Volkswagen CFO says half-year figures present ‘contrasting picture’

“Our half-year figures present a contrasting picture: on the one hand, we achieved strong product success and made progress in realigning the company. On the other, the operating result declined by a third year-on-year – also due to higher sales of lower-margin all-electric models. In addition, increased US import tariffs and restructuring measures had a negative impact. Excluding these items, the operating margin in the second quarter is at nearly seven percent, representing the upper end of our expectations. This shows that we are on the right track. But what really matters is cash in the bank. That’s why we must press ahead with our ongoing programs to improve earnings and pick up the pace where necessary,” said CFO and COO Arno Antlitz