Volkswagen said on Friday that its earnings performance won’t affect its plan to reach a balanced cash flow in 2004.
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“One of our main targets is to become cash flow neutral, even if we don’t reach our operating profit target of $3.1 billion,” a VW spokesman told Reuters, which noted that VW’s long-term debt rating was put on credit watch negative by ratings agency Standard & Poor’s earlier on Friday.
“We hope to be able to convince Standard & Poor’s that ForMotion is the right answer to what’s troubling us. It’s our main argument,” the spokesman reportedly added.
Volkswagen hopes its new ForMotion cost-cutting programme will be enough to help prevent S&P downgrading it, the report said.
