MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI: SWEDEN NOV UNEMPLOYMENT 7.4%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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

AUTOMOTIVE
Credit BulletsBulletHomepagemarkets-real-timeCredit
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

111 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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