Volkswagen pares sales outlook and seeks 'fresh start' with EV deal

The carmaker said it will aim to improve its cash flow in the second half as it hikes prices and cuts costs, even after it lowered its 2023 outlook for deliveries.

Unlike its peers, Volkswagen is in the midst of restructuring as it’s falling behind in its most important market. Picture: AP/Jens Meyer

Volkswagen is the odd carmaker out in what’s otherwise been an upbeat earnings season for the industry.

While Mercedes-Benz raised its guidance and both Stellantis and Renault posted better-than-expected margins, Volkswagen lowered its car sales outlook and pledged to work on its dwindling cash flow as it struggles with logistics costs and waning orders in China. The shares fell as much as 4.1% in Frankfurt.