Cost-cutting program at Volkswagen brand bears first fruit
BERLIN : Volkswagen acknowledged on Thursday that working earnings for its core mass-market brands increased by 80 per cent closing yr, in a designate that closer cooperation between them is bearing fruit.
The crew alongside with Volkswagen, Volkswagen Commercial Autos, Skoda and SEAT/CUPRA posted working earnings of 7.3 billion euros ($7.ninety 9 billion) in 2023, primarily as a end result of greater unit gross sales.
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“Through shut cooperation between our brands, we are working extra effectively, becoming extra aggressive and boosting our innovativeness for our clients worldwide,” acknowledged Volkswagen’s Thomas Schaefer, head of the core brands.
Linked outcomes from the closer cooperation ought to tranquil bolster outcomes this yr, acknowledged the German carmaker, which additionally expects extra gross sales as a end result of a greater raw presents and substances provide.
On Wednesday, Volkswagen acknowledged the working earnings margin for the crew’s core mass-market brands rose to five.3 per cent closing yr from 3.6 per cent in 2022, with the corporate focusing on 8 per cent.
($1 = 0.9140 euros)
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Source: Reuters
