Half Year 2024 Volkswagen AG Earnings Call Transcript
Key Points
- Volkswagen AG (VLKAF) delivered a solid set of financial results in the first half of 2024, with sales revenues increasing by 1.6% to almost EUR159 billion.
- The company launched over 30 new models in 2024, with more to come in 2025, receiving positive feedback from customers and the automotive media.
- Volkswagen AG (VLKAF) made significant progress in its restructuring program, which is the most comprehensive in its history.
- The company advanced its 'in China for China' strategy, launching new models and strengthening local partnerships.
- Volkswagen AG (VLKAF) achieved a strong net cash flow of EUR2.9 billion in Q2, almost compensating for the outflows of the first quarter.
- Volkswagen AG (VLKAF) faced significant non-recurring items, including provisions related to restructuring, which impacted the reported operating margin.
- The company experienced challenges in China due to intensified competition and economic conditions, affecting its overall performance.
- Audi's performance was held back by supply chain shortages, resulting in a lower-than-expected margin of close to 7% in Q2.
- Volkswagen brand's higher fixed costs and restructuring expenses led to a return on sales of below 1%.
- The company needs to intensify its efforts to improve performance and achieve its targets in the second half of the year, particularly in cost-cutting measures.
Please stand by for streaming text.
Good evening. Ladies and gentlemen, welcome to the Volkswagen investor analyst and media call first half 2024. I am Goran, the Chorus Call operator. (Operator Instructions) It's my pleasure to hand over to Oliver Blume, Chairman of the Board of Management. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Oliver Bloom, Chairman of the Board of Management. Please go ahead, sir.
Good morning, everyone. And this is not Oliver Blume, but Sebastian Rudolph. Thanks, George, you will listen to Oliver and a few seconds and good morning to the half-year results core of Volkswagen Group. It's a joint call for both media as well as investors and analysts and teamwork effort.
Also from our side, it's a pleasure to have Rolf Woller with us, our Head of Treasury and IR, and I'm the Vice President of Global Group Communications. With us today is Oliver Blume, our CEO and Arno Antlitz our CFON. Chief Operating Officer. Let me provide a few remarks before we start
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
