SEAT S.A. to mobilize 10 billion euros to electrify Spain
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Title: Volkswagen Group and SEAT S.A. to mobilize 10 billion euros to electrify Spain
Description: The Volkswagen Group and SEAT S.A. will mobilize 10 billion euros, together with their partners in the Future: Fast Forward project, in the event of a positive resolution of the PERTE VEC. This was announced today by Herbert Diess, CEO of the Volkswagen Group, who visited the Parc Sagunt II site, together with Pedro Sánchez, Prime Minister of Spain; Ximo Puig, President of the Valencian Generalitat; Wayne Griffiths, President of SEAT S.A.; and Thomas Schmall, Member of the Board of Management of Volkswagen AG, Chief Technology Officer and Chairman of the Board of SEAT S.A.