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AUTOMOTIVE: Volkswagen (VW A3[N]/BBB+/A-): Margin Targets Pushed Bank

AUTOMOTIVE
Credit BulletsCEEMEAEurozoneGermanyBullet
  • Handelsblatt reported that VW now expects its Passenger Cars EBIT margin target of 6.5% to be reached in three to four years, rather than by end-2026 as previously planned.
  • Consensus has 2% for 2024, rising to 3% by 2026; clearly the market already had little confidence in this goal. Passenger Cars is currently only responsible for around 12% of EBIT.
  • The paper also reports that some board members are calling for further costs savings, which would bring a renewed cycle of uncertainty and potential strike action.
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  • Handelsblatt reported that VW now expects its Passenger Cars EBIT margin target of 6.5% to be reached in three to four years, rather than by end-2026 as previously planned.
  • Consensus has 2% for 2024, rising to 3% by 2026; clearly the market already had little confidence in this goal. Passenger Cars is currently only responsible for around 12% of EBIT.
  • The paper also reports that some board members are calling for further costs savings, which would bring a renewed cycle of uncertainty and potential strike action.