Volkswagen:Quarterly Results/2022 Q4: Difference between revisions

Volkswagen:Quarterly Results/2022 Q4 (view source)

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 "Important core economic indicators such as growth prospects in the individual regions, our expected inflation rates remain challenging. On the other hand, we expect that in 2023, the structural shortage of semiconductors will improve and the supply with raw materials and logistics will gradually stabilize. The latter one is within our clear focus."
+He noted thar in Q4 they were hit with a huge amount of product costs, which affected net cashflows.
+"In terms of the R&D CapEx combined over time, we expect the peak in 2025 – 2024-2025 and from there on, significant like reduction year-over-year."
+"First quarter start, we had a decent start into the first quarter in terms of sales, specifically in Europe and the rest of the world. China was weak, but in China, also the overall market was weak. It was not only Volkswagen situation."
+"We expect also the first quarter to be within the bandwidth of 7.5% to 8.5%."
+"We have this order backlog of 1.8 million to almost 2 million cars."
+He pointed out that VW expects to outperform the market in 2023(15% growth in deliveries versus 8% market growth).
+"So I expect Q3, where demand and supply will meet and that better supply that will be true for all of the companies. So there will be more competition. And this is what I said, we’re preparing for that. We see high raw material prices. We see other price increase, and it will be more difficult to pass on these price increases to the customer. This is what I am preparing or we are preparing our teams for. So, we have to refocus on productivity, we have to have a refocus on fixed cost discipline on pricing and on cost work. That doesn’t mean that we want to lose the basically discipline on pricing and incentives. But it will be more competition throughout this year. And what I said before, we really prepare our company and our teams for this increased competition."
+He told an analyst that he should expect VW to be in the midpoint of the 2023 guidance that they gave.
+"The typical cash flow we could expect in the current situation and giving the EBIT guidance and the upfront investment for electrification and digitalization would be €8 billion to €9 billion. And you theoretically should add the reversal of the situation we had last year on the inventory side. So, that basically leads to €12 billion to €13 billion adjusted. But in that €12 billion to €13 billion or from that €12 billion to €13 billion, we basically deduct an additional of €5 billion for which is reserved for PowerCo, which comes on top to our current core business. And then that leads us into the guidance of €6 billion to €8 billion."
+-Oliver Blume:
+"We implemented a program to stabilize our supply chain, which is paying off."
+"We won’t push the products into the market in terms of pricing situation and that is my position that we drive the company more market-driven than production-driven. "
+" We are able to see it in Europe that the situation for Volkswagen Group is better than last year."
+"In China, we’re expecting a very strong second, second half year."
+"We have to work on profitability and on the cost side on ID.3, ID.4, ID.6 in China, both in terms of material costs, in terms of battery, in terms of production costs in order to increase competitiveness there."
 == Assessment ==