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Volkswagen (VW A3/BBB+/A-) guidance cut

AUTOMOTIVE
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Guidance cut and a miss on consensus that was looking for €325.8m (+1%yoy) in sales and a 6.2% margin this year.


  • expects deliveries to customers to be around 9 million vehicles (we see -2.6%yoy) (2023: 9.24 million vehicles; previous forecast: increase of up to 3 percent).
  • group sales revenue to be around €320b (-0.7% yoy) (2023: 322.3 billion euros; previous forecast: increase of up to 5 percent).
  • operating result of around €18b at 5.6% margin (previously: 6.5 to 7.0%)* net cash flow of the Automotive Division to reach around €2b (previously: 2.5 to 4.5 billion euros) and includes M&A expenses of ~€3.5b.
  • net liquidity expected in €36-37b (prev; €37-39b)

Presser here

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Guidance cut and a miss on consensus that was looking for €325.8m (+1%yoy) in sales and a 6.2% margin this year.


  • expects deliveries to customers to be around 9 million vehicles (we see -2.6%yoy) (2023: 9.24 million vehicles; previous forecast: increase of up to 3 percent).
  • group sales revenue to be around €320b (-0.7% yoy) (2023: 322.3 billion euros; previous forecast: increase of up to 5 percent).
  • operating result of around €18b at 5.6% margin (previously: 6.5 to 7.0%)* net cash flow of the Automotive Division to reach around €2b (previously: 2.5 to 4.5 billion euros) and includes M&A expenses of ~€3.5b.
  • net liquidity expected in €36-37b (prev; €37-39b)

Presser here