Volkswagen Group CFO Arno Antlitz has confirmed the automaker's target of an operating return on sales of 4% to 5% for full year 2019 "in a difficult market environment".
"As announced, we expect to generate cash flow from operating activities significantly in excess of EUR1bn in 2019. Our financial targets for 2020 remain unchanged. Furthermore, we reaffirm our targets for 2022 of an operating return on sales of at least 6% and cash flow in excess of EUR2bn."
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The automaker said production had also become more efficient in 2019, with the brand exceeding its annual productivity improvement target of 5%. The improvement by the end of the year is expected to be more than 7%.
COO Ralf Brandstaetter said: "We are at the beginning of a new era. We mean business with e-mobility. The brand will be investing EUR19bn in future technologies through 2024, EUR11bn alone in the further development of e-mobility. And Volkswagen starts the biggest electric offensive in the automotive industry next year."
The Car.Software organisation will begin operating as an independent business unit in January 2020. By 2025, the in house share of car software development and vehicle related services is to rise from under 10% today to at least 60%.
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