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Volkswagen is determined to reduce costs and maintain its electric vehicle prices, even as some competitors lower their prices. The German automaker is focused on rebuilding its profit margins after quarterly earnings took a hit,
While a program targeting €10 billion in savings at Volkswagen's main passenger cars brand has experienced delays, Chief Financial Officer Arno Antlitz confirmed that certain measures have already been implemented.
Reuters reported that Volkswagen's planning round, setting budgets for five-year spending, is set to conclude in mid-November. However, Antlitz stated that the company will no longer directly communicate the results afterward. Instead, shareholders will be updated during the company's annual news conference in March.
Concerns over Demand for Electric Vehicles; Market Challenges in China
As per a U.S. News report, Volkswagen, along with other carmakers and analysts, has expressed concern over the slower-than-expected electric vehicle demand development. The company's order intake for EVs in Europe has dropped to 150,000 from 300,000 last year.
Despite this, Antlitz mentioned that orders increased in the third quarter and are expected to rise further in the coming months. Volkswagen remains committed to its targets.
In China, where Volkswagen previously held a market-leading position in the combustion engine era, the company now faces stiff competition from local producers. Additionally, Volkswagen may experience a decline in battery EV market share until the two models it is producing in partnership with China's Xpeng (9868.HK) hit the market, according to Antlitz.
Global Shift to EVs Affected by High-Interest Rates
The global shift to electric vehicles is being hampered by high-interest rates, as demonstrated by the recent termination of the GM-Honda partnership and a warning from battery maker LG Energy Solution. As a result of subdued demand, several EV manufacturers, including Tesla, have reduced prices.
Volkswagen confirmed third-quarter sales of €78.8 billion, accompanied by a 14% increase in operating profit to €4.9 billion. The company reiterates its projection of delivering 9 million and 9.5 million vehicles to customers this year, with group sales revenue expected to be 10% to 15% higher than in 2022.
Photo: Volkswagen Newsroom
