EXCERPT: CFO Antlitz has vowed to make significant cost-cutting efforts to achieve goals beyond 2024 as Volkswagen’s Q2 operating profit declines.
Volkswagen AG has cautioned that its cost-cutting measures will extend beyond the second half of 2024, as the company’s second-quarter operating profit declined due to increased expenses.
The German automaker is currently implementing a €10 billion savings plan, with up to €4 billion in cuts expected this year.
However, Chief Financial Officer Arno Antlitz stated, “A return of 6.3% after six months is too low. We will have to make significant cost-cutting efforts in the second half of the year and beyond in order to achieve our goals.”
Volkswagen’s Q2 earnings before interest and taxes fell to €5.46 billion from €5.6 billion in the previous year, impacted by costs related to a potential plant closure in Brussels, lower sales in China, and expenses linked to deconsolidating VW Bank Russia.
The company has revised its outlook for operating return on sales to 6.5%-7% from 7%-7.5%. As Volkswagen revamps its global lineup with bespoke EV models, it faces challenges in defending market share in China, maintaining share in Europe, and growing in the US.
Antlitz’s statement underscores the need for sustained cost-cutting efforts to achieve the company’s goals, amidst a competitive landscape where legacy firms are working to stay relevant amidst increasing competition from Chinese EV manufacturers.
Boluwatife Enome
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