Volkswagen Brand Restructuring on Track
December 19 2019 - 6:29AM
Dow Jones News
By Max Bernhard
Volkswagen AG's (VOW.XE) namesake passenger car brand said
Friday that its restructuring is on track, with productivity
improvements in 2019 expected to exceed targets.
Productivity is expected to have improved by more than 7% in
2019, ahead of the Volkswagen brand's 5% target, it said. By the
end of the year, the marque expects to have achieved 2.6 billion
euros ($2.9 billion) in cost savings from its 2016 restructuring
plan.
Chief Financial Officer Arno Antlitz said "consistent discipline
with respect to costs and investments is having a positive impact."
The brand backed its 2019 target of an operating return on sales of
between 4% and 5% and operating cash flow significantly above EUR1
billion.
Next year, the brand plans to launch 34 new models, including 12
SUVs and eight electric or hybrid cars.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
December 19, 2019 06:14 ET (11:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Volkswagen (TG:VOW3)
Historical Stock Chart
From Mar 2024 to Apr 2024
Volkswagen (TG:VOW3)
Historical Stock Chart
From Apr 2023 to Apr 2024