Volkswagen Group’s Q3 result down year-on-year due to semiconductor bottlenecks

• Operating profit before special items in Q3 down 12.1 percent to EUR 2.8 billion compared with the pandemic-related weak prior-year figure, due to supply issues; operating return on sales at 4.9 percent, down from 5.4 percent
• Volume brand group posts operating losses in Q3, China business disproportionately affected by the semiconductor situation despite strong demand
• Automotive Division’s adjusted net cash flow in Q3 slightly positive at EUR 33 million and robust at EUR 12.4 billion after nine months
• Operating profit before special items still solid through September at EUR 14.2 billion due to the strong first half; operating return on sales of 7.6 percent
• Group confirms profitability target of 6.0 – 7.5 percent for 2021
• Group CEO Diess: “The results of the third quarter show once again that we must now systematically drive forward the improvement in productivity in the volume sector. We are determined to maintain our strong position against established and new competitors and to vigorously implement the transformation toward climate-neutral, digital mobility with our NEW AUTO strategy.”

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