Reuters. File photo: A Volkswagen logo is seen when it launches its ID.6 and ID.6 CROZZ SUV, before the Shanghai Auto Show, at the world premiere on April 18, 2021 in Shanghai, China. REUTERS / Aly Song
FRANKFURT (Reuters) – Volkswagen (DE) cut its outlook for delivery on Thursday, slashed sales expectations and warned of cost cuts due to an ongoing shortage of chips, which reported lower-than-expected operating profit for the third quarter.
“Following the record results in the first half of the year, the semiconductor constraints in the third quarter have made it abundantly clear to us that we are still not resilient enough to leverage capacity utilization,” said Chief Financial Officer Arno Antlitz.
“It clearly shows that we must continue to work hard to improve our spending structure and productivity in all areas.”
The third-quarter operating profit of Europe’s largest carmaker came in at 2.8 billion euros ($ 3.25 billion), down 12% from last year and below the 2.99 billion refinance forecast.
As a result of the deficit, the group, which has outlined an ambitious roadmap to become a world leader in electric vehicle (EV) sales, now expects deliveries in 2021 to be consistent with the previous year, previously forecast growth.
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