Higher prices and revenues from internal combustion engine cars should help cushion its finances in the second half, Antlitz said.Volkswagen's factory is seen in Sao Bernardo do Campo, Sao Paulo state, Brazil June 28, 2023. REUTERS/Leonardo Benassatto/File PhotoSupplies of key components such as semiconductors had improved but transport and logistics delays had weighed on the first half, Volkswagen said.
"We are now moving from a bottleneck in chips to a bottleneck in transport," said Antlitz, adding steps had been taken to eliminate the hold-ups and reduce waiting time.Cash flow, which plunged over 71% in the second quarter to 226 million euros, would improve over time as inventories go down, he said, sticking to the lower end of the firm's full-year cash flow target of 6-8 billion euros .
Writing by Miranda Murray and Victoria Waldersee Editing by Rachel More, David Goodman and Mark PotterAutos correspondent in Germany, covering the industry's transition to electric vehicles. Previously reported on the impact of the COVID-19 pandemic on the retail sector in South Asia, China and Europe, and wider general news. Formerly at YouGov and Economy, a charity working to produce accessible economics coverage.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »